Tokenomics and Cross-Chain Update
The Ruler Protocol community has been quite busy lately! Many new proposals have been voted on via snapshot. We would like to commend you all on your participation in governance!
Now, let's get down to business…
In this article, we will go over three proposals that have been recently passed by the community.
Authorize RULER rewards on BSC (Binance Smart Chain)
To simplify our tokenomics and add some clarity and certainty to the emissions rate, Ruler Protocol has adopted the following new tokenomics structure:
- 250,000 tokens— Liquidity Mining: Will last one year (ends in March 2022). This includes both pool 2 and rewards for lending pools. If there are remaining $RULER, it will be sent to the treasury. Any additional liquidity mining emissions can be directed by governance, using treasury funds.
- 500,000 tokens — Treasury: Used for all other areas, including but not limited to rewarding contributors, new onboarded team members, and bug bounties.
- 250,000 tokens— Founding Team Salary: No changes. Vested over two years.
Future airdrops, if any, will be voted on by governance and allocated from the treasury.
Binance Smart Chain
Ruler Protocol will be expanding to BSC (Binance Smart Chain). This will significantly reduce the gas costs associated with using Ruler Protocol (average tx cost on BSC < $1) and increase Ruler Protocol’s user base, helping Ruler Protocol grow faster. BSC offers a great multitude of projects, vibrant communities, and an ever-growing user base. The community has voted on an expenditure of 10,000 tokens to be used on BSC.
As per the passed proposal, we will bridge the 10,000 $RULER token to BSC, for liquidity mining. We will continue to work with partners to come up with incentive plans which include the partner's native token. Only a select list of collaterals will be incentivized by $RULER token and the amount will be determined on a case by case basis.
We will be posting more details regarding the expansion to BSC in the near future.
We are also in conversations with Polygon (Previously Matic Network) to explore opportunities to expand there.