📊Synonym Tokenomics
Tokens breakdown.
The native cryptographically-secure fungible protocol token of Synonym (ticker symbol SYNO, comprising a digital token-based representation of a suite of smart contracts or executable programming scripts deployed on the relevant blockchain-based distributed peer-to-peer network) is a transferable representation of attributed utility functions specified in the protocol/code of Synonym, and which is designed to be used solely as an interoperable utility token.
Tokenomics & Vesting
% | SYNO Tokens | |
Team | 20.00% | 160,000,000 |
Existing (tSYNO) | 38.00% | 304,000,000 |
Emissions | 20.00% | 160,000,000 |
Early Purchasers | 10.00% | 80,000,000 |
Reserve | 7.00% | 56,000,000 |
Ecosystem | 5.00% | 40,000,000 |
Total | 100.00% | 800,000,000 |
Token Allocation Breakdown
Existing Supply - tSYNO: 38%
The existing supply of NEWO tokens can be converted to tSYNO via 1:1 basis. Tokens will be staked for a period of 15 months, from TGE, subject to a penalty decreasing linearly if choosing to unstake earlier. Starting penalty at TGE - 90%, with forfeited penalty tokens returning to the treasury. Note that it is extremely unlikely that all of these tokens convert to SYNO. We never expect to hit the maximum 800M circulating supply.
Reserve: 7%
This allocation will be used to incentivize contributors, drive growth and account for further growth costs. We intend to use this allocation when unexpected opportunities arise that pose immediate value to the Synonym community.
Ecosystem: 5%
This allocation is used to handle ecosystem support and partnerships not accounted for in regular emissions.
Emissions: 20%
A percentage of tokens will be distributed since launch in a manner which would aggressively promote ecosystem adoption. The rest will be distributed in perpetuity.
Team: 20%
Synonym is being built by a highly efficient team with experience from multiple DeFi verticals. Backgrounds range from economics through to computer science and venture capital.
Early Purchasers: 10%
We maintain a relatively small amount of tokens allocated strictly for early purchasers.
Circulating Supply Over Time
As set out in this document, SYNO is a functional multi-utility token which provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on Synonym, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. SYNO is an integral and indispensable part of Synonym, because without SYNO, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on Synonym. Given that additional SYNO will be awarded to a user based only on its actual usage, activity and efforts made on Synonym and/or proportionate to the frequency and volume of transactions, users of Synonym and/or holders of SYNO which did not actively participate will not receive any SYNO incentives.
SYNO does not in any way represent any shareholding, ownership, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will SYNO entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the British Virgin Islands, Singapore or any relevant jurisdiction. SYNO may only be utilised on Synonym, and ownership of the same carries no rights, express or implied, other than the right to use SYNO as a means to enable usage of and interaction within Synonym. The secondary market pricing of SYNO is not dependent on the effort of the Synonym team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.
For the avoidance of doubt, neither the Company nor the Distributor deals in, or is in the business of buying or selling any virtual asset or digital payment token (including SYNO). Any sale or distribution of tokens would be performed during a restricted initial period solely for the purpose of obtaining project development funds, raising market/brand awareness, as well as community building and social engagement; this is not conducted with any element of repetitiveness or regularity which would constitute a business.
Conversion & tSYNO
Synonym Finance was launched via a merger with New Order DAO. To address the growth of the token supply, while ensuring zero dilution for NEWO holders, we are introducing staked SYNO - tSYNO tokens. NEWO tokens will convert to tSYNO on a 1:1 basis, with a 15-month staking phase and penalties for early unstaking. This penalty starts at 90% and declines to 0% linearly over the 15 month period. Forfeited penalty tokens will go back to the treasury of Synonym. veNEWO holders at the time of a specific snapshot will receive a claim token (rCT), granting 50% of rewards from New Order's incubated project tokens that were transferred to Synonym Treasury as by the proposal. The amount of rCT received depends on the user's veNEWO balance converted to SYNO. Unstaking tSYNO early results in reduced claims on treasury rewards. Additional conversion information is available here.
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