An infrastructure for artistes; a reward token to encourage exceptional performers and foster a community of fans and music lovers. This blog describes the tokenomics and distribution strategy for JAX.
- JAX, an ERC20 token, is the reward token obtained by staking Live NFTs representing the MetaJAX-funded JAXBlast productions. It is also the governance token where JAX holders will have a say on the JAX treasury as MetaJAX evolves into a DAO over the longer term.
- Target supply of JAX is 100m. A small percentage of 0.3% (300k JAX) will be pre-mined and rewarded to early supporters. The remaining will be distributed to the community over time. To start with, 15m JAX is allocated as rewards across various yield farming pools on WhaleStreet.
- Each JAXBlast event comprises Silver Live NFTs and a playlist with 4 types of Live NFTs (Gold, Platinum, Palladium, and Jaxium) for each song in the list. Of these, Silver can be purchased via auctions on WhaleStreet, while the rest (higher-order Live NFTs) can be obtained by leveling up across each song.
- Each JAXBlast pool will be valid for 252 epochs (1 epoch = 8 hours), and a total of 300k JAX is allocated per pool over its 12-week life cycle.
- JAX mining kicks off on Sep 15 (tentative). The token will not be available until then; please do not attempt to buy in the open market.
The Shift from Art to Performance Art
While 2019 and 2020 opened up a new world for visual artists, 2021 looks to welcome performing artists into this space. WhaleStreet is a proud partner in this movement, and MetaJax marks an important milestone in the utility era of NFTs.
We’re also thrilled that this is going to help some amazing artists. Jazz has such a rich history and the pandemic has been such a downer on artists and venues. We could not be happier to join hands with MetaJax to help revive performing arts.
While MetaJax-funded productions offer episodic productions of high quality live music, WhaleStreet gets to translate all that music experience into a deFi-powered experience. The roadmap with MetaJAX includes promo drops, staking rewards, auctions, and bundling of live performances!
And we’re kicking this off with Progressive, ‘Stakeable’ NFTs that reward musicians and fans. Users can level up with every class of NFT. In other words, if you’ve got a bunch of silver NFTs, commit them and get a gold. If you’ve got a bunch of gold, commit them and level up to platinum, and so on all the way to Jaxium. The staking rewards will be in JAX tokens.
Furthermore, the MetaJAX experience on WhaleStreet is being designed to be smooth and affordable with Polygon integration, i.e, it’s low cost at every touch point.
In order to realize the full potential of the MetaJAX ecosystem, two elements are vital - periodic JAXBlast events with the NFTs representing them; and JAX, the native token of MetaJAX. For more details about the JAXBlast events, read the launch blog at this link. Read on for a strong overview of JAX tokenomics and distribution.
As an ERC20 reward token obtained only via yield farming, The purpose of the JAX token is manifold.
- To galvanise fans and performers of Jazz music
- To help foster a healthy community of music lovers
- To create an ecosystem with fair incentives using deFi-powered tools.
In its quest to foster the evolution of music genre nations, MetaJAX plans to become a DAO in the future where JAX holders get to make decisions regarding the JAX treasury.
The target supply of JAX is 100m, of which 0.3% (300k JAX tokens) will be premined and distributed as rewards to the early supporters of MetaJAX. To encourage the long-term nature of their support, the JAX tokens from the initial rewards will be linearly vested over a period of 1 year. The WhaleStreet team or the creators will not be given any JAX.
JAX mining will kick off on Sep 15, 2021 (tentative).
A total of 15m JAX is allocated as yield farming rewards which can be obtained by staking Live NFTs from MetaJAX-funded JAXBLast productions. Over the course of 2021-2023, JAXBlast events are scheduled to take place every fortnight, with a new song added to a playlist each week. Each JAXBlast event will be represented by a staking pool on WhaleStreet.xyz, complete with its own set of Live NFTs.
The JAXBlast Reward Pool
A JAXBlast pool supports 5 types of Live NFTs
- Silver - can be purchased only from WhaleStreet via Silver Live auctions, aka, 100 simultaneous auctions every epoch for a total of 100 epochs (10,000 total possible Silver Lives per reward pool).
- Gold per song - can be obtained only by committing 10 staked Silver and 10 JAX tokens.
- Platinum per song - can be obtained only by committing 10 staked Gold and 100 JAX tokens.
- Palladium per song - can be obtained by committing 10 staked Platinum and 1k JAX tokens.
- Jaxium per song - can be obtained by committing 10 staked Palladium and 10k JAX tokens.
The JAXBlast pool will be valid for 252 epochs (12 weeks).
60k JAX rewards for Silver Live NFTs will be distributed in phases (30k during weeks 1-3, 15k during weeks 4-6, 9k during weeks 7-9, and 6k during weeks 10-12).
10k JAX rewards for each of the higher-order Live NFTs (Gold, Platinum, and Palladium) over the 12 week period.
A pool will be allocated a total of 300k JAX tokens are staking rewards.
ERC20 Reward Pools
JAX can also be farmed by contributing liquidity to ERC20 pools such as the B20-ETH pool and $HRIMP-ETH pool. Since the JAX experience on WhaleStreet will be at Polygons L2 layer, the ERC20 pools will accept QuickSwap Pool tokens as liquidity. For example, Liquidity Providers need to stake their B20-WETH-QSWP into the pool and, in turn, are rewarded JAX tokens.
Table 1 : JAX distribution for JAXBlast1 pool