GITBOOK-413: EXA Tokenomics

exactly · Aug 2, 2023 · befef5d · befef5d
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diff --git a/.gitbook/assets/image (1) (2).png b/.gitbook/assets/image (1) (2).png
diff --git a/.gitbook/assets/image (1).png b/.gitbook/assets/image (1).png
diff --git a/.gitbook/assets/image (2) (1).png b/.gitbook/assets/image (2) (1).png
diff --git a/.gitbook/assets/image (2).png b/.gitbook/assets/image (2).png
diff --git a/.gitbook/assets/image (3) (1).png b/.gitbook/assets/image (3) (1).png
diff --git a/.gitbook/assets/image (3).png b/.gitbook/assets/image (3).png
diff --git a/.gitbook/assets/image.png b/.gitbook/assets/image.png
diff --git a/.gitbook/assets/token allocation.jpg b/.gitbook/assets/token allocation.jpg
diff --git a/.gitbook/assets/token allocation.png b/.gitbook/assets/token allocation.png
diff --git a/SUMMARY.md b/SUMMARY.md
@@ -29,7 +29,8 @@
   * [📥 Deposits](guides/fixed-rate-operations/deposits.md)
   * [📤 Borrows](guides/fixed-rate-operations/borrows.md)
 * [🔢 Parameters](guides/parameters.md)
-* [🪙 EXA Token](guides/exa-token.md)
+* [🪙 EXA Token](guides/exa-token/README.md)
+  * [📊 Tokenomics](guides/exa-token/tokenomics.md)
 * [📈 Interest Rates Curves](guides/interest-rates-curves.md)
 * [♻ Liquidations](guides/liquidations/README.md)
   * [🤖 Exactly's Bot](guides/liquidations/exactlys-bot.md)

diff --git a/guides/exa-token.md → guides/exa-token/README.md b/guides/exa-token.md → guides/exa-token/README.md
@@ -6,11 +6,12 @@ The EXA token grants holders the right to vote on system changes and upgrades. H
 
 As the Protocol develops, EXA token holders will play a crucial role in decision-making, including setting collateral requirements, introducing new collateral types, adjusting borrowing and lending terms, and managing token incentives. These decisions demand thoughtful evaluation of various factors, and the Exactly team will provide research, analysis, and open-source simulations to assist the community in making informed decisions.
 
-**Timelock:** \
+### **Timelock**&#x20;
+
 For security reasons, most of the EXA tokens will be deposited in the [Timelock Contract](https://optimistic.etherscan.io/address/0x92024C4bDa9DA602b711B9AbB610d072018eb58b):\
 [https://optimistic.etherscan.io/token/0x1e925de1c68ef83bd98ee3e130ef14a50309c01b?a=0x92024c4bda9da602b711b9abb610d072018eb58b](https://optimistic.etherscan.io/token/0x1e925de1c68ef83bd98ee3e130ef14a50309c01b?a=0x92024c4bda9da602b711b9abb610d072018eb58b)
 
-### CoinGecko
+### Price Info
 
 CoinGecko price info: \
 [https://www.coingecko.com/en/coins/exa](https://www.coingecko.com/en/coins/exa)
@@ -26,3 +27,4 @@ Velodrome EXA-WEHT Pool: \
 
