Token

The GOV token is a PSP-22 token used to represent the voting power of individual AZERO-WASM accounts in governance voting.

Smart contract address

TBA

Token distribution

The distribution of the GOV token is based on the history of staking of each account. The balance of account $A$ is given by:

$\mathrm{balance}_{\mathrm{GOV}}(A) = \sum_{i=1}^N \mathrm{staked}_i(A)$

where the summation is over all era indices $i$ from $1$ to the cut-off era index $N$, $\mathrm{staked}_i(A)$ denotes the total staked amount of account $A$ in era $i$, including both direct staking, and staking through a nomination pool. The AlephZero Foundation's accounts are excluded from the token distribution, i.e. their balances of the GOV token are $0$.

What this formula intuitively achieves is granting governance token proportionally to the amount of staked AZERO over the whole history of the blockchain. For instance, a user who was staking 2000 AZERO for 10 days (eras) will receive the same amount of GOV tokens as a user who staked 10000 AZERO for 2 days.

Transferability

The GOV token is non-trasferable.

Cut-off eras

The cut-off era index $N$ corresponds to the last era which matters in establishing the balances of the GOV token for a particular governance session. The cut-off era index of each governance session is announced, and the voting itself happens a short time after the cut-off era.

Token minting

The minter of the token is the AlephZero Foundation. The token will most often be minted shortly after the cut-off eras, which means that the balances output by the GOV token smart contract will be relevant only when there is an upcoming governance session.