Yield Guild Games Southeast Asia (YGG SEA), an autonomous subsidiary of Philippine blockchain gaming startup Yield Guild Games (YGG), is launching its SEA token via the Copper platform early this year. The guild plans to release a total of 1 billion SEA tokens, the governance tokens for YGG SEA. These will be used to govern the organization’s future direction and ensure holders of access to activities and benefits of the guild.
“We believe that ownership of the SEA token represents economic freedom through the metaverse,” the company said in a statement. “The troops are stakeholders, not spectators – every member is both owner and operator-at-arms.”
While 7.5% of the tokens will be sold on the open market, 25% of them will be distributed to the community over time as rewards for active participation in the guild. YGG SEA has also committed 10% of the total SEA token allocation to support yield farming in the first five years of operation. YGG said small and large token holders will have a say in the DAO, as they will submit and vote on proposals that are evaluated collectively by the community.
The company will conduct the launch of the SEA token through a balancer liquidity bootstrapping pool. This allows the sale to take place over a set period, during which the pricing will steadily decrease over time until it is supported by what the market thinks is a fair price.
The company has also introduced a special incentive program that rewards users who buy SEA tokens via Copper and stake those tokens for 52 weeks within 24 hours after the launch ends. Users who commit to 52 weeks of staking will be eligible to share 10 million SEA tokens in addition to normal staking rewards.
(All information was provided by Tech In Asia)
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