The Narwhal team wants to solve the problem of sustainability in the DeFi project world. A lot of token projects have a very short lifespan and soon fade away. We have looked into several approaches and designs that aims to attract not just different levels of individual investors but DeFi projects as well - aiming to offer not just good yield but also a sustainable HODL for investments. That is how we have landed on an approach we are proud to share as the Narwhal Protocol Token (NAR).
Essentially, NAR is the governance and equity token of the Narwhal ecosystem. The majority of NAR is minted by liquidity mining. And along the way as the project grows, users holding NAR can participate in community proposals and decisions, as well as receive dividends as the project expands.
The total/max supply of NAR tokens will be capped at 21,000,000 NAR. The following is the team's allocated amounts for the token supply:
525,000 NAR (2.5%) is initially allocated to Team Developers, Community Supporters for contributions to the project in the long run. This allocated amount is locked at 2.5% of the circulating supply. The dev team also will not be able withdraw more than 2.5% of the circulating supply at any time.
787,000 NAR (3.75%) is allocated for distribution into DAO for future community initiatives. This allocated amount will be used as a resource for upcoming community proposals and decisions when that feature is released. Be it new suggested features or even competitions or campaigns - the devs want to allocate an amount that they can support the community with.
1,575,000 NAR (7.5%) is allocated for Pre-Sales & Whitelisted Pre-Sales. This allocated amount is used to raise funds for the initial adding to liquidity for NAR. Sold: 478,001.3217240 NAR (at time of sale value: 2,333.341343BNB) Unsold: 1,096,998.6782760 NAR (UPDATE: all Pre-sales have been completed as of 1PM UTC, 12TH OCTOBER 2020. All unsold NAR tokens have been burned) (NAR Burn Address: 0x7777777777777777777777777777777777777777)
1,102,500 NAR (5.25%) are allocated for the initial liquidity of NAR on Narwhalswap. UPDATED: Inserted as liquidity: 236,250 NAR Burned: 866,250 NAR
210,000 NAR (1%) will be allocated for airdrop programs. To grow the community, the team will be using this allocated for bounty and community campaigns.
16,800,000 NAR (80%). These remaining tokens make up the allocation intended to be distributed to liquidity providers.
How the NAR token's 5% burn works.
When a user transfers NAR token, that is when calling the transfer interface and transferFrom interface of the smart contract, 5% trading fees will be deducted, 2.5% of it will be directly destroyed, the remaining 2.5% will be transferred to the dividend pool.