SMT
Overview
SMT is a payment token based on the ERC20 protocol on the Ethereum blockchain. SMT facilitates simplified transactions and provides a discount and reward mechanism for the Swarm platform.
SMT is part of a virtuous circle of fee payments and rewards flowing through Swarm Markets. It has the following utilities:
Reduced Protocol Fees
Traders can get 50% reduced protocol fees when they choose to pay using SMT. More details on the fees page.
Liquidity Rewards
Special incentives are built into the token economy to reward liquidity providers who provide liquidity across the platform. Since these liquidity providers take on a higher risk by putting up their assets on a new platform, they earn rewards in return for seeding viable markets on Swarm.
Loyalty Level Rewards
Loyalty Level Rewards are paid to SMT holders according to the ratio of SMT to other crypto assets on the protocol. Users holding SMT and other assets in the same wallet are eligible to receive SMT as part of Loyalty Level Rewards. The wallet must be connected to Swarm Markets and the rewards are determined according to the following levels:
Other Incentives
Swarm Markets will also distribute SMT to encourage activities that benefit the platform as a whole but may not fit one of the above criteria.
Key Data
Ticker | SMT |
Type | ERC20 |
SMT token contract (Ethereum) | 0xb17548c7b510427baac4e267bea62e800b247173 |
SMT token contract (Polygon) | 0xE631DABeF60c37a37d70d3B4f812871df663226f |
vSMT token contract (Ethereum) | 0x0C033bb39e67eB598D399C06A8A519498dA1Cec9 |
Supply | 250 million (250,000,000 SMT) |
Initial circulating supply | 10.3 million tokens (10,304,259 SMT) |
Team allocation | None → 0% |
ITSA Classification |
Rewards Pool
Up to 50% of supply: 125 million tokens (125,000,000 SMT)
Launch Liquidity Program Providers: 5 million tokens (5,000,000 SMT)
Distribution:
Platform Rewards to (1) Liquidity provider rewards, (2) RWA Holder rewards, (3) SMT Staking rewards
Rewards Pool tokens will be released weekly at a diminishing rate over a 100-year period according to a regression curve representing a 11% reduction per year
About 1.4% will be released in the first 90 days after TGE and at a diminishing rate thereafter, starting at a rate of slightly under 0.5% per month until all Rewards Pool tokens have been released.
Rewards Distribution Logs:
SMT reward distribution logs including a list of addresses and reward amounts are published regularly on the Swarm Markets SMT Rewards Distribution Github repo.
Current Rewards Policy may be found at https://github.com/SwarmMarkets/smt-rewards-distribution/blob/main/policies/smt_rd_policy.md
Community Pool
Up to 10% of supply: 25 million tokens (25,000,000 SMT)
Distribution: 1.25% distributed per quarter
Reserve
Up to 20% of supply: 50 million tokens (50,000,000 SMT)
Distribution: Reserved for future use; assumed 5-year linear release starting 3 years from TGE
---- NO TEAM ALLOCATION! ----
Vesting and Distribution
The rate at which SMT tokens enter circulation will be controlled by Swarm in order to ensure stable valuation and adequate rewards across the platform’s various stages of growth.
Vesting is enforced by wrapping SMT. Tokens will appear as vSMT in your wallet until they are vested at which point they can be converted to SMT. vSMT cannot be transferred, staked, or traded. SMT can be transferred without restriction.
The vesting schedule and distribution model has been designed with fairness as top priority and with the goal to release about half the maximum supply towards the end of year 3. Rewards Pool tokens are released over the course of 100 years at a rate which diminishes each week.
vSMT holders are able to unwrap and convert 20% of their holdings at the Token Generation Event (TGE) on August 1st, 2021 12:00 CET. An additional 20% of vSMT (of the original purchased amount) will be available to unwrap per quarter thereafter with 100% vesting after 12 months. There is no time limit to when vSMT holders must unwrap their vSMT and convert to SMT.
Vesting Dates: Monday, November 1st, 2021 Tuesday, February 1st, 2022 Tuesday, 3 May 2022 Tuesday, 2 August 2022
Note: all vesting events will take place according to block date, not calendar date. As such, the calendar date schedule listed above is an approximation only. Depending on the pace of mining on the Ethereum blockchain, the block date may be earlier or later than the estimated calendar date.
Unwrapping vSMT to SMT
Follow the step-by-step guide below to unwrap vSMT and convert it to SMT. Once your vSMT is unwrapped to SMT, it is fully functional: it can be transferred, traded or staked on any ERC20 compatible platform.
Select the wallet that holds your vSMT in MetaMask and make sure that same wallet has enough ETH to cover gas for transaction costs. You will also want to make sure both vSMT and SMT are added as custom tokens in that wallet:
vSMT token contract address: 0x0C033bb39e67eB598D399C06A8A519498dA1Cec9 symbol: vSMT, decimals: 18
SMT token contract address: 0xb17548c7b510427baac4e267bea62e800b247173 symbol: SMT, decimals: 18
Go to the vSMT smart contract: https://etherscan.io/token/0x0C033bb39e67eB598D399C06A8A519498dA1Cec9#writeContract
Under the Contracts header, make sure Write Contract is selected.
Connect your wallet by clicking the red "Connect to web3" button.
Add bot vSMT and SMT to your wallet as custom tokens, if you haven't already:
To unwrap vSMT, go to the operation 4. claimMaximumAmount and click Write.
This should open Metamask with the transaction. Click Confirm.
SMT - Release Schedule
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