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L2PAD Token
L2PAD is the protocol’s governance token
Utility
When staked, L2PAD tokens allow one to participate in governance and project quality evaluation routines to ensure the community is aligned on who gets to conduct an IDO on the platform. Staking L2PAD tokens also enable one to be eligible for a tier in the launchpad member hierarchy - tiers determine the size of one’s allocation in any given IDO and the likelihood of participation.
At certain stages of the protocol's lifetime (see the temporal dimension below for clarification), staked L2PAD tokens allow you to farm the freshly minted L2POOL tokens. Moreover, the liquidity tokens received from offering secondary market liquidity for L2PAD tokens allow one to farm freshly minted L2POOL tokens.
Distribution
-The initial 15% distribution of the token supply is allocated to the founding team
-8% of the token supply is allocated to the early stage incremental quadratic IDO; proceeds thereof are used for development team purposes until the DAO protocol stage is reached
-3.5% of the token supply is allocated for the public Quadratic IDO; proceeds thereof are used solely to provide bid side on secondary markets
-10% of the token supply is allocated for the ask side of the secondary market liquidity
-20% of the token supply is allocated for liquidity mining
-43.5% of the token supply is allocated for the DAO fund and is locked until the protocol ecosystem matures to the DAO stage.
Redistribution Mechanics
The anchor charge is introduced after the initial L2PAD distribution. There’s a 5% fee paid when unstaking L2PAD tokens - this fee is subject to change (downward) as the number of token holders increases upon community consensus. This applies at all times, except for a special case when transitioning from the Markowitz to Levine epoch. One-third of every such fee is burnt, another one-third is redistributed across the remaining stakers, and the remaining third is deposited into the L2PAD Protocol Portfolio Pool. A certain percentage of one’s L2PAD stake is burnt when participating in an IDO - this fee varies with the size of one’s L2PAD stake.
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