The JONES token is designed for a variety of use cases—governance, fee accrual, liquidity incentives, and superpowers.
JONES is a governance token. It will be use to vote on important protocol decisions and will be able to be locked to accrue part of the protocol's fees.
JONES emissions will mainly be directed at jAsset/Asset liquidity pools, to incentivise deep liquidity and a robust peg.
JONES emissions will also be used as rewards to incentivise supply and borrowing of jAssets, JONES, and stablecoins, such as MIM, FRAX, or dpxUSD.
Users will be able to lock JONES to receive veJONES, granting them superpowers within the protocol. The veJones design is inspired by veCRV, Ribbonomics, and Badger Boost.
veJONES holders will be able to vote on gauge weights for Jones Vaults and jAsset pools. This aligns the usage of the platform with long-term JONES holders. For example, depositors in the ETH Jones Vault can purchase and lock JONES, to vote for greater JONES emissions for the ETH Jones Vault.
veJONES gauges on jAsset pools and Jones Vault allow the protocol to be incredibly efficient with incentives, as emissions are directed only at the Vaults and Pools that users actually use. As in, the protocol can avoid paying a high APR in JONES tokens to pools that aren't used much. Inflation becomes optimized.
Users can purchase and lock JONES for veJONES in order to earn a portion of protocol fees and additional JONES emissions.
The APR of JONES emissions a user receives from a Jones Vault or a jAsset pool, scales with their JONES Boost.
JONES Boost adjusts the amount of JONES emissions a user receives based on the ratio [A(value of veJONES locked) + B(value of jAsset LP) + C(value of JONES LP)]/[D(value of jones vault deposits)], where A, B, C, and D are weights to be decided and reviewed periodically by governance.
The greater the ratio, the more JONES emissions a user's vault positions receive. As it is a ratio and not absolute value of funds, both large and small users can benefit.
Max supply: 10,000,000
Supply at launch: 1,700,000
Operational Allocation: 15%
This allocation is used to handle governance, incentivize community contributions and strategists, help grow the platform and recruit talent, and account for operating and growth costs.
Platform Rewards: 42%
Distributed over a period of approximately 5 years. These rewards will incentivize the use and upkeep of the Jones DAO platform.
Core Contributor Allocation: 12%
Vested for 18 months distributed using a drip system via a smart contract.
Public Sale: 17%
Private Sale: 9.67%
3 month cliff, and then vested over 6 months.
Split between guarded launch members and Dopex SSOV users.
Proposed allocation for OlympusDAO to be held in perpetuity.