Our first token, vital to our trading ecosystem
The FLOOP Babylon Logo
- Like the mainnet token, the Babylon FLOOP has a fixed (unmutable) supply of 1000 Tokens
- Unlike the mainnet version new Babylon FLOOP is burnable which cannot be changed
- You can bridge the mainnet FLOOP for Babylon FLOOP for a 1-to-1 basis. This is one way only!
- We expect that Babylon FLOOP will become a DAO which will be able to vote on various activities within the ecosystem
Most of the FLOOP tokens have been airdropped in 2021. Here is a breakdown of the past and future FLOOP tokens
Current and Expected FLOOP distribution
The team is allocated 20% of the FLOOP supply which is vested over 20 months for two senior Developers and over 50months for the two Founders. The team is committed to bridging the 20% soon after Babylon and locking the tokens up with a RadLock smart contract to the appropriate vesting schedules.
The company will use these tokens for the purposes such as fund raising, marketing and legal fees. They will mostly be locked over a 50 months vesting schedule.
The FLOOP DAO is central to our vision for a decentralised and community-driven ecosystem. It is the heart of our governance system where Babylon FLOOP token holders can vote on various aspects of the ecosystem, including but not limited to:
- Control over the keys to the FLOOP reserves.
- Control over whitelist and blacklist provisions.
- Influence over fee structures within the ecosystem.
- Determination of the burn rate (if any) of FLOOP tokens.
- Control over rewards for long term LPs.
- Any future governance roles that may be introduced.
As we approach the Babylon upgrade, our focus is on maximising the utility and functionality of the FLOOP token within our ecosystem. Babylon FLOOP is set to become an integral part of our suite of DeFi products, powering transactions and enabling key platform features.
In essence, Babylon FLOOP tokens will serve as the backbone of our DAO, enabling decentralised decision-making that shapes the trajectory of our ecosystem. More details on the DAO will be forthcoming.