On April 26th, Lava Network, a developer of modular blockchain infrastructure, released the economics of LAVA tokens. The total supply of LAVA tokens is 1 billion and uses a deflationary mechanism to attract API providers in the initial stage of the mainnet. 25% of the tokens will be used for future plans and reward reserves (6.6% tokens will be used for monthly distribution to provider rewards); 31% tokens will be used for R & D and ecosystem protocol maintenance and development; 17% tokens will be distributed to investors; 27% tokens will be distributed to early contributors, core teams, consultants and other contributors.
In addition, validator rewards decrease as the percentage of LAVA staking increases, decreasing linearly between 60% and 80%. When the staking ratio reaches 80%, the reward and half of the subscription fee are burned, making it no longer in circulation. LAVA token holders have the option to pledge their tokens to validators, re-staking with providers, and participating in on-chain governance. Users purchase LAVA subscription plans on-chain to access various API specifications via the Lava protocol. A specification is a module object defined by management that specifies the types of APIs that providers must support. Providers pledge their tokens on individual specifications to ensure the integrity of their services.
Lava Network completed a $15 million seed round in February, led by HashKey Capital, Jump Capital and Tribe Capital.
Lava Network publishes LAVA token economics, 6.6% of tokens will be used for API provider rewards
2024-04-26 02:59:28
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