FLOOP
Our first token, vital to our trading ecosystem
Last updated
Our first token, vital to our trading ecosystem
Last updated
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FLOOP powers the following products:
Aggregator
Limit Orders
Shape Liquidity
LSU Pool
Like the legacy mainnet token, the Babylon FLOOP has a fixed (unmutable) supply of 1000 Tokens
Unlike the legacy version, new Babylon FLOOP is burnable which cannot be changed
You can bridge the legacy 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
The team is allocated 20% of the FLOOP supply which is vested over 20 months for two senior Developers and over 50 months 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.
It's very easy to bridge your old legacy FLOOP tokens one-way into the new Babylon FLOOP on a one-for-one basis on caviarnine.com
In our trading ecosystem, fixed fees are directed towards the FLOOP Treasury smart contract.
Here’s the interesting part: a certain percentage of the FLOOP Treasury fees are converted into FLOOP and may be subsequently burned, thereby reducing the overall supply of FLOOP over time.
The remaining portion are secured in the FLOOP Reserve vault, earmarked for potential future use cases such as offering long term LP rewards, collateral or insurance against smart contract risk, or possible future distribution to FLOOP holders.
The operation of the conversion and burn mechanism is described here.
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.
With the Babylon upgrade, our focus is on maximising the utility and functionality of the FLOOP token within our ecosystem. Babylon FLOOP is an integral part of our suite of DeFi products, powering transactions and enabling key platform features.
In essence, Babylon FLOOP tokens 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.
Currently, there are no plans for future airdrops or incentive programs. The company reserves are allocated for purposes such as fundraising, marketing, legal and exchange listing fees. While we remain open to the possibility of incentive programs, they may only be considered in the distant future as part of our ongoing commitment to the community and ecosystem development.
