What is Energy?
Last updated
Last updated
$ENERGY is the secondary ERC-20 token of the CRIPCO ecosystem designed to encourage NFT holder participation and reward their loyalty while ensuring long-term sustainability. The main utility of the $ENERGY token is to stake it and mine $IP3, the primary ecosystem token for CRIPCO. $ENERGY tokens can be claimed by holders of CRIPCO NFTs, including WADE F&F, WADESIDE, and OOZ & mates.
The $ENERGY token system is designed to address the shortcomings of existing NFT holder reward structures. It has been demonstrated that simply rewarding NFT holders with a fixed amount of tokens based on their holdings is unsustainable in the long run. Additionally, forcing NFT holders to stake their assets has proven to be an ineffective approach.
To overcome these challenges, CRIPCO has designed the $ENERGY token system to:
Encourage early holder and community participation through token claims and missions.
Allow holders to participate in the ecosystem using their initially earned or purchased $IP3 tokens.
Require NFT ownership to increase one's stake in the ecosystem over time.
Gradually phase out inactive participants by halving their $ENERGY token holdings each season if they do not actively contribute to the ecosystem.
This approach ensures that the ecosystem remains sustainable while still rewarding loyal NFT holders and encouraging active participation.
Each season of $ENERGY lasts for 3 months.
For season 1, CRIPCO will allocate 2,000,000 $ENERGY001 tokens for NFT holders to claim.
Subsequent seasons will introduce new $ENERGY tokens ($ENERGY002, $ENERGY003, $ENERGY004, etc.) following the same pattern.
Starting from season 2, a soft staking mechanism will be implemented, where the amount of $ENERGY002 tokens claimable is proportional to the duration of NFT holding during the 3-month period.
Every season will have a pool of 52,500,000 $IP3 allocated for mining.
$ENERGY token allocation will be modulated according to the market cap of CRIPCO's NFT collections to ensure a fair distribution.
$ENERGY tokens from the previous season will be halved in the next season (e.g., 1 $ENERGY001 token will become 0.5 $ENERGY002 tokens in the next season).
In the Early Access phase, $ENERGY tokens can be earned by holding CRIPCO NFTs (Wade F&F, Wadeside, and OOZ & Mates) and participating in various missions.
Listed NFTs will be ineligible to claim $ENERGY001 tokens.
For the first 2 seasons, $ENERGY001 & $ENERGY002 will only be accessible to CRIPCO ecosystem NFT holders.
From the 3rd season onwards, $ENERGY will need to be purchased, with purchase access prioritized for NFT holders.
WADESIDE Public Sale NFTs (token IDs #5250 to #13333) will be eligible to claim $ENERGY004 and $ENERGY005 tokens for free.
$ENERGY tokens are not airdropped; instead, they must be claimed by eligible NFT holders.
The main utility of the $ENERGY token is to stake it and mine $IP3 tokens.
New $ENERGY tokens will be available for claiming or purchasing by CRIPCO ecosystem NFT holders every season (every 3 months).
Each season will have a pool of 52,500,000 $IP3 allocated for mining.
The $ENERGY token system is a carefully designed mechanism that aims to promote early participation, reward loyal NFT holders, and ensure the long-term sustainability of the CRIPCO ecosystem. By requiring active claiming, offering staking opportunities, prioritizing NFT ownership, and gradually phasing out inactive participants, CRIPCO has created a system that encourages a healthy balance between participation and sustainability. This approach sets the foundation for a thriving ecosystem that benefits all stakeholders.
