توكنوميكس Internet Computer (ICP)

Issuance Mechanism

• Inflationary Model: ICP began with an initial supply (exact number not specified in the available data, but as of May 2024, the total supply is ~519 million ICP). The supply increases through two main inflationary reward mechanisms:
  • Node Provider Rewards: ICP is minted monthly to compensate node providers, with the amount determined by the Network Nervous System (NNS) and based on the 30-day moving average price of ICP in Special Drawing Rights (XDR).
  • Voting Rewards: ICP holders who stake tokens in the NNS to create "neurons" receive daily inflationary rewards (maturity) for participating in governance. The annual inflation rate for these rewards was ~6.91% as of May 2024, projected to decrease to 5% over eight years.

Allocation Mechanism

The initial allocation of ICP tokens was distributed as follows (all percentages are of the initial supply):

Usage and Incentive Mechanism

• Governance: ICP holders can stake tokens to create "neurons" in the NNS, which grants voting power and the ability to propose and vote on governance proposals. Voting rewards are distributed to incentivize participation.
• Node Provider Rewards: Node operators are compensated in ICP for running network infrastructure.
• Burning for Cycles: ICP can be burned to mint "cycles," which are used as gas for computation and storage in canister smart contracts.
• Medium of Exchange: ICP can be transferred between accounts and used in decentralized exchanges.
• Transaction Fees: A small portion of ICP is burned as a transaction fee for transfers.

Locking Mechanism

• Staking (Neuron Creation): ICP must be locked for a minimum of 6 months and a maximum of 8 years to participate in governance and earn rewards.
  • Dissolve Delay: The lock duration (dissolve delay) can be increased at any time, up to 8 years. The longer the lock, the greater the voting power (with bonuses for longer durations and neuron age).
  • Unlocking: To unlock, the neuron must be set to "dissolving," which starts a countdown equal to the remaining dissolve delay. Once the countdown reaches zero, the ICP can be disbursed.

Unlocking Time

• Vesting Schedules: For allocations with vesting, tokens unlock after a cliff period, then linearly over the vesting period (e.g., monthly over 12, 36, or 48 months).
• Staked ICP: Unlocking is determined by the dissolve delay set by the user (6 months to 8 years). The process is not instant; the countdown must complete before tokens are accessible.

Additional Notes

• Burn Mechanisms: ICP is burned when converted to cycles and as transaction fees.
• No Claims on Profits: ICP does not confer claims on capital, profits, or legal rights in the DFINITY Foundation or Internet Computer Association.
• Concentration: As of May 2024, the top 10 addresses hold ~14.39% of the total supply, with the largest holding ~5.2%.

This comprehensive overview covers the Internet Computer's token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms, with a detailed table for allocations and vesting.