Why a Democratic Launch
We will be distributing BANK ahead of the launch of the Float Protocol in order to incentivise engagement and participation. We will do this via a Democratic Launch.
As part of this Democratic Launch, participants will be able to deposit into several pools in order to earn a distribution of BANK. These pools will not be used for anything. The purpose of them is to distribute BANK, build an active user base and provide signalling.
Usually with these types of launches, big players arrive early, farm most of the token and control the governance moving forward. We do not want this to be the case. Instead, we want the protocol to run by its actual users, particularly those who are engaged and active. In short, we are supporting the little guy.
To do this, we will initially have a whitelist of the addresses (those who participated in the governance of various major defi protocols) that can participate in the first phase of the farm, as well as a cap on the amount one can deposit per pool.
Initially, there will be two phases of distribution. In Phase 1, as mentioned above, BANK will be distributed to a wide range of very active, smaller participants. In Phase 2, BANK will be distributed to anyone in order to enable initial price discovery and there will be incentivised liquidity pools for BANK.
In general (excluding any minted as part of any contractions), there will be 168,000 BANK to be circulated during the first year. There will likely be inflation of BANK after year one but this will be voted on by governance.