Genesis League Governance (GLX) Token
The Genesis League Governance (GLX) Token will be the staking, reward, and governance token for the entire Genesis League Sports (GLS) ecosystem. All games that are part of the GLS ecosystem will allow players to earn GLX tokens and will be governed by a Decentralized Autonomous Organization (DAO) owned and controlled by players who stake GLX tokens. While the initial plan for GLS is below, over time, users will be able to create proposals to change specific games, features, and the overall ecosystem.
Utility
The GLX token will have three primary uses within the GLS ecosystem:
Earning staking rewards
Participating in platform governance
Minting new Genesis League USD Stablecoin (GLUSD) tokens through burning
Distribution
Maximum Supply: 2,000,000,000 GLX
GLX tokens will be issued/unlocked in a pre-determined schedule that lasts approximately 65 months from the date the token is first released.
The following graph shows the complete token allocation of GLX.
Staking Rewards
To earn GLX staking rewards, participate in governance, or participate in special offers, promotions, and bonuses available in the various partnerships, users must have staked GLX tokens in their accounts.
Staked GLX tokens are not liquid and may not be transferred or sold. Therefore, if a user wants to sell or transfer their GLX tokens, they must go through an unstaking process. Unstaking will be a four-week process, with 25% of the total amount of tokens released into the liquid supply each week.
For example, if a user unstakes 100 GLX, at the end of the 7th day, 25 GLX tokens will be available in liquid form in the user's account. These liquid tokens can then be sold, transferred, or restaked.
We plan to reward 100,000,000 GLX tokens to GLX stakeholders during the first year. The staking rewards will last 12 months, with approximately 274,000 GLX tokens awarded daily to GLX stakeholders.
GLX stakeholders will receive daily rewards based on the amount of staked GLX in their account as a percentage of the total staked GLX in the whole system. After the first year, the staking rewards will be moved and built into future GLS games. Staking will become an integral part of each game, and users will be able to stake their GLX tokens to maximize in-game rewards and gain access to special features of the game. (more on this in the P2E Rewards Section).
Airdrop for SPS Stakeholders
GLS will airdrop 100,000,000 GLX tokens to Splinterlands SPS stakeholders for the first 12 months. The distribution of the GLX airdrop will be determined by a daily snapshot of all the staked SPS holdings over the year. During that time, approximately 274,000 GLX tokens are expected to be airdropped to SPS stakeholders daily.
The amount of GLX tokens each user will receive for the daily airdrop will be based on the amount of staked SPS in their account as a percentage of the total staked SPS in the whole system. So, for example, if there is a total of 100M staked SPS, and a particular account has 1M SPS staked, then they will receive 1% of the daily airdrop or roughly 2,740 GLX per day.
Liquidity Provider Rewards
GLS has set aside 100,000,000 GLX tokens for liquidity provider rewards. These rewards will be distributed to users who support the health of our token economies by providing liquidity for the GLX token against other frequently used tokens. The first planned liquidity pools will include the following:
GLX/HIVE
GLX/Binance Coin (BNB)
GLX/Ether (ETH)
Initially, each of the three trading pairs will receive 20M GLX rewards distributed over 65 months. This means an extra 40M GLX tokens will be set aside for the possibility of adding future trading pairs.
In the future, the DAO can vote to add new trading pairs or change the amount of rewards to any trading pair. The idea is that the DAO can vote on how the 100M is distributed among the different trading pairs based on market demand.
The amount of the daily rewards that each user will receive for each pair will be based on the amount of liquidity provided as a percentage of the total liquidity for that particular pair.
In the future, the DAO will be able to vote and;
Change the percentage of rewards assigned to each pair.
Create liquidity for new pairs.
Increase the number of pairs supported.
Decentralized Autonomous Organization
GLS will add 100M GLX tokens to a foundation which will be controlled exclusively by the GLS DAO. The GLX distribution into the DAO fund will last for 65 months. On day one, the DAO will receive half of the airdrop, 50M GLX. For the following 64 months, the DAO will receive approximately 781,250 GLX tokens monthly, unlocked on the first of every month.
Validator Rewards
Over the first 65 months, GLS will distribute 100,000,000 GLX tokens to the validators supporting the GLS ecosystem. That means approximately 51,280 GLX tokens will be rewarded daily to GLS validator license holders.
For more information about Validators, please check the Delegated Proof of Stake and Validator Nodes section.
Play2Earn (P2E) Rewards
Each game will have its own set of P2E Rewards.
The MLSPA is the first partner of the GLS platform.
100M GLX tokens will be allocated to the P2E rewards for the Genesis League Goals: MLSPA Edition Game.
The 100M GLX will be unlocked over 65 months.
1,400,000,000 GLX tokens will be set aside as P2E rewards for prospective partnerships.
In the future, the GLS Team will propose an initial supply for each partnership based on various parameters, such as the size of the partnerships and market conditions.
Future Partnerships
GLS aims to build an ecosystem of various sports games and entities on our platform.
1,400,000,000 GLX tokens will be set aside as P2E rewards for prospective partnerships.
In the future, the GLS Team will propose an initial supply for each partnership based on various parameters, such as the size of the partnerships and market conditions.
The GLX stakeholders will vote on this proposal to make sure DAO members agree with the assigned P2E rewards for each partnership.
Since the DAO votes on the amount of rewards per partnership
If all future partnerships get 100M GLX as P2E rewards, then the max number of partnerships is 14.
If all future partnerships get 50M GLX as P2E rewards on average, then the maximum number of partnerships is 28.
For more information about how the P2E rewards are distributed to players of each partnership, please visit the P2E Rewards Section.
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