Introducing the $POWA token: Powering up Stage 1.0 of DeFi Hub in the VIMworld ecosystem
Since releasing the VIMworld Vision Video last year, we have been working tirelessly to deliver on the ambitious goals we laid out for becoming the ultimate NFT utility platform.
Today, we’re thrilled to announce a monumental step towards that vision with the release of $POWA, our secondary platform utility and governance token. Its launch also coincides with the launch of a preview of the DeFi hub on VIMworld.com.
VIM holders and VIMworld users have been eagerly anticipating $POWA’s arrival so let's take a look at the token and benefits that will be immediately available upon release..
$POWA (aka POWA Token) will be an ERC-20 (BEP20) standard token, initially live on the BNB Smart Chain blockchain (BSC). $POWA’s token image is designed to symbolize the value and versatility it will have within VIMworld.
$POWA’s core focuses are utility and DeFi Hub governance. It will operate throughout the VIMworld Ecosystem to empower community members. There will be multiple ways to use it to enrich your VIMworld experience and your wallet, including: purchasing Incubators, unlocking additional uses and boosters for Incubators; buying special items within VIMworld; gaining power-ups to boost VIM stats and other aspects of VIMglory; and using it in our lending platform. With a dedicated product team focused on maximizing the token’s impact in the coming months, there will be opportunities to passively and actively earn $POWA across a variety of new DeFi programs.
Within the Hub, an important aspect of VIMworld’s growth plans, $POWA takes on a governance role. This increasingly enhances the value of the VIMworld ecosystem as a whole, and increases the value proposition of $VEED as the primary generator of $POWA when fed to VIMs. $POWA holders will be able to vote on proposals and determine which farms to incentivize, how much to incentivize, and the payouts and incentives awarded to liquidity providers and stakers.
With these solid utilities in place, users will quickly realize that high-tier VIMs are more lucrative and powerful than ever before. This, in turn, will significantly increase the demand for $VEED, the feeding token of VIMs.
The supply of $POWA does not have a defined cap, but there will be numerous ways for $POWA tokens to be used, locked and burned at launch, with many more to come in the future.
For example, all $POWA spent on purchases or boosters by the community will be burned and removed from supply permanently. This ensures a high turnover and restrains growth of the circulating supply.
Generation rates are variable and the team will actively monitor the supply to balance inflation and deflation. Always in consultation with the community, the Foundation reserves the rights to alter reward rates, and/or burn Foundation controlled $POWA tokens to the benefit of the VIMworld ecosystem as a whole.
$POWA will not be pre-minted, therefore the VIMworld Foundation will accumulate $POWA tokens through several methods. First, $POWA will be generated by the Foundation's holdings of high tier VIMs. Secondly, a 10% bonus mint of $POWA will go into a community building and marketing war-chest each time someone claims $POWA, relative to the total claimed. For example, if “Luke” claims 1,000 $POWA tokens on a certain day, 100 $POWA will be automatically minted and deposited into a specified Foundation wallet address designated for community building and marketing.
How to Earn and Receive $POWA
Users will be able to obtain $POWA in many ways. To start, all C-tier and higher VIMs will passively accrue $POWA according to tier and the amount of $VEED inside. As an example, an S7-tier VIM could earn $POWA tokens at a rate starting at 6.91% of the $VEED tokens fed inside it. With 13M $VEED inside the VIM, that would amount to 900,000 $POWA in one year in passive generation.
You can also earn $POWA by performing positive actions within the ecosystem. Almost all transactions performed within the VIMworld ecosystem will generate $POWA tokens. This includes buying or listing in the Marketplace, feeding or feasting a VIM, and Smartifying a normal NFT. As such, ‘negative’ actions such as delisting a VIM or withdrawing $VEED can reduce your claimable $POWA balance.
VIMs will also earn $POWA from the Treasures carried, at a rate determined by the type and amount that the VIM has. For example, 100 Resilience Treasures will generate double the amount of POWA that a VIM with 50 Resilience Treasures does. Each different treasure type has its own $POWA generation rate. You can imagine this adds up handsomely for the fortunate holders of high tier Treasure-carrying VIMs! To round out the ways to earn $POWA, certain Companions can be hatched from EGGs that will provide one-time rewards, or continuous $POWA boosts.
$POWA tokens will also be available to be traded in VIMworld’s new DeFi hub. The new section of the dApp will feature a decentralized exchange (DEX) widget, which facilitates swaps between $VEED and $POWA (powered by PancakeSwap). As always, we urge care and attention when making use of a DEX facility.
The VIMworld Dashboard is also getting a major upgrade. Once signed in with your wallet, you will be able to see the accumulation of $POWA in your claimable balance. At your leisure, you may claim $POWA tokens to your wallet. Unclaimed $POWA registered to your specific wallet will be burned automatically by the system at a specific date of the year, once per year. We proudly call it “The Annual Incineration Day” So don’t forget to claim your $POWA token before this date!
At VIMworld, our goal is to ensure long-term sustainable value creation for our users, with our most committed and loyal community members benefiting most of all.
It is our promise to you that we will be committed and overzealous in our pursuit of building a lucrative and self-reinforcing circular economy that benefits every inhabitant of VIMworld.
The release of $POWA is testament to our determination and dedication to achieve this goal, with a more expansive ecosystem SOON(™) to come follow.
You won’t regret sticking with us, VIMfam.