توكنوميكس Toshi (TOSHI)

Overview

Toshi ($TOSHI) is a memecoin and protocol on the Base blockchain, designed to provide open-source, permissionless tools for creators and developers. Its tokenomics reflect a blend of community-driven governance, utility within the Toshi ecosystem, and mechanisms to ensure transparency and security.

1. Issuance Mechanism

• Token Standard & Supply:

  • Toshi is an ERC-20 token on Base.
  • Max Supply: 420,690,000,000 TOSHI
  • Circulating Market Cap: ~$402.6M USD
  • Fully Diluted Market Cap: ~$403M USD

• Distribution:

  • Toshi was initially distributed through airdrops, liquidity incentives, and community engagement. For example, a second airdrop distributed 20,000 TOSHI to LP NFT stakers and 10,000 TOSHI to top pack openers, with additional tokens allocated as liquidity locking incentives and tournament prizes over five years.

2. Allocation Mechanism

While a detailed allocation table is not publicly available, the following mechanisms are evident:

• Airdrops: Distributed to early users, LP stakers, and community participants.
• Liquidity Incentives: Tokens allocated to incentivize liquidity provision and lock liquidity for stability.
• Community & DAO: The MEOW DAO governs Toshi, with token holders voting on key decisions, including tax removal and liquidity migration.
• No Tax: As of March 2024, Toshi is a 0-tax token, following a DAO vote to remove the previous 3% buy/sell tax.

3. Usage and Incentive Mechanism

Toshi tokens are integral to the Toshi ecosystem, providing both utility and governance:

• Governance:
  • Toshi holders participate in the MEOW DAO, voting on protocol upgrades, tax policy, and liquidity management.
• NFToshis:
  • Toshi holders can mint exclusive NFTs, which also grant governance rights.
• Ecosystem Tools:
  • Toshi is used to access and pay for various tools (Token Locker, Liquidity Locker, Multisender, Token Launcher, Launchpad).
• No Transaction Tax:
  • The removal of transaction tax increases utility and trading efficiency.

4. Locking Mechanism

Toshi provides robust locking solutions for both tokens and liquidity:

• Token Locker:
  • Allows developers to vest or lock team tokens, with transparent schedules and a public lock viewer for community verification.
• Liquidity Locker:
  • Ensures project liquidity is locked, preventing sudden withdrawals and enhancing stability.
• Flexible Locking:
  • Supports standard, liquidity, and V3 tokens, with customizable lock durations.

5. Unlocking Time

• Transparency:
  • The Toshi Locker and Lock Viewer provide real-time, public access to lockup periods and unlock schedules for all tokens and liquidity pools.
• Team/Presale Unlocks:
  • Presale tokens can only be claimed after the presale is finalized and the claimable amount is greater than zero. Team claims are executed via a dedicated function, with confirmation and error messages for transparency.
• Liquidity Migration:
  • When migrating liquidity (e.g., from V2 to V3 pools), existing liquidity is unlocked over a 7-day period to ensure a smooth transition.

6. Governance and Community

• MEOW DAO:
  • Toshi is governed by a decentralized autonomous organization, with each token representing one vote. NFToshis also grant voting rights.
• Community-Driven:
  • All major protocol changes, including tax policy and liquidity management, are decided by community vote.

7. Summary Table

8. Implications and Analysis

• Transparency:
  • The use of public lock viewers and DAO governance ensures high transparency and community trust.
• Utility-Driven:
  • Toshi’s value is reinforced by its utility in the Base ecosystem, not just as a memecoin but as a toolkit for builders.
• Decentralization:
  • The MEOW DAO and NFT-based voting mechanisms foster a genuinely community-led project.
• No Tax Policy:
  • The removal of transaction taxes aligns incentives for trading and ecosystem participation, potentially increasing liquidity and adoption.
• Security:
  • Locking mechanisms for both tokens and liquidity are designed to prevent rug pulls and build investor confidence.

9. Limitations

• Allocation Transparency:
  • While the mechanisms are clear, a detailed, quantitative allocation breakdown (e.g., % to team, investors, community) is not publicly available.
• Unlock Schedules:
  • Unlocking is transparent for each project using Toshi’s lockers, but there is no single, unified vesting schedule for the TOSHI token itself.

10. Actionable Insights

• For Developers:
  • Toshi’s open-source tools and permissionless launchpad lower the barrier for new projects on Base.
• For Investors:
  • The combination of no tax, transparent locking, and DAO governance makes Toshi a relatively community-aligned project, but the lack of a detailed allocation table is a risk factor.
• For Community Members:
  • Active participation in the MEOW DAO is encouraged, as governance is genuinely decentralized.

In summary, Toshi’s token economics are designed to maximize utility, transparency, and community governance, with robust mechanisms for locking and unlocking, but with some limitations in public allocation detail.