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Parallel Finance
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Tokenomics, PARA + HKO
Version 0.1 By Parallel Team
Abstract
PARA Token is the native token of Parallel Finance on Polkadot Deployment, distributed among key actors and partnerships in the ecosystem. This paper also details the economic designs of our token, and plans for parachain auctions. The utility token for Heiko (HKO), which is Parallel's sister program, will have the same utilities mirrored on Kusama.
PARA/HKO Token Utility Overview
Parallel Protocol currently has a live webApp where users can access the testnet for the core staking, lending, and borrowing products. On the testnet, we have a few hundred daily active users who test and provide feedback directly to our product team. As of September, we are participating in the Kusama parachain slot auction to win a parachain slot. We intend to launch on mainnet in 4Q’21. Upon launch, daily active users, volumes, and related total value locked metrics will be identified.
PARA/HKO has a number of key utilities functions for its holders and users of the Parallel Protocol:
- Protocol Governance
- At launch, PARA/HKO holders will each have the ability to vote on all aspects related to the management and administration of Parallel Protocol, through governance, including governance action, referenda, network upgrades, council elections, and parameter adjustments, integrations, changes to incentives, and all other managerial functions.
- Transaction Fees
- At launch, PARA/HKO will also function as a means of satisfying network fees natively. It will be required to execute all transactions, including staking, lending, borrowing, crowd loans, trading, and other peer-to-peer and peer-to-pool arrangements.
- Network Utility and Incentive
- PARA/HKO is also utilized to incentivize collators and validators, which is the mechanism that powers the decentralized node infrastructure of the network. New PARA/HKO tokens are minted on a continuous basis to reward collators.
- PARA/HKO will be used as a token to incentivize users to use our products, part of the liquidity mining program.
- Security Module Staking
- PARA/HKO can be staked to a security module to hedge risks in case of staking slashes, and in return, contributors to this insurance pool will be compensated with PARA/HKO tokens. The insurance parameters are determined by PARA/HKO token governance in the event of a slash.
- Kusama Validator Insurance and Incentivization
- Kusama non-active validators will need PARA/HKO to increase their chances of being selected as an active validator based on our algorithm. The PARA/HKO will be used as the reserve in the insurance pool to cover for slashing risks.
PARA Token Distribution
PARA Release Schedule
The total supply for Parallel (PARA) token is 10 billion. The initial PARA circulating supply will come from crowdloan rewards vesting and the liquidity mining program.
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PARA Allocation Details and Vesting Schedule
Total Supply: 10,000,000,000 PARA
Allocation
Details
Crowd loan
- 1,500,000,000 (15.00%)
- Linear release over 24 months
Liquidity Mining
- 2,500,000,000 (25.00%)
- 25% will be mined in the first 6 months then the remaining 75% will be mined over 42 months
Team & Advisors
- 2,000,000,000 (20.00%)
- 15 months lock-up then release over 24 months
Seed Investors
- 500,000,000 (5.00%)
- 15 months lock-up then release over 48 months
Series A Investors
- 1,500,000,000 (15.00%)
- 12 months lock-up then release over 30 months
Ecosystem Fund
- 1,500,000,000 (15.00%)
- 25% release at TGE then remaining release over 47 months
Insurance Fund
- 500,000,000 (5.00%)
- Transferred to the insurance pool after TGE
HEIKO Token Distribution
HEIKO Release Schedule
The total supply for Heiko (HKO) token is 1 billion. The initial HKO circulating supply will come from crowdloan rewards vesting and the liquidity mining program.
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HEIKO Allocation Details and Vesting Schedule
Total Supply: 1,000,000,000 HEIKO
Allocation
Details
Crowd loan
- 50,000,000 (5.00%)
- Linear release over 10 months
Liquidity Mining
- 350,000,000 (35.00%)
- 4 months lock-up then 25% will be mined in the first 6 months after lock-up and the remaining 75% will be mined over 42 months
Team & Advisors
- 200,000,000 (20.00%)
- 15 months lock-up then release over 24 months
Seed Investors
- 50,000,000 (5.00%)
- 15 months lock-up then release over 48 months
Series A Investors
- 150,000,000 (15.00%)
- 12 months lock-up then release over 30 months
Ecosystem Fund
- 150,000,000 (15.00%)
- 4 months lock-up then 25% release after lock-up and remaining release over 47 months
Insurance Fund
- 50,000,000 (5.00%)
- 4 months lock-up then transferred to the insurance pool after lock-up
Last modified 1mo ago