8. Token Economy
Last updated
Last updated
The FIT token is the native currency of the 300FIT ecosystem, used for transactions and rewards for ecosystem participants. Outside the ecosystem, it is interchangeable with fiat currency through several cryptocurrency exchanges. Within the 300FIT ecosystem, value is created and circulated based on the FIT token economy and the activities of ecosystem participants.
FIT tokens are primarily used to reward participants, mint NFTs, purchase products, and other services provided within the ecosystem. For example, it is used as a payment method for users to mint NFTs, upgrade NFTs, and purchase products. It is also used as a payment method for companies to participate in advertising and marketing.
The FIT reward policy is operated to encourage users to participate in the ecosystem and acquire new users. Therefore, TDT measures the contribution level (TDTP: TDT Point) to provide fair incentives to users. TDTP aims to quantify healthy behaviors and is measured with different weights for each of the following ecosystem participation behaviors. The activities required to measure TDTP may change as the service develops.
If you produce your own sports activity data, such as walking, running, biking, etc.
Match the predicted performance of a sports athlete you support
Invited friends to join the ecosystem
Viewed an ad post on the platform
Purchased a product
Partners and players providing infrastructure such as platforms, competitions, IP, and more to scale the ecosystem
TDT will create an Ecosystem Pool (a token wallet for rewarding users for healthy activities) consisting of 2.5 billion FIT tokens for ecosystem development and reward payments. After the token sale is completed (25% of the total issuance), additional issuance to the Ecosystem Pool will be issued annually at a reduced inflation rate. In addition to 25% of the initial issuance, a portion of token payments from users and advertisers will also be pooled in the Reward Pool to avoid a token depreciation structure for reward payments.
In the future, user contribution rewards will be expanded to include competitive prizes as well as token rewards.
Due to the nascent nature of the token ecosystem, users are less experienced in using FIT tokens, so more rewards are given to early users to revitalize the ecosystem.