Interlay is governed by its community from day 1 - via INTR, Interlay’s governance and utility token.
?> INTR tokens will be distributed to network participants, builders and early backers as airdrops and block-rewards. There will be no public sale or ICO.
Below is a summary of the Interlay token economy, as described in the token economy whitepaper released by Kintsugi Labs.
The INTR token’s main purposes are:
- Stake-to-vote. Lock INTR to participate in governance & earn staking rewards. The longer the lock, the higher to voting power & staking rewards.
- Utility. Transaction and cross-chain fees can be paid in INTR.
- Collateral. INTR can be used as one of the collaterals to back iBTC and other Interlay assets.
- Outlook: Product benefits: In the future, INTR may offer stakers additional security and product benefits, e.g. better liquidation and collateral rates, or lower swap fees.
INTR features an unlimited supply. The emission schedule is defined as follows:
- 1 billion (1,000,000,000) INTR emitted over the first 4 years
- 2% annual inflation afterwards, allocated to the protocol treasury to fund future development and maintenance.
INTR is controlled by the community:
- 70% is distributed to the community as airdrops and block rewards.
- 30% as Vault rewards;
- 10% as first crowdloan paradrop;
- 25% to the on-chain Treasury;
- 5% to stake-to-vote staking rewards.
- 20% to the Interlay team & early backers who funded the development of the protocol - subject to a 48-week cliff followed by 144 weeks of linear vesting.
- 10% to a Foundation reserve, to be used for funding ecosystem growth and future development.
Starting in year 5, the community receives 100% of newly minted INTR as part of the 2% annual inflation.
For a detailed breakdown and explanation of the INTR distribution, check out the token economy whitepaper
| Allocation | % of initial 4yr INTR Supply | Emission | Vesting / Distribution |
|---|---|---|---|
| 1st crowdloan airdrop | 10% | Airdrop shortly after parachain launch |
30% liquid when transfers are enabled, 70% linearly vested over parachain lease period (~96 weeks) |
| On-chain Treasury (controlled by community governance) | 25% | Allocation at launch | No vesting |
| Vault Rewards | 30% | On a per-block basis | No vesting |
| Stake-to-Vote Rewards | 5% | On a per-block basis | No vesting |
| Team & early backers | 20% | Airdrop shortly after parachain launch |
48 weeks lockup, followed by 144 weeks linear vesting. Internal investor vs team breakdown to be released. |
| Foundation reserve (future development and ecosystem funding) | 10% | Airdrop shortly after parachain launch |
Not liquid until spent. Vesting to be defined for each individual spend. |
Live circulating supply: interlay.subscan.io
?> Circulating supply = liquid tokens that can be sold & purchased on the market. Excludes airdrop tokens that have not yet been claimed.