Tokenomics
DRF is the native cryptocurrency of DRIFE, It is designed to create a transparent, secure, and cost-effective peer-to-peer network for both drivers and riders. The DRF token is an essential component of the DRIFE ecosystem, enabling frictionless transactions and incentivizing participation from users. As the primary means of exchange within the platform, DRF provides drivers and riders with numerous benefits, including exclusive access to premium ride requests, and discounted fares.
Additionally, DRF token holders have a voice in the direction of the platform through participation in the DRIFE DAO, promoting transparency and decentralization in the governance structure.
Here is a table outlining the token allocation and vesting schedule for DRIFE
Stage | Allocation | %Supply | Vesting Schedule | Comments |
|---|---|---|---|---|
Seed Round | 200,000,000.00 | 6.2% | 1% at TGE + 30 days cliff, 12 Months Linear | |
Private Sale | 352,000,000.00 | 10.8% | 2% at TGE + 30 days cliff, 9 Months Linear | |
Public Sale | 12,000,000.00 | 0.4% | 20% unlock in TGE, 30 days cliff then 2 month Linear | |
Advisor | 80,738,110.00 | 2.5% | 1% at TGE + 9 month Linear unlocking | |
Team | 390,000,000.00 | 12.0% | 6 month cliff, 10% unlocked for next 20 quarters | 12% allocated to Team & Advisory for onboarding talent |
Ecosystem & Rewards | 1,003,705,992.00 | 30.9% | Gradually vested over 10 years | 30.77% allocated for active participation in the DRIFE platform |
Research & Development | 244,653,335.00 | 7.5% | Vested until 2025 with a reserve right to gradually release and use up to 5% already in 2021 | For project development needs |
Marketing & Operations | 312,403,490.00 | 9.6% | Vested until 2025 with a reserve right to gradually release and use up to 5% already in 2021 | For project development needs |
Foundation | 654,499,073.00 | 20.1% | 1 year cliff and then Gradually vested over 10 years | 20% allocated to Foundation for technical development and franchise expansion |
Total | 3,250,000,000.00 | 100% |
The above table shows the allocation of DRF tokens to different stages and the corresponding vesting schedules. The total number of tokens allocated is 3,250,000,000.
The different stages include Seed Round, Private Sale, Public Sale, Advisor, Team, Ecosystem & Rewards, Research & Development, Marketing & Operations, and Foundation. Each stage has a different allocation percentage and Vesting schedule.
DRIFE's Tokenomics model includes a staking mechanism, where token holders can delegate their tokens to city franchises and earn APY rewards. This incentivizes users to hold and invest in DRF tokens, leading to increased liquidity and growth in the DRIFE ecosystem.
Token holders can delegate their tokens to city franchises and earn APY rewards, which are distributed from the franchise's staking rewards pool. The more tokens a user delegates, the greater their share of the rewards pool and the higher their potential APY.
The staking mechanism also creates an artificial scarcity of DRF tokens, as tokens that are delegated to a franchise are locked for a period of 3 years. This reduces the total supply of DRF tokens in circulation, potentially driving up the value of the remaining tokens.
DRIFE's governance structure is built on the principles of transparency and decentralization, giving DRF token holders a voice in the direction of the platform. Through the DRIFE DAO, token holders can participate in the decision-making process by voting on proposals that affect the platform's development, operations, and growth. This ensures that the community has a say in the important decisions, and helps to promote a fair and open governance structure.
Token holders who participate in the DRIFE DAO have the opportunity to submit proposals for consideration, which can range from the addition of new features to changes in the platform's fee structure or operating procedures. These proposals are then voted on by the community, with decisions made based on the number of votes cast in favor of each proposal.
DRIFE's referral program is a clever strategy to incentivize both drivers and riders to help expand the platform's user base. The program is designed to reward existing users for referring new users to the platform, which ultimately leads to increased adoption and growth.
When a new user signs up for DRIFE using a referral code provided by an existing user, both the referring driver and rider will receive DRF tokens as a reward. This serves as an immediate incentive for users to invite their friends and family to join the DRIFE platform. Moreover, the program offers a passive income opportunity to the referrer. Every time a referred user takes a ride on the DRIFE platform, the referrer earns 1% of the fare as passive income in the form of DRF tokens. This serves as an additional incentive for existing users to refer more people to the platform, as they can earn a steady stream of income for every ride taken by their referrals.
By encouraging users to promote the DRIFE platform and refer new users, the referral program plays a crucial role in driving growth and expanding the platform's user base. It's a win-win situation for both the referrer and the referred user. The referrer earns rewards for inviting new users, while the referred user benefits from the advantages of the DRIFE platform, such as transparent pricing, direct connection with drivers, and more. Overall, the referral program is an effective way to build a loyal community of users and incentivize them to help grow the DRIFE platform.
In addition to the referral program, DRIFE also offers users the opportunity to earn DRF tokens for various activities on the platform. These activities include:
- 1.Completing rides - Every time a user completes a ride on the DRIFE platform, they earn DRF tokens as a reward. The amount of tokens earned is based on the fare of the ride, and users can accumulate tokens over time to exchange for rewards or use for other purposes.
- 2.Providing feedback - DRIFE values user feedback and encourages users to provide their honest opinions about their experiences on the platform. To incentivize feedback, DRIFE offers DRF tokens to users who provide valuable feedback that helps improve the platform's overall user experience.
- 3.Participating in promotions - DRIFE occasionally runs promotions and contests that offer users the chance to earn DRF tokens by participating. These promotions may involve completing a certain number of rides, referring new users, or other actions.
Additionally, DRIFE will implement a burn mechanism to reduce the total supply of DRF tokens and increase their value.
DRIFE has introduced an innovative token burn mechanism to reduce the total token supply, thereby creating scarcity and driving up the value of the remaining tokens. The mechanism is designed to burn tokens based on the number of rides completed, with the percentage of token burn decreasing as more rides are taken. The aim is to achieve a cumulative burn of 1 billion tokens by setting ride completion milestones and associated burn rates. We are excited to share the detailed formula and milestones with our community in the near future. With this mechanism, DRIFE is pioneering a new approach to incentivizing platform usage while increasing token scarcity, ultimately benefiting our users and investors alike.
Other burn mechanisms are:
Staking reward burning: In the franchise staking mechanism, the council can use a portion of the staking rewards generated to buy and burn tokens, reducing the total supply of tokens.
Unstaking fee burning: Whenever a user wants to unstake their tokens, a fee will be charged, which is then used to buy and burn tokens, reducing the total supply of tokens.
The burning mechanism will be beneficial for the DRIFE ecosystem as it reduces the total supply of tokens, which increases the value of the remaining tokens. This mechanism helps to create a more stable and valuable ecosystem, which is beneficial for DRIFE users and token holders.
Last modified 27d ago