Stitch the Basic Tokenomics
As decentralized protocols continue to proliferate and evolve, the need to refine the decision-making processes around them is paramount. On-chain governance allows all stakeholders to collaborate, debate, and vote on how to manage the system. Governance utility tokens fuel blockchain-based voting systems, as they are often used to signal support for proposed changes and to vote on new proposals. In Stitchia Network, the token is called STITCH, and its utility would be to support and drive our internal governance process.
Stitchia Network aims to provide value to members in different ways. By staking STITCH token, users would get exclusive access not only to our decentralized network and voting mechanisms, but also to all our future products and services.
Some key features of STITCH token are as follows:
- Built on Polygon;
- Proof of Stake Blockchain Voting Power on Stitchia Network’s governance and DAO development;
- DeFi Native Token Protocol – Staking, LP, AirDrops Earning APY in DeFi Lending/Borrowing Protocol Exclusive access to Stitchia’s and external partner’s DAPPS.
The STITCH token is designed and developed at the moment on the Polygon Blockchain protocol, but with the vision for multichain, or cross-chain interoperability in the future with protocols like Ethereum, AVAX and others.
Disclaimer: STITCH tokens should not be considered as money or a means of investment, but rather a token with a utility to vote on decisions that influence our network ecosystem. STITCH tokens are not intended to be securities and/or other financial instruments under the Laws of any jurisdiction where they are intended to be or will be purchased or sold, and no action has been or will be taken in any jurisdiction by the “Company” or any of its affiliates that would permit a public offering, or any other offering under circumstances not permitted by applicable law, in any country or jurisdiction where specific action for that purpose is required.
DAO Governance utility tokens in general are blockchain tokens that grant voting and decision-making power to their holders.
They are really important in any decentralized/blockchain environment where there is a requirement for power balance or community-based governance. Through these tokens, you can vote on proposals that are related, and relevant to the specific network.
Our STITCH token basic utility would be to govern our network and its supporting framework would ensure that the voices of all our token holders are heard while making decisions related to the development and management of Stitchia Network DAO.
Furthermore, the STITCH token would influence new project listings and their roadmap, along with critical features. You can also use it to vote on any internal DAO patches and updates, as well as future developments of the network and its applications.
We strongly believe that embedding a STITCH token into our model would pave the way for greater collaboration between its core DAO community of the Genesis NFT Ticket holders and all STITCH token holders. Thus, being able to get involved not only in the project, but further help the engineers in the decision-making process. For example, you can decide on future projects and NFT listings, code changes and every management changes through these tokens.
After a successful sale, the adopted project would receive its funds in 3 stages. The sale it would be on polygon blockchain initially, so we will collect ETH, BTC, MATIC or USDC/USDT.
These funds would be hardcoded in a smart contract, where after a pre-agreement would be allocated in certain conditions. Funds will be deposited into the Gnosis wallet of the recipient. Then the founders could use them transparently in an open banking app.
- 1.25% Immediate release
- 2.35% Release after milestone 1 – The funds (ETH, BTC, MATIC) would be allocated to the most secured and profitable DeFi protocol partner (preferably native protocols) to earn for a few months APY. Additionally, a secondary APY on STITCH token would be added with a locked vesting schedule. Also, lending/borrowing protocol.
- 3.40% Release after milestone 2
The STITCH token would rise in value together with its volume increase. STITCH token would grow in volume due to its new utility crowdfunding model of the network.
Basic utilities of the token: Stake – between 10% and 15% APY (Unlocking at any time) Lock – between 20% and 40% APY LOCK from 30 days unlocking period up to 180 days. Lock your WETH or MATIC and receive APY on your holdings plus an additional STITCH token with an unlocking period of 1 month.
Stake your STITCH tokens, earn up to 20%, and vote! Use your Stitch holdings in order to vote:
1 Stitch token = 1 Voting Power Senior Voting Power – Genesis NFT Ticket Holders (e.g., Cutter 25 SVP = 2 500 VP)
The more you participate, the more you earn, the more VP power you gain and your voice would be heard!
STITCH tokens are pre-mined and locked. The token has a capped supply of 100,000,000 STITCH tokens.
The above chart represents an overview of our STITCH token distribution model. Complete Tokenomics TBC by end of Q4 2022 based on a total of 100M STITCH token supply and taking into consideration the following ratios:
1 Senior Voting Point (SVP) = 100 Voting Points (VPs) 1 Stitch Token – 1 Voting Point (VP)