The launch of LAVA’s DAO governance model is one of the important milestones for LavaSwap. LavaSwap will allocate 10% of the total token supply to the DAO governance system over 3 years.
iLAVA was launched at 7AM on April 21, 2021 (EST). We are introducing iLAVA today and the details are as follows:
1. What is iLAVA? What are the benefits of iLAVA?
iLAVA is a membership voucher that forms an important part of LAVA’s DAO system. iLAVA is not another platform token of LavaSwap, it is just a membership certificate of the LavaSwapplatform, and the minting of iLAVA can only be achieved through LAVA.
iLAVA can be understood as a LAVA membership system under the“smart contract”agreement, which is set up for LAVA’s loyal token-holding users. By holding iLAVA, you will enjoy the following benefits:
a. iLAVA membership rewards
b. Proposal and voting rights
c. IDO and crowdfunding subscription share on LAVA platform
d. Other benefits
2. What are the rewards for iLAVA members?
The iLAVA membership rewards are a key eco-building element of LAVAswap’s DAO governance model and the best way to give back to loyal LAVA coin holders.
In total, LAVAswap will give out 10% of its LAVA tokens to reward long-term contributors to the platform and contributors to the DAO model. iLAVA’s membership rewards are divided into the following components (these figures will be announced in advance):
1) A fixed daily reward, and the current base figure is a daily reward of 8,000 LAVA.
2) A reward acceleration factor, for example, in the first 60 days of iLAVA’s launch, the reward will accelerate. This acceleration factor will be adjusted periodically by the platform and announced in advance.
3) A buyback of the LAVA fee each month, which is no longer destroyed after the buyback but distributed to iLAVA holders.
The rewards are paid out in the form of iLAVA, in real time and compounded.
iLAVA was launched at 7AM on April 21, 2021 (EST). At that time, the platform will divide the membership rewards in proportion to the iLAVA holdings.
3. How to mint iLAVA (from LAVA to iLAVA)?
Staking 100 Lava can mint 1 iLAVA on the LAVAswap platform.
4. Can I transfer iLAVA?
iLAVA is not the platform token for LAVAswap, it is only a certificate of platform members. It does not have a circulation attribute and cannot be transferred.
5. Is there a fee for iLAVA redemption (from iLAVA to LAVA)?
Strictly there is no fee, but there is a refund fee, which is currently fixed at 5% for the redemption of iLAVA into LAVA.
Example: If a user wants to redeem 10 iLAVA, then the user would receive LAVA = 10 X 100 X (1–5%) = 950 LAVA. However, this refund fee is not owned by the platform and will be instantly distributed to all iLAVA holders who have not exited in the form of iLAVA.
Note: the current penalty percentage can be jointly determined through community governance in the future.
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