SUMMON token

Utility & Tokenomics

SUMMON token Utility

$SUMMON Token

Summon DAO Tokens (SUMMON tokens) are the official tokens of the Summon Association and provide several forms of utility. First, holders of Summon tokens are considered part of the Summon Member Community and are eligible for representation at the Summon Association Assembly according to its Articles of Association.

SUMMON tokens serve as a decentralized governance mechanism for the Summon Platform. Utilizing the same tools that the platform offers to others, stakeholders will be given direct governance over specific features and parameters of the platform. This will provide incentive for active interest and utilization of the token by the user community. Through the DAO governance interface, token holders may directly influence development of the platform.

Tokenomics Breakdown

SUMMON tokens are being generated by the Summon Association for the purpose of advancing the mission and purpose of the organization. Upon generation, the tokens will be distributed to members of the Association in recognition of their contributions or sold to raise funds for building key infrastructure.

Tokens will be distributed in a way that provides maximum benefit to the Summon Platform, its contributors, users, and the ecosystem at large.

37% - Community Distribution

  • 15% ISPO Round – These tokens are provided to ISPO participants who stake to the ADAO stake pool and provide continued funding to Summon Labs operations.

     

  • 10% DAO Treasury – These tokens can be used to bootstrap the Summon DAO treasury. If the DAO so chooses, these tokens can also be reserved for other DAOs and organizations looking to hold a stake in the platform and be a part of the Summon ecosystem.

     

  • 10% Public Round – The Initial Public Offering of Summon tokens. This allocation has been set aside for the $SUMMON public sale and will be split even further into three separate events taking place on the Cardano blockchain starting on August 15, 2022. Anyone with a Cardano wallet will be able to visit the site,  review the terms and conditions, connect their wallet and participate in the sale. The sale will run for three days or until sold out.

     

  • 2% Single Pool Operator (SPO) ISPO Collaborations – These tokens are provided to community SPOs to incentivize decentralization and further distribute the $SUMMON token.

35% - Partnerships, Ecosystem & Rewards

  • 10% Onboarding Projects – These tokens will be offered in programs to onboard new projects, attract new users, and reward contributors who innovate on the Summon Platform. The Summon Association plans to host hackathons and developer events to encourage and incentivize novel and experimental forms of governance that will advance the platform.

  • 10% Open Source Partners – These tokens will go to partner organizations that provide open-source resources and essential startup services. An example of one of these organizations is the ADAO Community who has provided, through their open source work, the foundation for many of the Dapps we see today.

  • 10% Ecosystem Advancements – These tokens will be used to incentivize developments that will advance the ecosystem, as well as the underlying Smart Contract infrastructure.  This will enable novel governance and reputation systems to be experimented with and built directly into Agora, incentivizing the advancement of not only the Summon Platform, but the entire ecosystem at large.

  • 5% Liquidity Provision – These tokens will be reserved for the treasury to provide liquidity on various exchanges where appropriate.

28% - Team Compensation

Summon team members will receive vested tokens as part of the compensation for their work and continued development of the platform.

Allocations of these tokens will be considerate of the entire team, its advisors, and potential technology partners.

The Summon team is made up of multiple entities and advisors and is continuing to grow. All compensation for Summon team members, developers, advisors and ambassadors will be taken from this allocation and dynamically vested over the course of 1-6 years. Once available, Vesting contracts will be deployed on the Cardano blockchain, open source and auditable by anyone.

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