Side Protocol Unveils SIDE Tokenomics, Allocating 10% For Airdrop
In Brief
Side Protocol has unveiled details of the SIDE tokenomics, highlighting the token’s role in value accrual, transaction fees, staking, and on-chain governance participation.
BTC will serve as the primary asset across all Side Protocol applications, while the SIDE token is designated as the protocol’s native utility token. Its utility spans several essential functions, including facilitating value accrual, covering transaction costs, staking, and participating in on-chain governance processes.
The project team has outlined a two-phase approach for launching the SIDE token. In the initial phase, SIDE will be issued using the SPL token standard on Solana.
Launching tokens within an established ecosystem prior to mainnet deployment enables greater accessibility and distribution among a wide audience. Solana‘s liquidity, active on-chain operations, and engaged community make it a strategic choice for this preliminary phase. When the Side Chain mainnet is expected to launch in January 2025, SPL SIDE tokens will be convertible into native mainnet tokens. At this stage, holders will gain the ability to stake their tokens for rewards and engage actively in governance decisions.
According to the project’s tokenomics, the total supply of SIDE tokens will be capped at 1 billion. The allocation includes 20% for the ecosystem reserve, 18% for the team, 17% for the treasury, 15% for a public offering, 13% for a private offering, 10% for the genesis airdrop, and 7% for liquidity.
Side Protocol Gears Up For The Upcoming TGE
The initial circulating supply will consist of 229,000,000 tokens, representing 22.9% of the total supply. A full unlock of all tokens is anticipated approximately four years after the token generation event (TGE).
The upcoming TGE for SIDE, the native token of Side Protocol, represents a major milestone. It aims to establish the foundation for the protocol’s future, driving innovation and fostering alignment of incentives among key participants in the ecosystem, including developers, network operators, and users.
Side Protocol is positioned as the first fully Bitcoin-compatible Layer 1 blockchain designed to provide a self-custody decentralized banking infrastructure. Its core vision is to establish a financial layer centered around Bitcoin, enabling the next generation of decentralized applications (dApps) to flourish within a Bitcoin-focused global economy.
The project has been undergoing active testing on its testnet for several months. Recently, it launched an integrated Bitcoin bridge along with the Side Bridge, both of which are aimed at creating a smooth and Bitcoin-compatible environment for users and developers.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
