UM is the native token issued on Solana with a total of 1,000,000,000 UM. It is the core of the UncleMine protocol economic incentive mechanism and an important medium for governance on the protocol chain. The distribution of UM token is as follows:
- 40% - UncleMine Treasury (the UncleMine DAO community democratise the usage to support the long-term development of UM)
- 30.2% - Reserved to provide initial liquidity, incentivize all participants, early cooperation, bug bounty, and other activities;
- 15% - UncleMine founding team (locked for 12 months, 3-year vesting)
- 12.3% - Private Sale (locked for 3-6 months, 12-month vesting), for early supporters and computing power providers;
- 2.5% - Public Sale
How to obtain UM Token
In addition to participating in the Private/Public Sale or purchasing in the secondary market, users can obtain UM tokens in the following ways:
- Become an UMVL Node, provides computing power proof and chain services for the UncleMine network;
- Provides liquidity for UM tokens, and becomes a liquidity provider in certain;
- Participates in UM network testing, becomes a community member, and participates in early bootstrapping activities;
- Project parties and users who participate in early IMOs will receive airdrops.
- Joins UM as a miner and provides computing power;
- Other token distribution and incentive methods adopted by DAO;
UM Token Usage
UM Token is the native token of the UncleMine network. It will be used to encourage the development of the UncleMine ecosystem, ensure the normal operation of various roles, and will be used as a community to participate in governance certificates.
- Miners(including different computing power providers): Payment of UM to the UMVL node is required as a handling fee when accessing the proof of computing power and casting the proof of computing power into NFT. If miners subsequently want to sell their computing power in UncleMine, they also need to mortgage a portion of UM as a deposit.
- UMVL nodes: a stake of a certain amount of UM to join the network is required, but if the proof calculation and on-chain services are provided correctly, the node will receive UM rewards.
- Third-party applications: in order to gain access to the proof function of UncleMine, a payment of a certain amount of UM as a fee is required.
- Voting governance: UM holders can stake UM to obtainsUM, sUM holders will have additional weight bonuses when voting for governance, and can get various benefits such as fee reduction or exemption in the ecology.
For more details, please refer to the subsequent economic white paper.