Understanding the SPOOL Token
Last updated
Last updated
The only Official Contract Addresses for the SPOOL Token are:
Mainnet Ethereum: 0x40803cea2b2a32bda1be61d3604af6a814e70976
Arbitrum One: 0xeca14f81085e5b8d1c9d32dcb596681574723561
The SPOOL Token is a regular ERC20 Token with a maximum supply of 140,000,000.00.
The maximum supply of the Spool Token got changed from 210,000,000 to 140,000,000 after completion of the Token Burn of 70,000,000 Tokens as proposed by the DAO.
The ticker is $SPOOL and it serves as a DAO governance and incentive token for:
Voting on Spool Improvement Proposals: SPOOL Token Holders accrue voSPOOL which in turn allows them to vote on proposals that improve or upgrade the Spool Ecosystem.
Incentive Payouts: The SPOOL Token can be emitted to protocol users or value-generating advisors if voted in by the DAO.
Fee Structure: 80% of all Protocol Generated Revenue is paid to SPOOL Token Holders (note). The remaining 20% is managed by the DAO, which in turn is also managed by SPOOL Token Holders.
Risk Model Proposals: To ensure that Risk Models are submitted and operated in good faith, they have to be vetted by the DAO, which consists of SPOOL Token Holders.
Submitting Spool Improvement Proposals (SIPs): In order to submit a proposal to the Spool DAO for voting, a user must hold a minimal amount of SPOOL Tokens. This holding allows them to submit proposals up for review by the DAO.
Management of the DAO Treasury: 20% of all Protocol Generated Revenue is routed to the DAO Treasury and subsequently managed by the DAO.
The Spool DAO manages this environment, incentivizing participants through fees according to their contribution.
