اقتصاد توکنی Internet Computer (ICP)

Overview

The Internet Computer Protocol (ICP) token is the native utility token of the Internet Computer blockchain. It is central to the network’s governance, resource allocation, and incentive mechanisms. Below is a comprehensive breakdown of its token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

Issuance Mechanism

• Inflationary Model: ICP is an inflationary token. New tokens are minted primarily to reward node providers and governance participants (neurons).
• Node Provider Rewards: The Network Nervous System (NNS) mints new ICP monthly, based on the 30-day moving average price of ICP in Special Drawing Rights (XDR). Rewards are distributed to node providers for operating network infrastructure.
• Governance Rewards: ICP holders who stake tokens in neurons and participate in governance receive daily inflationary rewards (maturity), distributed proportionally to voting power and participation.
• Inflation Rate: As of May 2024, the annual inflation rate is approximately 6.91%, projected to decrease to 5% eight years after Genesis.

Allocation Mechanism

The initial and ongoing allocation of ICP is as follows:

Note: TGE = Token Generation Event (mainnet launch).

Usage and Incentive Mechanism

ICP tokens serve multiple roles within the Internet Computer ecosystem:

• Governance: Stake ICP to create neurons, participate in on-chain governance, and earn voting rewards. Voting power is a function of the amount staked, lock duration (dissolve delay), and neuron age.
• Resource Payment: Burn ICP to mint “cycles,” which are used as gas for computation and storage in canister smart contracts. The ICP-to-cycles rate is pegged to XDR.
• Node Provider Rewards: Node operators are compensated in ICP for providing compute and storage resources.
• Medium of Exchange: ICP can be transferred between accounts, used in dApps, and traded on exchanges.
• SNS Swaps: Participate in Service Nervous System (SNS) DAO token launches by swapping ICP for SNS tokens.

Locking Mechanism

• Staking (Neurons): ICP holders can lock tokens in neurons via the NNS. The minimum lock period is 6 months, and the maximum is 8 years.
• Voting Power Formula:

  Voting Power = (ICP staked + maturity staked) × Dissolve Delay Bonus × Age Bonus
  

  • 6 months lock: 1.06x Dissolve Delay Bonus
  • 8 years lock: 2.0x Dissolve Delay Bonus (linear scaling in between)
  • 4 years neuron age: 1.25x Age Bonus (linear scaling up to 4 years)
• Neuron Commands: Users can start/stop dissolving (unlocking), increase dissolve delay, or disburse tokens when the lock period ends.

Unlocking Time

• Vesting Schedules: As shown in the allocation table, most allocations (except for TGE unlocks) have a cliff (typically 1 month) followed by linear monthly vesting over 12, 36, or 48 months.
• Neuron Unlocking: Once the dissolve delay reaches zero, the neuron can be disbursed, returning the staked ICP (and rewards) to the user’s account.
• Minimum Claimable Reward: 1 ICP.

Additional Notes

• Burn Mechanisms: ICP is burned when converted to cycles, when paying transaction fees (0.0001 ICP per transfer), and when submitting (and failing) governance proposals (10 ICP fee, returned if proposal passes).
• No Capital or Profit Rights: ICP does not confer claims on capital, profits, or legal rights in the DFINITY Foundation or Internet Computer Association.
• Liquid Staking: As of September 2024, liquid staking solutions (e.g., Meta Pool) allow users to stake ICP and receive liquid tokens (stICP) usable in DeFi, enhancing flexibility and composability.

Summary Table: ICP Token Economics

This structure ensures robust network security, decentralized governance, and sustainable economic incentives for all participants in the Internet Computer ecosystem.