AuroraDAO Approves $AURORA Token

AuroraDAO approves $AURORA token to ensure a more effective project governance and development.

Posted by Aliaksei Papou

AuroraDAO approved the creation of the official project token. $AURORA token has a total supply of 1 billion. The network of deployment is Ethereum, bridged to NEAR and Aurora using the Rainbow Bridge.

Official token launch date will be the IDO date. IDO parameters should be approved by the DAO in an additional voting.

Token Use Case

$AURORA is a governance token, a portion of the token is allocated to the Community Treasury. The treasury is used to fund existing projects and project proposals through a Kickstarter–type platform: projects are submitting the applications, while users are voting for them. The details of the platform are to be decided by the DAO.

Some of the following initiatives may or may not be implemented, as per AuroraDAO decisions:

  • $AURORA token staking;
  • Incentives for token holders to take part in voting with the allocation of $AURORA from the Community Treasury;
  • Rainbow Bridge transfers fees;
  • Rainbow bridge fast transfers fees;
  • Aurora contract additional execution fees;
  • Aurora validator private transaction pool service;
  • Farming of locked funds in the Rainbow Bridge connectors;

Tokenomics

A portion of the tokens will be locked and to be subject to an unlocking scheme which will be determined by the DAO. The rest of the tokens will be used in various initiatives to develop NEAR and Ethereum ecosystems with the help of Aurora solutions.

$AURORA Token Allocation

  • 20% (200 million), unlocked, kept — Community Treasury.
  • 16% (160 million), locked, transferred — Aurora Labs long term incentives. Tokens also may be subjected to vesting scheme determined by Aurora Labs.
  • 9% (90 million), locked, transferred — Aurora Labs private round investors. These tokens should be subjected to the unlocking scheme.
  • 3% (30 million), unlocked, transferred — allocated to Aurora Labs to be distributed to NEAR ecosystem over the next three years. These tokens should be distributed linearly evenly to the delegators of Aurora validator. Aurora validator should switch to the following scheme of operations: fees should be equal to 30%, with 10% burned, and 20% used to fund the Rainbow Bridge operations and Aurora RPC.
  • 2% (20 million), locked, transferred — early Aurora contributors. Allocations should be provided by NEAR Foundation. These tokens should be subjected to the unlocking scheme. NEAR Foundation may implement vesting scheme for these tokens.
  • 1% (10 million), unlocked, transferred — allocated to Aurora Labs to be used as incentives for project advisors
  • 1% (10 million), unlocked, transferred — allocated to Aurora Labs to be used for bootstrapping the Aurora ecosystem. These tokens should be used for IDO (public sale through one or multiple DEXes), deployment of pools on AMMs (to be matched by Aurora Labs own funds in stable coins or NEAR token), market making, early partnerships, and other activities determined by Aurora Labs. IDO parameters should be approved by the DAO.
  • 48% (480 million), unlocked, kept — kept on the DAO balance for future projects.

The launch of Aurora token will support the growth of the the project and further development of its solutions through a more effective governance by the DAO.