At the same time with the launch of ONUS Chain in the near future, ONUS has also designed a new Tokenomics for ONUS token – now ONUS Coin. With the latest adjustments, ONUS Coin will be more widely available, expand its use, and enhance decentralization and security.
This update is essential preparation for developing a complete and robust ONUS ecosystem while simultaneously expanding the benefits for ONUS token holders.
New Tokenomics of ONUS
ONUS is the native token on the ONUS Chain. ONUS is used to secure the network through validators’ staking, governance, payments, and transaction fees. ONUS acts as both a utility token and a governance token of the ONUS ecosystem.
1. Token Metrics
- Token Name: ONUS
- Symbol: ONUS
- Platform: ONUS Chain (ONUS tokens in other networks are only considered as reflection tokens of ONUS Coin and will be burned if no need arises).
- Token Type: Utility, Governance
- Total Supply: 97,106,390 ONUS
2. Token Allocation
- 32,106,390 ONUS (33.06%): owned by ONUS community
- 5,000,000 ONUS (5.15%): distributed through a strategic funding round to generate capital for ONUS Foundation (only for long-term partners, investment funds with detailed lockup policy)
- 25,000,000 ONUS (25.74%): allocated for ONUS Chain Ecosystem & Community Development Fund (1,000,000 ONUS to be unlocked at mainnet then linear vesting for 2 years)
- 20,000,000 ONUS (20.60%): allocated for ONUS Foundation (2,000,000 ONUS to be unlocked for the vadidator initialization at mainnet then linear vesting for 18 months)
- 10,000,000 ONUS (10.30%): allocated for ONUS Core Team (to be unlocked from 01/01/2024, linear vesting 10% quarterly)
- 5,000,000 ONUS (5.15%): reserved for ONUS Advisors & Employees (to be unlocked on demand)
- Mainnet Circulating: 40,106,390 ONUS
All ONUS quantities will be locked and unlocked according to the policy established in the smart contract to ensure complete transparency when the ONUS Chain completes the mainnet.
ONUS Coin’s Token Use Cases
With the reallocation of the total supply, ONUS Coin is maximally mined as a utility token of the ONUS platform and ONUS Chain.
- Network security
Validators need to deposit a large amount of ONUS Coin to have the right to validate transactions through the Proof-of-Authority mechanism. Committed to the amount of ONUS escrow requires the Validators to ensure the accuracy of the transaction, thereby increasing the transparency and security of the ONUS Chain.
- Payment of transaction fees
ONUS is used to pay transaction fees, smart contract deployment fees, or new network creation fees. Making a transaction on ONUS Chain takes about 1 second and costs about 0.005 ONUS, which is low enough to be easy for everyone, and expensive enough for those who want to carry out network attacks.
- On-chain Governance
ONUS Holders can propose and vote on significant changes to the ONUS Chain network. In other words, ONUS Coin helps to give complete control of the platform to the community.
The development team believes that the new Tokenomics will bring a solid impetus to the utility and popularity of ONUS Coin, as well as a premise for the increase in value of the ONUS token and expand the benefits for investors owning ONUS.