As part of our commitment to responsible token management, we have designed a vesting plan for the FAX token that takes into account the interests of both our users and the wider market. To this end, we have allocated portions of the token supply to various stakeholders, including the Faxen innovators, who will receive their allocation on a daily basis over a period of 3 years. This approach is intended to avoid any negative market impacts that could result from releasing a large volume of tokens in a short period.
For user portions, we have devised a staggered release schedule that will see tokens released on a short-term basis, such as:
- Daily releases for referrals and rewards and ...
- Weekly releases for competitions and community outreach activities and...
- Monthly releases for airdrops and ...
Ensuring that our users have regular opportunities to benefit from their involvement in the Faxen community.
Throughout this process, we will be monitoring the market closely to ensure that the release of tokens is managed in a responsible and sustainable manner. We aim to create a stable and secure environment that encourages user participation while avoiding undue market volatility or risk. We believe this approach will help build trust and confidence in the FAX token, and we remain committed to ongoing innovation and improvement as we work to build the future of crypto.
In addition, Faxen has allocated a portion of the FAX token supply to its backers, which will be subject to negotiation and agreement with the entities. This collaborative approach allows Faxen to work closely with its partners and achieve the best outcomes. The company remains committed to transparency and accountability and will keep the community informed of any developments related to this initiative.
At Faxen, we believe in setting ambitious goals and empowering our team of innovators to achieve them. As such, any portion of our Tokenomics designated for a specific project or initiative is allocated with a clear goal. Our team is committed to delivering quality results, and we strive to achieve our objectives as efficiently as possible.
Any remaining portion of the allocated funds will be transferred to the DAO if we can meet our goals ahead of schedule. This approach ensures that our community continues to benefit from our successes and that our resources are effectively used to drive innovation in the crypto space. We are proud to work alongside our community and partners to achieve our shared vision for the future of decentralized finance.
In faxen, innovator teams are groups of individuals or companies responsible for developing new features for the project or implementing expansion programs.
Funds allocated to innovator teams will be released over time based on a predetermined schedule, as outlined in the vesting plan. Once a team has met certain milestones and progress has been made toward the development of their project, they will receive a portion of their allocated funds. This mechanism ensures that teams are actively working toward their goals and making progress before receiving all of their funding.
In addition to the vesting plan, innovator teams must provide regular updates on their progress and any significant developments related to their project. These updates will be shared with the Faxen community and will serve as a way for the community to stay informed about the progress of each project.
Furthermore, the release of funds will be subject to approval by a designated committee, ensuring that the projects align with the overall vision and goals of the Faxen platform. This committee will consist of experienced individuals in the cryptocurrency and blockchain space and representatives from the Faxen community. The goal of this committee is to provide an additional layer of oversight and ensure that all funds are being used in a responsible and productive manner.
In order to ensure transparency and accountability, each innovator team working with Faxen will be asked to submit a proposal on a seasonal basis outlining their plans for the upcoming period. These proposals will be carefully reviewed and evaluated by the relevant supervisor committee. If approved, the proposals will be published on GitHub to ensure complete transparency. Throughout the course of the project, the team will provide regular updates on their progress, and at the end, they will submit the final project status report for review by the supervisory committee. If the report is approved, the team will receive payment for their work.
In Faxen, There are two committees responsible for managing the funds for technical development work. The Leader provides advanced payments to these committees, which oversee the use of the funds and report back to the Leader on how the money was spent. The process involves transferring funds from the project's treasury to the multi-signature accounts of each committee, which then uses the funds to pay for various technical development expenses. At the end of each period, both committees publish a report that outlines the approved proposals and how the funds were spent. Later, the Leader charges another funding round for the next period to continue funding technical development work, and the process continues with the involvement of both committees.
The allocation of responsibilities for each committee is as follows:
- 3.Community Outreach
- 4.Educational Programs
- 5.Active Market Creation
- 6.Network Updates
- 7.Design Team
- 3.Partners and Brands
- 4.Staking Rewards
- 5.Active User Rewards
- 6.User Case Programs