The $NS Token takes Sui Name Service to the next level by taking the first step to becoming the first truly decentralized Web3 Name Service! The $NS token gives governance over SuiNS to the community by allowing the community to have meaningful input (via their votes) over various aspects of the SuiNS protocol and its ongoing development. Utilizing groundbreaking technology through the Sui blockchain, SuiNS takes governance a step further by completely removing the need for any key or multisig holders.
57% of $NS tokens will be allocated to the Community and Foundation Treasuries.
The SuiNS Foundation will utilize treasury funds to help bootstrap the protocol, and is committed to donating treasury funds not needed for operations back to the community treasury under governance control. The SuiNS Token Treasury is allocated to ensure the long-term viability of the SuiNS protocol. In addition, the SuiNS Foundation has planned future community engagements regarding the use of the treasury!
5% of tokens will be allocated towards future governance rewards for $NS token holders who participate in voting.
10% of the token supply was reserved for the community, and NFTs representing claims to these tokens were distributed to the community, the most important component of SuiNS! Community members will shape the future of the protocol by voting through governance.
The NFT airdrop was directed primarily toward community members who have taken an active role in the success of the protocol or interacted with SuiNS services in a meaningful way.
28% of the token supply will be distributed to core contributors and early backers.
To ensure sustainable growth, investor and team tokens will be released over 3 years, with a 1 year cliff followed by a 2 year linear unlock. For Mysten Labs, 1 percent of tokens will be unlocked at the token generation event, followed by a 4 year linear unlock.
This schedule ensures that those who contributed early on remain aligned with SuiNS's long-term goals.
For the first time a name service’s governance will be fully on-chain. Sui’s next-generation technology allows us to achieve on-chain decentralization through voting.
All changes to the contract, certain disbursements of protocol treasury, and all other major decisions will be put up through a vote. Initially, the SuiNS Foundation will have the power to make proposals, and each token holder will have the power to vote yes, no or abstain. Users who vote will also receive a reward in $NS tokens. The SuiNS Foundation itself will not be able to vote at the outset. $NS token rewards will be distributed via smart contract to token holders who participate in voting in accordance with the governance and other rules of the protocol. Rewards for voting will come directly from the SuiNS contract.
For each proposal, users will come to the governance voting website on SuiNS, connect their wallet, and use their tokens to vote on the proposal. Voting will work as follows:
Rewards will be distributed at the end of each proposal which has completed the voting process. The rewards will be distributed based on the total number of votes and the portion provided to each user will be equivalent to their % of total votes for that proposal.
In addition to the powers imbued upon the $NS token to fully control the SuiNS protocol, the $NS token will be able to be used to purchase a SuiNS name at a discounted price.