Token Issuance
How are the L2PAD and L2POOL tokens issued?
L2POOL tokens can be minted by staking either L2PAD tokens or L2PAD liquidity tokens, or being traded for on secondary markets.
L2PAD tokens are minted across four epochs or phases:
  1. 1.
    In the Pareto Epoch, there's a small supply of tokens. 8% are sold between the seed, private, and strategic rounds - these are sold to provide initial development funding. During the L2PAD IDO, 3.5% of total supply with 50% of those tokens were minted. Tokens for the seed, private, and IDO rounds are locked up according to cliff/vesting schedule.
  2. 2.
    Following the IDO, the Markowitz Epoch begins. L2PAD liquidity pools are opened and staking for the token is activated. L2POOL tokens are then minted following a root function on a continuous basis and distributed pro-rata to stakers of L2PAD tokens.
  3. 3.
    Following the 20% minting of L2POOL tokens, the Levine Epoch begins. Liquidity mining of the L2PAD token begins allowing for the distribution of a further 20% of the total supply. Tiers are enabled for the L2PAD stakers and IDOs may begin taking place, with proceeds from the IDOs funding the L2PAD token liquidity pools. 80% of L2POOL tokens minted are given to L2PAD liquidity miners and the other 20% to L2PAD stakers.
  4. 4.
    The Szabo Epoch is the final epoch and begins with the activation of the L2PAD DAO - it's the final phase through which the protocol will continue to grow. Further allocations of early stakers and the team are distributed, the DAO is activated, and the protocol begins to grow and evolve autonomously.
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