Tokenomics của Virtuals Protocol (VIRTUAL)

Overview

Virtuals Protocol is an AI agent creation and co-ownership platform operating on Ethereum and Base, powered by the VIRTUAL token (ERC-20). The tokenomics are designed to support a decentralized ecosystem for launching, trading, and governing AI agents, with mechanisms for issuance, allocation, usage, incentives, locking, and unlocking.

1. Issuance Mechanism

• Token Standard & Supply: VIRTUAL is an ERC-20 token with a maximum supply of 1 billion tokens, deployed on Ethereum and bridged to Base.
• Initial Distribution: The token was distributed via airdrop to eligible PATH token holders (1:1 ratio) during the migration from PathDAO to Virtuals Protocol on December 23, 2023. Trading was paused for 24 hours during the airdrop.
• Minting: The token contract includes a "mint" function, confirming the ability to issue new tokens as needed for protocol operations.

2. Allocation Mechanism

Token Allocation Table

• Public Distribution: Includes airdrop and exchange listings.
• Ecosystem Treasury: Earmarked for community incentives, with a maximum emission of 10% per year for the next 3 years.
• Liquidity: Provided for exchange and platform liquidity needs.

3. Usage and Incentive Mechanism

• Payments: VIRTUAL is the exclusive currency for purchasing agent tokens, launching new agents, and accessing services on the Virtuals platform.
• Agent Launch (Initial Agent Offering, IAO):
  • Creators lock a specified amount of VIRTUAL to launch a new AI agent.
  • Locked VIRTUAL is used to create a bonding curve and liquidity pool for the agent’s token (e.g., $SWIFT).
  • Once the bonding curve cap is reached (~$610,500 market cap), a liquidity pool is created on Uniswap, paired with VIRTUAL.
  • All agent tokens are added to the pool, ensuring a fair launch with no pre-mine or insider allocation.
• Marketplace: Users can trade, rent, or invest in AI agents using VIRTUAL.
• Governance: VIRTUAL holders receive veVIRTUAL (1:1, non-tradable) for governance participation. No locking or escrow is required for veVIRTUAL, but delegation is necessary to vote.
• Future Incentives: Plans for staking and validator rewards via subDAO governance, funded by protocol emissions, trading fees (1% tax), and payments for AI agent interactions.

4. Locking Mechanism

• Agent Launch Locking: When launching a new agent, the creator locks VIRTUAL tokens to establish the agent’s liquidity pool. This pool is locked for 10 years, ensuring long-term commitment and stability.
• Liquidity Pool Ownership: The agent creator owns the locked liquidity pool, with validation power for agent upgrades initially delegated to a bot.
• veVIRTUAL for Governance: No locking or escrow is required to receive veVIRTUAL; it is automatically granted to VIRTUAL holders.

5. Unlocking Time

• Ecosystem Treasury: Unlocks on December 24, 2033.
• Public Distribution & Liquidity: Unlocked on December 24, 2023.
• Agent Liquidity Pools: Locked for 10 years from the creation date.

6. Buyback and Burn Mechanism

• Planned Mechanism: Revenue from services (e.g., concerts, merchandise, AI agent interactions) is split between covering AI inference costs and the project treasury.
• Buyback and Burn: Treasury funds are periodically used to buy back and burn agent tokens, reducing supply and supporting token value. As of December 2024, this mechanism is planned but not yet live.

7. Acquisition Methods

• Airdrop: Initial distribution to PATH holders.
• Exchanges: Available on major centralized (Bybit, Bitget, Gate.io, Bithumb, MEXC) and decentralized exchanges (Uniswap, Aerodrome, PancakeSwap).
• Platform Activities: Earned or used within the Virtuals ecosystem for launching and interacting with AI agents.

8. Governance

• veVIRTUAL: Used for voting on protocol upgrades, agent approvals, and treasury management. Proposals require a minimum veVIRTUAL threshold to author.
• Open Participation: All VIRTUAL holders can participate in governance by delegating veVIRTUAL.

9. Notable Concentration

• Top Holders: The top 10 Ethereum addresses (excluding the Base Bridge) hold ~41.3% of the total supply, with the PathDAO Treasury being the largest single holder (~34.06%).

Summary Table

Additional Notes

• No Current Staking: As of December 2024, no live staking or liquidity provision mechanism, but planned for future subDAO governance.
• No Revenue Sharing: Tokenholders do not receive direct revenue or dividends.
• No Claims on Capital: VIRTUAL does not confer legal rights to profits or assets of the protocol.

For further details, see the Virtuals Protocol Whitepaper and IQ.wiki entry.