Tokenomics V2: Unlocking our Power
$CIRUS is getting an upgrade due to the growth of the ecosystem. Initially reliant on Data Sales for revenue, the team re-evaluated as more revenue streams emerged, leading to the need for a revamped model that aligns with the Web3 philosophy.
Key Changes:
- Total Supply Reduction:
- Burning unnecessary tokens from the Ecosystem Development Fund to decrease the supply by 50 to 100 million Cirus. User-held circulating tokens remain unaffected.
- Re-allocation of Remaining Tokens:
- A new allocation plan consolidates treasury, reallocating to Data Rewards, Team, Treasury, Future Node Rewards, and Partnerships & Grants.
- Data Reward Structure Shift:
- Moving from a Buy-and-Remit to a Remit-Buy-Burn model, where users "mine" tokens by sharing data. Daily rewards decrease over time, introducing scarcity.
- Transition to a Deflationary Model:
- Achieved through reduced token outflows, burning, and consumption by the Cirus Product Ecosystem.
Other Considerations:
- Governance: Exploring options for user involvement in decision-making, either through direct governance in Cirus Token or a separate Governance Token tied to Cirus Token.
- Cirus Staking: Current staking pools will continue temporarily, with potential shifts to real-revenue staking or other options after the transition.
- Implementation Timeline: Anticipating a 2–3 month period for adjustments to the Cirus Wallet UI and backend systems before the official launch of the new reward system.
In a nutshell, Cirus is adapting its token model to better accommodate additional revenue streams, enhance sustainability, and involve the community in decision-making through governance mechanisms.