 EXA-WETH LP Vault on Beefy: \
 [https://app.beefy.com/vault/velodrome-v2-exa-weth](https://app.beefy.com/vault/velodrome-v2-exa-weth)
+
diff --git a/guides/exa-token/tokenomics.md b/guides/exa-token/tokenomics.md
@@ -0,0 +1,42 @@
+# 📊 Tokenomics
+
+## Token Allocation <a href="#8de4" id="8de4"></a>
+
+The total token supply will be 10,000,000 EXA and will be distributed as follows:
+
+* **Community:** 4,500,000 EXA (45.00%) will be distributed to Exactly Protocol’s community to foster community engagement, awareness, and protocol adoption.
+* **Team, Advisors, and Investors:** 4,500,000 EXA (45.00%) will be distributed to Exactly’s employees, advisors, and investors.
+* **DAO Treasury:** The Exactly DAO Treasury will receive an immediate allocation of 1,000,000 EXA (10%) of the total supply. It grants the Treasury immediate access to necessary resources for its role within the ecosystem.
+
+<figure><img src="../../.gitbook/assets/image (1).png" alt="" width="563"><figcaption></figcaption></figure>
+
+## Token Distribution for the Community <a href="#2394" id="2394"></a>
+
+The total Community token supply will be distributed as follows:
+
+### **Airdrop for early users:** <a href="#71b6" id="71b6"></a>
+
+Since we launched the OP token rewards program in April, the community members already using the Protocol in OP Mainnet will receive an airdrop of 1% (100,000 EXA) of the total token supply, fostering community engagement, awareness, and protocol adoption. The criteria will be based on the proportion of already distributed OP rewards through our [Rewards Controller](https://docs.exact.ly/guides/protocol/rewardscontroller), measured on July 18, 2023, at 19:00 UTC. Users assigned OP rewards but didn’t claim them will also be eligible for the airdrop.
+
+Users can start claiming their tokens on July 25, 2023, at 14:00 UTC. We will implement a linear stream of 4 months for airdrop tokens, starting on the actual claiming date, ensuring a controlled and steady supply of EXA tokens. To facilitate token distribution, we have selected [Sablier](https://sablier.com/) as a platform that meets high security and robustness standards. All the processes will happen through the Exactly app in the new Governance section.
+
+### **EXA Incentives and Community Grants:** <a href="#f9d8" id="f9d8"></a>
+
+The protocol users will receive 5% (500,000 EXA) of the total token supply during 2023 through the current Rewards Controller Contract and other incentive mechanism. **The** [**EXA token rewards**](https://medium.com/@exactly\_protocol/exactly-rewards-update-introducing-exa-rewards-extending-op-rewards-program-6dd4a3dffe7a) **will start on July 24, 2023**. The remaining EXA tokens will be released over 36 months beginning January 1, 2024.
+
+The Exactly DAO will be also awarding **EXA token grants** to those builders who want to build on top of Exactly Protocol to foster the growth of the Exactly ecosystem.
+
+To ensure the optimal use of our available token supply, we have already introduced our [Rewards Controller Contract](https://docs.exact.ly/guides/protocol/rewardscontroller) as a distribution rule that adjusts rewards based on the percentage of the target loan volume achieved within the Exactly Protocol, using tokens allocated for community rewards.
+
+## Token distribution for Team Members, Advisors, and Investors <a href="#6f74" id="6f74"></a>
+
+We have implemented a linear lock-up period of 36 months, starting on January 1, 2024.
+
+You can see all the EXA tokens will be distributed in the following graphic:
+
+<figure><img src="../../.gitbook/assets/image (2).png" alt="" width="563"><figcaption></figcaption></figure>
+
+
+
+\
+\
diff --git a/guides/parameters.md b/guides/parameters.md
@@ -125,7 +125,7 @@ Follow the steps below to check the Risk-Adjust Factor for a specific asset:
 2. To query the `markets` function in that contract, you will need the market contract address for the specific asset. For example, you can use the following address to check the Risk-Adjust Factor for USDC: `0x660e2fC185a9fFE722aF253329CEaAD4C9F6F928`. All addresses for each network (Mainnet, Optimism, et al.) are available in [smart-contract-addresses.md](smart-contract-addresses.md "mention").
 3. Click the "Query" button to call the function. The result will display various information about the market, including the Risk-Adjust Factor.
 4. The Risk-Adjust Factor will be returned as `adjustFactor`. In this case, `910000000000000000` equals to 0.91.\
-   ![](../.gitbook/assets/image.png)
+   ![](<../.gitbook/assets/image (3).png>)
 
 Following these steps, you can check the Risk-Adjust Factor for any asset in the protocol by simply replacing the market contract address with the one corresponding to the desired asset.
 

diff --git a/resources/math-paper.md b/resources/math-paper.md
@@ -116,7 +116,7 @@ To achieve that, the protocol needs to calculate the effective interest rate (2)
 
 The direct use of the Variable Rate Pool supply quantity ($$SS^{t}$$) in the definition of utilization rate could expose the protocol to a type of manipulation attack. In fact, attackers can deposit to a market's Variable Rate Pool to lower the pool utilization rate to decrease the interest rate and then borrow at a cheaper rate. After that, the attackers can immediately withdraw from the Variable Rate Pool if there are enough assets available there. Although this potential manipulation does not hurt the protocol's solvency, it constitutes an unfair practice affecting users. To discourage this misbehavior, we introduce an exponential weighted moving average (EMA) of the supply in the utilization rate formula.
 
-![math formula - (13)](<../.gitbook/assets/image (3).png>)
+![math formula - (13)](<../.gitbook/assets/image (3) (1).png>)
 
 The idea underlying the choice of $$\alpha$$ is the following: We want the system to adapt slowly when there is an increase in the supply that carries its value above its moving average (lowering interest rates) but we want the system to adapt faster when there are withdrawals that take the supply below its average value (increasing interest rates). So we set $$\alpha$$ as:
 
@@ -188,7 +188,7 @@ where $$TB_{VR}^{t}$$ is the total amount of variable rate borrows outstanding a
 
 Second, each time there is a new transaction in the Variable Rate Pool, a new utilization rate is calculated according to the following rule:
 
-![math formula - (23)](<../.gitbook/assets/image (1).png>)
+![math formula - (23)](<../.gitbook/assets/image (1) (2).png>)
 
 Here $$B_{VR}^{t+1}>0$$ means a new borrow is being made and $$B_{VR}^{t+1}<0$$ means a repay (partial or total) of an existing borrow is being made.
 
@@ -234,7 +234,7 @@ In terms of liquidations, we adopted an approach similar to that of the Euler pr
 
 We associate a Risk-Adjust Factor $$ho _{i}$$ to each asset in order to assess the lending power of each collateral asset. Thus the risk-adjusted collateral is given by
 
-![math formula - (32)](<../.gitbook/assets/image (2).png>)
+![math formula - (32)](<../.gitbook/assets/image (2) (1).png>)
 
 So, given a user collateral portfolio, the average Risk-Adjust Factor can be defined as follows