BlockchainSpace Brings YEY Into 2024 With New $GUILD Tokenomics and Whitepaper
We took a bold leap in 2023 by revamping Guild Hub, our gaming guild-focused tools and services to YEY, our cutting-edge platform for communities of all kinds: guilds, fandoms, and collectives.
$GUILD fuels the YEY ecosystem as the native token and continues to evolve with additional utility. Each feature of YEY is mapped to $GUILD, creating a continuous decrease in token supply from the open market.
Through YEY, creators produce community experiences like nothing before. It’s the platform that makes entry into Web3 as seamless as possible.
Meanwhile, Shinys operate at the heart of YEY’s rewards ecosystem. Community Owners co-create these digital collectibles which fans earn by completing tasks. Shinys do their part in helping identify the community superfans, and strengthen the bond between creators and these superfans.
Brands,Creators and Guilds quickly warmed up to YEY.
We launched campaigns with Smart x FIBA, Philippine Blockchain Week, and recently with the KPOP and PPOP communities in support of the Asia Artist Awards. Fans have claimed nearly 5,000 Shinys (as of writing) and experienced exclusive rewards through YEY.
There has also been overwhelming support from the members of our recently-launched Web3 gaming collective, Guilds Hall.
Now we head into 2024 doubling down on communities of all kinds, from fandoms to guilds, from lifestyle to gaming, and linking all things YEY to $GUILD.
$GUILD BUYBACK AND BURN
Shiny purchases and $GUILD tokens have been linked. We hinted at this buyback feature earlier in November. Now we’re ready to go full blast.
Shinys drive the YEY rewards ecosystem. Brands purchase Shinys from BlockchainSpace with benefits predefined at the time of mint. These can range from exclusive events to promotional raffles, and giveaways.
Shinys will exist as both tradable, and non-tradable digital assets.
When a Shiny is minted, a portion of the proceeds is used to purchase $GUILD from the open market. The purchased $GUILD is then sent to a burning contract, reducing the circulating supply of $GUILD.
$GUILD STAKING V2.0
We revamped our staking program to provide both financial incentives in the form of staking rewards, as well non-financial incentives through a Tiered Rewards System.
Both staking mechanisms decrease the circulating supply of $GUILD
Financial rewards come from a predetermined token pool that is distributed to stakers. Anyone with access to $GUILD may stake the tokens in any public staking pool.
PancakeSwap currently provides a $GUILD:USDT liquidity pool while UniSwap hosts a $GUILD:USDC liquidity pool.
Meanwhile, community members, and fans get exclusive entry into YEY community staking.
A fan must nominate their favorite Community Owner. A percentage of $GUILD staking rewards are distributed proportional to a fan’s stake across the ecosystem.
The remaining rewards are distributed based on the performance of specific Community Owners as measured by certain metrics. Fans who assigned that Community Owner as their preference receive the rewards.
The gamification and competition of rewards encourage fans to actively participate in and support their communities.
Tiered Rewards System
The Tiered Rewards System increases engagement between superfans and their favorite Community Owners. It fosters long-term commitment and loyalty benefits for the community.
YEY community members will be placed into tiers. The higher the tier, the more attractive the rewards.
Fans qualify for a given tier of rewards based on the amount of $GUILD they stake, as well as the lock period duration.
Fans can choose to stake more tokens with a shorter lock, or fewer tokens with an extended lock to qualify for a given tier of rewards. Longer stake periods have lower threshold requirements to achieve tier benefits.
Tiered Rewards diversifies demand for $GUILD, so even when the rate of token incentives diminishes or if the value of tokens were to decrease due to external market forces.
Demand exists from fans who want to get benefits from their favorite Community Owners.
$GUILD RESERVE UTILITY MODEL
As a future development in 2024, Shinys will possess their own rarity class — Common, Rare, and Epic. The higher the class, the more valuable the incentives.
$GUILD’s utility expands when it becomes the Reserve Utility Token backing Rare and Epic Shinys.
When Shinys are minted, $GUILD tokens are locked into the digital collectibles. The locked $GUILD is purchased off the market, funded by a portion of the activation spending by the brand.
After the Shinys are allocated to fans, they have three options: hold onto it, claim the Community Owner incentive while burning the $GUILD collateral, or forgo the incentive but redeem the locked $GUILD instead (the Shiny is voided in both of these last two cases).
The Reserve Utility Model reduces $GUILD circulating supply and establishes a minimum floor value for each digital collectible.
GET INVOLVED WITH $GUILD AND YEY
BlockchainSpace moves into 2024 confident that YEY will redefine how creators interact with their communities and that $GUILD will fuel these experiences.
We invite brands and communities of all kinds to level up your communities with YEY.
Sign-up to YEY through our official waitlist.
$GUILD coming soon on Stargate Finance.
READ THE FULL WHITEPAPER. Visit: www.blockchainspace.asia/tokenomics
BlockchainSpace, a Singapore-based Web3 company backed by leading investors, fuses technology and culture to empower diverse communities across Southeast Asia — from gaming and the creator economy to sports, music, and everything in between.
$GUILD is the utility token that underpins the entire ecosystem of BlockchainSpace. Beyond building platforms, BlockchainSpace is shaping the future of community-driven digital landscapes.