The InvArch Network’s token distribution event (TDE) for the VARCH token has been announced for Saturday, December 30th, 2023.
There are important details for all future VARCH holders to know, but first, let’s explore what the VARCH token is & what it’s used for…
What is VARCH?
The VARCH token is the native token of the InvArch Network. It is used to deploy multisigs & DAOs, pay for transactions & feeless subscriptions, stake or farm for rewards & fund DAOs, and govern the network.
While VARCH is the lifeblood of InvArch, DOT can also be used to pay for most operations across the network. This allows the InvArch Network to provide a smooth UX for users across the Polkadot ecosystem, while also growing a diversified treasury by collecting fees in DOT, which can be used to pay for coretime (blockspace) on the Polkadot relay.
The VARCH token comes with a lot of utility, all of which is needed to power the sophisticated design of the network’s economy & to realize a world run on DAOs.
Deploying Multisigs & DAOs — A one time deployment fee is charged by the network to create & deploy multisig accounts & DAOs on the InvArch Network.
Transactions & Subscriptions — Small fees are charged by the network to pay collators for processing network transactions & submitting them to the Polkadot relay. Transactions can derive from sending assets, voting on proposals, deploying & interacting with smart contracts, and other various actions across the network.
For larger organizations & frequent users of the network monthly subscriptions are offered by the network which can be purchased by a multisig or DAO. These subscriptions provide a feeless experience for members when signing transactions related to operations within a multisig or DAO.
DAO Staking, Farming, & Funding — Rather than stake towards a validator to secure the network, since shared-security is provided by the Polkadot relay, VARCH holders are able to stake towards registered DAOs on the network in order to support their growth.
In the future, users will be able to stake toward DAOs on the network for staking rewards, but then also redirect their staking rewards to other DAOs on the network in exchange for rewards (such as fungible & non-fungible tokens) offered by those DAOs.
The VARCH supply experiences a 10% annual inflation rate, of which 60% goes towards funding DAOs & 40% goes towards rewarding stakers. This system is designed to realize a flywheel effect where users of the networks are able to fund other users to contribute services to the network, and make the network more valuable for everyone as a result. This also gives the power of directing monetary policy to network stakers.
InvArch Governance — The VARCH token is needed to pay for submission deposits required to submit proposals to the InvArch governance system. VARCH is then used to sponsor proposals for a vote, where VARCH is ultimately then used to vote on proposals.
The InvArch governance system will be a dynamic & multi-bodied system responsible for governing various aspects of the network’s needs, such as infrastructure development, marketing initiatives, & DAO incubation. A minimum amount of VARCH will need to be staked by an individual or sponsored by others to be a member on any InvArch subDAO council.
VARCH TDE Details
Now, the details everyone has been waiting on. There is important information regarding the VARCH token & TDE event that the community should read up on. All of this can be found below:
Distribution Timeline — The distribution of the VARCH token will begin at approximately 3:00 PM EST (8:00 PM UTC) and should be concluded by 4:00 PM EST (9:00 PM UTC). An announcement will be made from the InvArch Network account on X (formerly Twitter) once distributions have started.
Token Transfers — Transfers will be initially & temporarily disabled for the VARCH token.
Beginning in January, a special 4-week campaign will launch, starting on Tinkernet & ending on InvArch where users will receive incentives for their activity across the networks (more details will be released in a future announcement). The VARCH token will be needed & able to be used during the second portion of the campaign, whereas the TNKR token will be needed to participate in the first portion.
At the end of this campaign, an announcement will be made on the details & plan regarding a final event for the VARCH token (which will involve token transfers being enabled), to ideally take place within a few weeks of its announcement.
VARCH Vesting — All vesting schedules will begin executing on-chain upon tokens being initially distributed & will not be impacted by token transfers being initially disabled.
The VARCH token will be airdropped to contributors of the InvArch crowdloan on Polkadot, holders who made the snapshot for the InvArch Access Pass (IAP) NFT, Ambassadors, and early backers of the network’s development.
If you haven’t already, crowdloan contributors & IPA holders can find an earlier announcement with a link to view their allocations, including the bonus calculations for crowdloan contributions, down below:
To catch the latest announcements on InvArch, individuals should follow the InvArch Network & InvArch Tinkernet accounts on X (formerly Twitter), check out the newly updated InvArch website, and don’t forget to hop in the InvArch Discord & join a community of nearly 30,000 members!
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