New changes to PayBolt Tokenomics
Hi PB nation!
We announced our website along with our initial PayBolt Tokenomics last week. I will go into details on our reasoning for the tokenomics below, but before I do, I would like to say our BNBPAY investors were concerned with aspects of the proposed tokenomics and we heard you loud and clear.
Therefore we have decided to change the tokenomics to more closely match that of BNBPAY’s!
As you know our team here values transparency, so allow me to go into more details on PayBolt tokenomics and the thought process behind it.
From $BPAY to $PAY
Firstly, $PAY is not $BPAY v2, even though they were only created 5 months apart, the 2 were created under 2 very different circumstances. BNBPAY- Created by two founders at a time when meme coins were all the rage. It was a fair launched token with no seed round, no VCs and IDOs or public sales. It traded quietly with very little fanfare, and through many months of hard work and a little luck, it finally took off after 3 months. It was the poster child of a grassroots project.
Current and future of PayBolt
The backdrop for $PAY is very different:
We now have a core team and contractors of 15+ headcount: from CEO to devs to marketers and operation teams.
Partnership with publicly traded companies (Kee Song group and others to come). An equally split (50/50) Joint venture with a company with millions of users, a crypto-centric marketplace, An enhanced smart contract with cross-chain bridging capabilities, as well as trading and providing liquidity across three blockchains.
PayBolt is now a full-fledged Fintech startup with millions in burn rate and is a very different kettle of fish from when BNBPAY started from its humble beginnings.
We intend to go from just an idea to a unicorn in the next 5 years!
The main considerations we had when designing $PAY tokenomics was:
$BPAY investors compensated to the best of our ability (think of yourselves as the seed round of PayBolt).
Long-term scalability: how to get as many users to use our payment solutions and businesses to accept our payment gateway across different regions of the world.
$PAY ecosystem sustainability: build a sustainable ecosystem where all participants can be incentivized 10, 20, 30 years. PayBolt (company) sustainability
Market making across three (and potentially more) blockchains
We also consulted advisors and industry experts and, based on their guidance as well as our long-term vision, we created the following tokenomics.
Updated $PAY tokenomics v2
Existing $BPAY + IDO 56% (90 days linear vesting): Much higher allocation to $BPAY investors following feedback.
Team 15% (10% unlocked, then 10% unlocked every quarter): Development- smart contracts, PayBolt payment gateway, mobile app, E-commerce plugins, POS, Staking
R&D- bridging solutions, cross-chain, and new chain capabilities, buy now, pay later etc.
Security- maintaining the highest standard of QA and QC over all PayBolt products
Compliance- making sure PayBolt remains ahead of the legislation and compliance in every country we operate in, we want to bring crypto payment to the globe for the sustainable long term.
Operations- HR, resources, operation costs.
Marketing- marketing to investors, app users, and businesses
Ecosystem incentives 20% (10% unlocked, then 10% unlocked every quarter): Rewards to ensure mass adoption and usage of the PayBolt payment ecosystem by all participants.
Foundation Treasury 5% (locked for 1 year): Advisors, consultants, and strategic partners.
Exchange liquidity 4% (unlocked): Includes DEXs and CEXs.
Those investors that have been with us from the early days know we have a track record of having not sold a single team token from our BNBPAY days. But as further assurance, we have introduced lock-up periods across the board.