$RANGOis the token of Rango Exchange. It can be used in the governance of the project as in creating polls and voting but also can be used to incentivize growth, usage and also reward early supporters of the project. The token is designed to capture value as more people use the product.
The token is not available for sale/trade yet before the IDO.
Trading fees will be used to Buyback and Distribute to Stakers (80%) and also Fill Treasury Up to Some Cap (20%). Treasury acts as insurance to improve trust and cover potential losses. Besides participating in governance, possible Ideas are:
- Buy gas with Rango token: For example, users can pay 5$ worth of Rango token to receive 3$ worth of gas on a requested chain. This feature benefits both Rango and the crypto ecosystem: The users won’t need to go to a central exchange to buy and withdraw gas, instead they can buy some $RANGO and request gas for any chain they need.
- No fee is charged for Rango holders above some threshold for platform usage.
The maximum supply of the token is 100M as it is distributed as follows:
- Team (20%) has a cliff of 1 year and the tokens will be vested linearly over the next year of the cliff.
- Private Investors (15%) have vesting similar to that of the team.
- IDO (10%) participants will have no or short vesting period. (Related to IDO platform)
- Advisors (max 1%) case by case, nothing as of writing this.
- Airdrops (5%) we plan to airdrop 5% of tokens in the first year.
- Liquidity Providers (10%) reward for stakers over 2 years.
- Community Funds + Growth Incentives (39%) A large portion of the token allocation can be used as growth incentives and developments, decided by the governance.
Rango Token Distribution
We had lots of requests from the community and investors to participate in Rango’s first round of investment. As we insisted on keeping valuation low for this round to value the long-term investors, we had no option other than being very selective and rejecting most of these requests. We apologize to everyone who couldn’t reach the final stage, and we’ll be more than happy to see every single one of them in the IDO which will be held on Q1 2022.
All in all, Rango has a one million dollar raise for the seed round from top investors including Nine Realms as the lead investor, D1 Ventures, GT Capital, and Alpha Gamma (formerly known as CGW) as the other big investors. The list also includes more than 12 more small DAOs, small individuals, or investment groups. Thanks to all of them that trusted us with our very long journey.
The investor tokens will be locked for at least 9 months, and it takes 12 more months to be unlocked linearly, making it almost two years.