10,000,000 $RGT will be created natively on the Ethereum blockchain. 87.5% of these tokens (8,750,000 $RGT), will be distributed through our public liquidity mining program while the remaining 12.5% is dedicated to compensation for the Rari Team. The liquidity mining program will be conducted over 60 days following a dynamic schedule as shown below.
The liquidity mining program is built to enable decentralization and ensure alignment between the protocol development and the users. Through this 60-day program, 87.5% of the total supply of $RGT will be proportionally distributed to Rari protocol users. This distribution occurs proportionally across all deposits for all pools that a user has within the protocol. The pools that are earning include: Rari ETH Pool, Rari Stable Pool and Rari Yield Pool.
For example, if a user has $400,000 in the protocol and the protocol has $4,000,000 and 300,000 $RGT are being distributed on that day and the user held their money for the entire day, they would earn 10% of the distribution: 30,000 $RGT tokens. To view our spreadsheet for the day-by-day breakdown of our RGT, click here. Distributions began on Oct 20, 2020 and will end on Dec 19, 2020.
Users who withdrew the $RGT during the distribution period were faced a proportional burn based on when they sold the asset. The burn could be found here.
12.5% of the token supply will be used to reward the Rari Team for their work on the protocol through the $RGT token. This 12.5% will be using the Rari Vesting Schedule over a 2 year plan. The $RGT tokens are a tool to ensure long-term alignment between the team and the project. Read more about the vesting plan here.
The Rari Capital team and protocol have never pursued fundraising. There has been no sale of $RGT. $RGT is a valueless asset that functions for the sole purpose of governance.
The community voted to initiate RIP-1 which continues token emissions with an additional 10M $RGT over a 2.5 year period. The schedule can be found here: https://docs.google.com/spreadsheets/d/1tDHhf2oCUCJKUNrPJgFerEGePIJgVlfvjmtmOlhDf7I/edit#gid=0. RIP-1 has not yet been implemented but is under audit review to be activated shortly.