We’re launching the GENESIS erc20 token as the DeFi core of the Genesis Worlds metaverse. GENESIS allows you to buy Land in Genesis Worlds, as well as participate in governance of the whole Genesis ecosystem. It’s also the in-game currency of Genesis Worlds, where you can buy and sell in-game items from other players.
Genesis Worlds is designed as a true community-owned project and the GENESIS token is a true fair launch token – every token is earmarked for launch into the community. Importantly, we’re not selling any GENESIS tokens, and no tokens are earmarked for investors, team members, or anyone else. If we want tokens (and we do), we’ll have to buy them in the open market, just like everyone else.
There’s three main ways to get your hands on GENESIS when it launches. First, you can join the GENESIS launch pool, where you can stake GAME to earn GENESIS over time. The longer you stake your GAME, the more GENESIS you’ll earn. The rewards are a fixed pool of 50M GENESIS, with 25M distributed in the first 12 months, and halving every 12 months after that. The amount you’ll earn is relative to your stake, and the total amount staked.
Second, you can buy World Stakes in the World Sale. Holding a World Stake also earns you GENESIS over time. Like the launch pool, the rewards reduce slowly over time. Unlike the launch pool, there is a guaranteed maximum of 10,000 GENESIS earned from each World Share, so it doesn’t matter how many other people buy World Shares. Instead, the price of each World Share is controlled by a bonding curve, which puts a hard limit on the number of World Shares that can be bought. We expect around 1Bn GENESIS to be emitted from World Shares over the next 20 years.
The third way is to use an automated market maker exchange like Quickswap or Uniswap. On Quickswap, you’ll be able to buy and sell GENESIS for any other erc20 token. But you can also earn GENESIS by providing liquidity to one of the incentivized liquidity pools. There is 25M GENESIS set aside for liquidity pool incentives. Each pool will be different, so look for specifics on incentive durations and amounts closer to the launch of those pools.
That’s a lot of ways to get your hands on GENESIS. But you may have noticed that some “normal” methods aren’t on this list. There’s no presale, VIP sale, investor tokens, and no tokens for the Game Credits team, advisors, or partners. We believe in a true fair launch model, so that’s why we’ve declined outside investment, and why we’re not granting our team members and advisors any tokens – we want people who believe in the vision, not people who want to make a quick buck or three.
In the longer term, there’s one more way to get your hands on GENESIS, and it’s the most exciting fair launch plan of all. We call it “Build To Earn”. If you’re a content creator, developer, or community member who participates in the development of Genesis Worlds, you’ll be able to earn GENESIS. This puts the token directly in the hand of creators, rather than in the hands of speculators. We believe content creators and community members are the most important people in the world, and we’re showing that with the sheer size of the Build To Earn pool. Over time, just under half of all GENESIS tokens will be distributed to creators in this way.
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If you don’t know what DeFi, Launch Pools, or Liquidity Pools are, read on; we’ve got you covered. Here’s a quick overview of all three concepts:
DeFi, or Decentralized Finance, is the next evolution of financial technology. It replaces centralized middlemen such as banks, stockbrokers, and payment processors with fully decentralized systems, where no other entity can control your money. This has created many new and unique products, including automated matchmaking exchanges, where liquidity pools replace centralized order books, and launch pools, which allow democratic and decentralized delivery of new assets.
A liquidity pool on an exchange like Uniswap or Quickswap is a pool containing equal values of two erc20 tokens. Users can trade one token for another using the pool, by putting in their token, and receiving the other token.
Liquidity pools are 100% permissionless – anyone can create one, and the market determines the relative prices of the two tokens. They’re also the primary way that truly decentralized projects are traded, which makes them the perfect fit for a decentralized project such as Genesis.
A launch pool allows users to stake one erc20 token and receive an amount of a second erc20 token over time. When you’re done with your holding period, you withdraw all your staked tokens, and receive an amount of the launch token relative to your stake.
Some pools require a fixed holding period, others are more flexible. In the Genesis launch pool, users can stake GAME to receive GENESIS. It’s a flexible launch pool, with no fixed end date or limits on the amount of GAME you stake. Instead, the amount of GENESIS earned reduces slowly over time. Users can stake and unstake their GAME at any time, and earn more the longer they stay in the pool.