Overview
The operation of the protocol has been designed to optimise for:
- On-chain transparency, value flows, and activity.
- Computation and accounting handled via relayer smart contracts.
- A clear & simple pricing model.
By structuring a set of System Variables we create a flexible economic system that is flexible to real world demand and complex pricing scenarios to allow all protocol revenue to exist on-chain.
Supply
A total of 33,368,773 was minted during the initial ICO crowdsale allocated to a number of partitions (public, user growth fund, stability fund, team, and bounty). The supply is fixed and no more GET can ever be minted.
To align the interests of the foundation and the community, the stability fund was transitioned to a DAO Treasury Fund in March 2021, wherein 10M GET was burned from the previous stability fund. Along with previous token burns, this caps the maximum supply at 22,926,928 GET. As of July 2022 the distribution was as follows:
- User Growth Fund: 3,624,256
- DAO Treasury Fund: 2,600,000
- Circulating Supply: 16,702,672
Demand
GET is the fuel for each and every ticket processed through GET Protocol.
The economics of GET have been designed to ensure that there is on-chain transparency of value flows and activity whilst providing a clear and simple pricing model for ticketing integrators of GET Protocol.
The amount of GET required per ticket varies depending on three factors:
- The price of the ticket.
- The products consumed (defining the rate charged).
- The price of GET in USD at the time of top up.
All accounting on-chain is managed in USD to protect integrators against volatility of GET. This means that the amount of GET needed is reflexive to it's USD price; when prices are low then more will be required, and when prices are high less will be needed. Upon each top-up the price of GET is fixed per-integrator account so that a reduction in price does not result in lower than expected service-paid.
GET Fuels the Ecosystem
We use GET to align incentives across DAO participants, integrators, the wider community at large, and is at the heart of the protocol's economy. More information about the token, its utility, and where to acquire it can be found on:
Glossary
Before getting started, there are a number of concepts worth orienting on as these will continue to be referenced throughout the documentation. These will be covered in more depth in upcoming sections.
| Term | Meaning |
|---|---|
| Interactions | Any event or change of on an NFT ticket, modifying its history or properties. E.g. 'sold', 'resold', 'scanned' |
| Integrator | A user of the protocol. Other than their config the protocol makes no distinction between users, Whether an existing ticketing company, or a partner using of our white-label product, both are integrators. |
| Relayer | The address assigned to an integrator to propagate transactions to the network. Always unique to each integrator but managed by the Ticket Engine API. |
| Available Fuel | The pre-funded GET balance used by an integrator to fund blockchain interations. GET is topped up through the Integrator Dashboard. |
| Reserved Fuel | Deducted from available fuel at the time of minting a ticket. This holds a reserved balance within the system until the ticket is checked-in or invalidated. |
| Spent Fuel | The fuel ready to be sent to the collection addresses. This is funded using the reserved fuel when a ticket completes its lifecycle. Can be collected using FuelDistributor.collect() |
| Spent Fuel Destinations | The assigned detination addresses that the spent fuel can be distributed to. |
Updated over 1 year ago