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SPAY Tokenomics
The workflow of the protocol is that of a Watch to Earn. The user comes onto the protocol and can mint three types of glasses namely, a) Common, b) Rare, c) SuperScript. The three types of glasses currently have two base attributes i.e. a) Durability and b) Gem tier. The durability of the glass increases as it levels up and the gem tier increases as gems are integrated with the glass. SPAY tokens have to be burned to mint the glass, therefore glass mints are compulsory burnable events.
Initially, to onboard users on the platform, the protocol will follow a freemium model and 100,000 common glasses will be minted for free. These common glasses will have a fixed allowable watch time and will yield a fixed payout i.e., similar to a base common glass with no gems. However, the user will not be able to add gems or upgrade the free mint common glass beyond level 5.
The free mints phase will operate simultaneously with paid mints. To differentiate the free mint from the paid ones, there are certain milestones that are pegged to watch time which allows the user to modify their glasses and enhance their reward/unit energy. Users can watch content on the platform for as long as they want, however, there are limits to the daily watch time to earn SPAY tokens.
Glass levels up after a certain milestone (watch time) is achieved. As levels increase, the daily watch time limit increases which means that the user can earn more rewards each day. The durability of the glass also increases automatically as it levels up, this further increases the daily allowable watch time for the user for which SPAY tokens can be earned.
Users can also earn SPAY tokens by integrating gems with their glasses. Users can purchase these gems with SPAY tokens after they reach a certain level, the proceeds obtained from the purchase will be burned. Users with gems integrated into their glasses will be eligible for weekly/monthly SPAY reward pools.
Recharge vouchers add to the gamification element in the protocol and also serve as an incentivization mechanism for the users to upgrade their levels in order to avail of a discount on their recharge cost. To mint the recharge voucher, the user will have to burn their SPAY tokens. This is an optional burnable event as the user can choose not to purchase the recharge voucher after the eligibility criteria are met.
Last modified 3d ago