Thread by @2xnmore

Soonaverse is a project often spoken about in the #Iota community.

I have uncovered alot of information about the soonaverse and how it's built

Here's everything you need to know about @soon_labs in this thread 🧵.

#IOTA #Shimmer #SOON $SOON

Here is the scope to the mother of all $SOON threads:

1️⃣ Introduction (What is the soonaverse?)
2️⃣ NFT's on the Soonaverse
3️⃣ Tokenomics
4️⃣ Staking
5️⃣ Conclusion and Recommendations.

Let's kick start with what the soonaverse is all about ↓.

1️⃣ Soonaverse is an ambitious project that is part of the $IOTA Ecosystem.

It exists to power the growth of Decentralized Autonymous Organisations (DAOs), both within IOTA and beyond.

It does this by providing a range of free services such as :

• DAO Spaces

• Voting mechanisms etc.

It also allows control of membership of DAO Spaces, and adds an ability to award 'Reputation Badges' as a mechanism to aid DAO Governance.

2️⃣ One of the most exciting initiatives within the Soonaverse is, the marketplace for Non Fungible Tokens (NFTs).

At the moment it can be pretty complicated and expensive to create and then market and sell NFTs.

Soonaverse is about to make the process both FREE and SIMPLE!

As you might imagine, that is a pretty revolutionary idea that will change everything.

Artists can potential generate an income stream through this process, eliminating old fashioned ways of art sale and distribution.

Until now, cost and complexity has stopped the vast majority of artists from getting involved with NFTs. Now there is nothing standing in their way.

3️⃣ The distribution of the fixed 100,000,000 $SOON supply is as follows:

Launchpad: Fairly distribute tokens to the public. All these funds will be used to continue the growth of the Soonaverse.

CEX Liquidity: Engage with a market maker to ensure the $SOON token is completely liquid across all centralized exchanges it’s listed on.

Core Contributors: These tokens are allocated for the founding team and other critical team members.

Treasury: This will be staked and revenue generated through SPDRs will be used to fund future development costs and third party service modules.

Community Adoption Incentives: 10% of the token supply will be airdropped to all SoonLabs Genesis NFT holders.

The remaining 30% will be used to reward stakers and liquidity providers over a period of 3 years. Staking will begin once smart contracts are live.

Of the 20% allocated to core contributors, only 15% goes to the founding team.

The other 5% has been and will continue to be allocated to early contributors of the Soonaverse.

This core contributor allocation is subject to a one year lock up period (starting on June 14th, 2022) followed up by a one year linear vesting period.

During this lockup time the core contributor tokens will be staked, but with limitations.

These staked tokens can only receive SPDRs and not token emissions from the 30% Community Adoption Incentives allocation.

#IOTA #Shimmer #SOON $SOON

4️⃣ Now let’s dive into more detail about how staking works.

Staking on the Soonaverse allows users to stake for a minimum for 1 week and up to 52 weeks.

During the period that the tokens are staked, they are locked.

The cool part is that the tokens are not locked in a custody solution.

The Soonaverse has built in functionality that uses the time expiry (time lock) function in the Shimmer network.

Put simply, when a user stakes, the tokens end up back in their wallet except they are locked and have metadata that third parties can reference to prove they are staked.

Users can go and see all their individual stakes in the Soonaverse UI.

Plus everything is stored on Tangle for an immutable trail.

We’d like to emphasize that as soon as the time lock is finished, the tokens are unstaked and a user will no longer receive rewards until they restake.

So be careful when only staking for 1 week, because you’d need to restake every week to receive rewards.

Every week on Thursday at 10:00am PST, the staking system will reference all staked tokens on the Tangle.

Calculate how many rewards should go to each address based on staking value, and distribute the weekly $SOON token rewards accordingly.

That means once a week users will have a new claimable amount based on their total staking value.

5️⃣ The #SOON token has many features and truly connects the token holders with the Soonaverse.

The team intends to drive communities to it's default suite of higher margin service modules.

Services such as:

The Token Launchpad
various DeFi products.

People have raise concerns about NFTs true ownership on the soonaverse.

Which The team maintained that users would have to examine third part contracts as they do not have much control over those terms.

$SOON interconnects the modules in the platform and the value of the token increases with the growth of the entire platform.

The token also protects the platform from SPAM activities.

We are quite happy to grow with the project and looking forward to new innovations.

There’s still so much to share, so stay tuned for more exciting announcements.

Follow @2xnmore so you don't miss out and, please follow @soon_labs for more updates.

#IOTA #Shimmer #SOON $SOON