XB3 is the limited supply governance token for the XB3 Finance protocol. XB3 on its own is a valueless governance token that has no right to vote nor earn any protocol revenue. Only upon locking XB3 do users receive these rights. Locked XB3 tokens receive all rights to vote on protocol and app level proposals, as well as receive all protocol revenue from the current products (Hive, XB Referral Program) and future products (XB3 Custody). veXB3 plays a crucial role in boosting protocol and product rewards.
XBE holders can migrate their tokens at a 1:1 ratio
- The initial supply will be strictly less than or equal to 25,192
Of the ~25k initial token supply
- 2,500 tokens will be held in the XB3 Treasury Gnosis
(XB3 holders have the ability to govern how the Treasury is allocated)
Inline with XIP1 (XBE Improvement proposal) approved by governance on May 28 2021, and the XIP10 (Protocol Migration) proposal that was approved by governance on Oct 10 2022; the following changes will take place :
- 25,000 XB3 tokens will be minted over a 2 year campaign.
The distribution of these tokens is as follows:
- 10,000 XB3 distributed as year 1 rewards
- 10,000 XB3 distributed as year 2 rewards
- 5,000 XB3 allocated to XB3 Bonus Campaign participants
All XB3 rewards will go through the 80/20 rule when emitted.
- 80% of the XB3 tokens will be locked on behalf of the user until the end of the campaign.
- The remaining 20% will be sent directly to the users' wallet.
Locked XB3 (i.e. veXB3) is yield generative on its own thus creating a complementary yield relationship between rewards. veXB3 holders earn all protocol revenue in their base assets.
The total supply of the XB3 protocol will be strictly less than or equal to 50,192 tokens. (This has the ability to be changed via governance)