Phonon Token FAQ
January 12, 2022, 1:03am #1
Phonon Token FAQ
First, let us say: Welcome! We think once you understand the potential of Phonon and the things we can create with it you will stick around and join the community as we all build something incredible.
- PHONON is the governance token for the Phonon DAO, the community-owned organization developing the Phonon protocol projects. Further token value propositions beyond governance are intended and currently being developed by the DAO and Phonon devs. To read about the latest updates on these projects refer to the Phonon Blog, specifically the posts by Karl Kreder Ph.D, who is the creator of the protocol.Token type: Ethereum ERC-20 Max supply: 10,000,000,000 Circulating Supply: ~5,940,000,000 (59.4% of the tokens, this figure changes daily, see below) Community Ownership of Total Supply: 76% (including DAO treasury of 14.6%) Precursor Token: GRID from GridPlus (PHONON is a direct upgrade from GRID)The GRID token can be redeemed by the community for 155 PHONON per GRID. At this time there are many GRID holders who haven’t yet converted, but more do so every day. There is currently no hard deadline for conversion, though the DAO is discussing what we may do after 12 months.
Who or what are the top holders?
- The largest “holder” is currently the GRID token redemption contract (e.g. the GRID community), which still holds about half of the total supply.
- The Phonon DAO itself (the community) is the largest actual holder with approx 1.46bn tokens (14.6%). Half of these tokens are locked in a 4 year vesting schedule. These tokens are intended to be the DAO’s treasury and will be used to help build the Phonon protocol projects.
- GridPlus is the parent company of Phonon DAO and producer of the top-tier hardware wallet known as the Lattice1. GridPlus decided to spin Phonon out to be majority-owned by the community. They own 1.2bn Phonon tokens (12%). These will also be used as a treasury, to build out the Phonon protocol projects.
- The founders of the Phonon protocol own 0.6bn tokens (6%) locked in a vesting schedule.
- The original parent company of GridPlus was ConsenSys (creators of MetaMask, Infura, and many other high value projects in the blockchain space). ConsenSys has agreed to massively rebalance the token, in favor of the community, and ConsenSys now holds 0.6bn tokens (6%).
Who are the DAO Stewards (Who holds the keys to the treasury?)
Initial Phonon DAO Stewards:
- Alpaca Fan — Anonymous DeFi protocol founder and long-term GridPlus community contributor.
Where can I get PHONON right now?
- The community launched a UniSwap V3 pool for Phonon and we’re happy to say we have also partnered with Ondo and FRAX to launch a PHONON/FRAX pool on SushiSwap.
Are there plans to list PHONON on CEXes, e.g. Coinbase?
- Yes, many members of the DAO see CEX listings as one of the key elements of success for being able to reach the most market participants and to help spread the word of Phonon.
Will the DAO be giving a CEX a large percentage of the tokens for a listing?
- This would have to go to a vote, however the initial viewpoint shared by the DAO members is that we would not do this, for obvious reasons.
How long will the GRID redemption contract be open?
- The contract was written to provide a minimum of one year for the conversion. After this year passes the DAO will consider next steps. We want to allow the community ample time to make their conversions.
- What are the Phonon protocol projects mentioned above? See Karl Kreder’s first blog post on this subject. Update: Karl has continued to share his thoughts in blog posts. Check them all out at the blog: https://blog.phonon.network/
- Is there a roadmap for Phonon? Our roadmap is under development. The DAO is concentrating on identifying the most viable protocol projects (example: a cross-chain DEX, the first of its kind in the world) first and then will provide further details on the timing of delivery for those projects.
- Is there a whitepaper for Phonon? The Phonon specification is open-source. Feel free to poke around the GitHub for more technical information.
- Who are the developers for Phonon? Daniel Veenstra Alex Miller Nathaniel P Maile John Boyd Stephen Gornick (https://github.com/GridPlus/phonon-network)
- Are there any partnerships, existing or planned? Possible partnerships are discussed regularly and there are several that appear to be mutually beneficial. These will be the subject of future announcements.
- Does Phonon actually work yet? YES! And we have plans to build an ecosystem of interesting things with it.