Spectrum Token (SPEC)
Last updated
Last updated
Spectrum Protocol is fully-DAO (Decentralize Autonomous Organization). There is no privileged access, all changes must be done through voting. People can track changes and aware of changes (voting period for 7 days and time lock for 1 day). Any SPEC holders can create proposals, and any SPEC stakers can participate in voting.
SPEC has development genesis token of 9% (3,600,000 SPEC) of the total supply in order to manage the platform. However, in the long run, developers will have less proportion of votes and community will have more power to decide the direction of the platform.
SPEC tokens are minted for 3 years (2.5 SPEC per block), 16% (6,400,000 SPEC) to Warchest and 75% (30,000,000 SPEC) to Community. Warchest will be used to spend operation cost, and community will be used to distribute to Spectrum vaults.
With the commitment to the fair launch and long term development for the Spectrum Protocol, on July 4, 2021, the 3,500,000 SPEC has been transferred to the locked contract leaving only around 25,000 SPEC (0.0625%) remaining in the developer wallets for initial voting for new vaults and 75,000 SPEC already in circulation.
Further, all of the development fund has been unstaked from the governance allowing users with staked SPEC to earn more shared revenue from Vault Fee. The development fund will be frozen for 50 days after project launch (until all vaults' rewards for users are unlocked) and release at the fixed rate over 3 years.
