DEV Community

yb
yb

Posted on

The state of the QAO ecosystem - Cryptocurrency

The early QAO contributors have been working on tokenomics for many years, observing the concepts created on and around the current blockchains, before finalizing the parameters for the ambitious QAO concept and executing it.

We’ve been unrolling many moving pieces of the ecosystem the past few months, along with adapting sharply to the current state of Ethereum.

The team has chosen Ethereum because it’s the most mature blockchain for smart contracts, without ever removing the possibility to bridge to other chains as they evolve. We find beauty in building an ecosystem that interacts together like Lego blocks; if you can adapt, you can’t fail.

Right now, the roadmap and the token distribution are sexier than ever(Yes, that’s what geeks find sexy) than ever and the ecosystem is rolling out better than expected, even if we had some rough patches along the way.

Here are the details of the token distribution:

• 10T initial supply
• 8.2T burned
Enter fullscreen mode Exit fullscreen mode

• 1.8T total supply remaining
• ---------------------------
• 205B being time locked with the equivalent ETH in Gelato’s liquidity management strategy
• 203B with the equivalent ETH in UniswapV3 Liquidity Pool
• 224B staked (90% of that amount for 10 years)
• 794B in Treasury, to be voted on for further developments or burn events
• 374B in circulation between 828 holders
Enter fullscreen mode Exit fullscreen mode

We have more than $2.5M USD worth of QAO locked for 10 years. How is that possible?

You now understand what I’ve meant by sexy, right?

This is where all the work of the past years designs is currently rolling out perfectly. We are aiming for the future, and this is what excites the current community; we’re here to stay for the long run and have the foundation to back it up. The concept of time locking your QAO brings 2 things: A proof-of-contribution for which the stakers are rewarded based on length and size of their lock, along with stability and incentive for growth in the market as the amount locked is withdrawn from circulation for some time.

QAO is a governance token, and we need people to help us make decisions that make sense for the whole ecosystem. Therefore, when the people vote, they can lock the tokens used for voting for 1 week to 520 weeks, getting a multiplier for the weight they have on the whole network. The longer, the higher the multiplier is. As there is a need for a bigger incentive when someone locks for a longer period, that multiplier is not linear. More details in the whitepaper about the multiplier: https://qao.io/whitepaper-v-0-1.pdf

With your weight ratio relative to the network weight (which is shown on the https://app.qao.io/ app), you know the ratio of the reward you receive each week. The calculation is made each week, but the rewards are sent every 4 weeks to reduce the gas costs on the chain at the moment; with the full intent of switching back to weekly distributions within 1-2 months. More information about the reward sources here: https://qaodotio.medium.com/voting-staking-and-reward-pools-in-the-rarechain-qao-ecosystem-everything-you-need-to-know-be514d5df89

As Ethereum evolves, we have to adapt, so the roadmap haschanged a little bit. We’ve found a lot of success through adaption, and you’ll find these achievements below:

• Created the QAO initial website (https://qao.io) and Whitepaper
• Created and deploy initial custom ERC-20 token of QAO on ETH.
• Created the Voting/Staking smart contract
• Optimized the Voting/Staking smart contract to use less fees as Ethereum network started to experience congestion
• Created and deploy the QAO web application (https://app.qao.io/) where most of the magic happens
• Bought land on Crypto Voxels and prepared the plan for the QAO NFT ecosystem and Museum
• Found optimization solutions for ETH gas fees and start the development
• Created 2 trading card NFT collections that will have perks on the QAO ecosystem
• Designed and start the development of the first NFT collection on QAO NFT Ecosystem/Museum
• First rewards distribution of around $65k worth of QAO to stakers
Enter fullscreen mode Exit fullscreen mode

Coming soon within the next 1-90 days:

• Deployment of the first NFT collection, with 2.5% of the sales redistributed to the QAO ecosystem and rewards pool for the lifetime of the NFT sales on specific marketplaces
• Layer 2 support and bridging to other chains for lower fees while ETH stabilizes
• Rarechain financial API releases with the fees collected and redistributed to QAO ecosystem and rewards pool for stakers
• Many more things as our community adapts to the evolving markets
Enter fullscreen mode Exit fullscreen mode

Most projects like QAO spend a large budget on marketing before they have a working product. We did exactly the opposite: Build, adapt, fix bugs, then start the marketing of the project.

The launch is now and the ecosystem is fully working with a real use case.


RESSOURCES:

Official QAO website: https://qao.io/
Official QAO web application: https://app.qao.io/
Whitepaper: https://qao.io/whitepaper-v-0-1.pdf
Medium: https://qaodotio.medium.com/
Github: https://github.com/rarechain/QAO
Uniswap: https://app.uniswap.org/#/swap?outputCurrency=0x3402e15b3ea0f1aec2679c4be4c6d051cef93953

SOCIAL:

Official QAO Telegram: https://t.me/qaodotio
Official QAO Twitter: https://twitter.com/QAOdotio
Discord invite link: https://discord.gg/75jrNSE6SN

Discussion (0)