In a recent announcement, the Open Metaverse Foundation revealed the whitepaper for the beta version of LAMINA1’s Tokenimics and Governance Plan for the Mainnet. Moreover, it is now open for public view and commentary by stakeholders across the L1 community. 

After the release, the company hosted an AMA on Friday, April 19, with Peter Vessenes, who previewed the plan, token rewards, voting power, and more. Now, L1 community members are invited to join the LAMINA1 core team, founders, investors, and partners for a discussion on the latest beta draft.

The co-founder of the foundation, Peter Vessenes designed the LAMINA1 governance model to enhance the Open Metaverse ecosystem. This model follows methods of traditional central banking and decentralized on-chain governance. Furthermore, the Open Metaverse Monetary Authority (OMFMA) will oversee the monetary issuance matters and the LAMINA1 community will make the decisions on the platform.

The Lamina 1 will have the following:

  1. L1: The primary currency of LAMINA1, which will be used for gas fees, transactions, smart contracts, and governance
  2. LL1 tokens: they will be locked at launch and can be unlocked for use within the network
  3. RL1 Tokens: also known as reward tokens, will be issued to participants based on the reward contract’s provisions
  4. VOTE Tokens: To be issued instantly to LAMINA1 users who unlock their L1, allowing them to participate in governance staking and decisions

Details from the Whitepaper

The whitepaper includes the total monetary supply, which is about 1 billion L1 for the LAMINA1 blockchain. Apart from that, there is a wrapping of 500M L1 in the RL1 contract, out of which about 490M L1 will be wrapped in the LL1 contract.

In addition, there are rewards contracts that allocate tokens, including Node Operators, which are 15% of reward tokens, Lamina1 Ecosystem and Creator DAO at 15%, and Voting Contracts at 70%, which distribute VOTE tokens for locking L1. Users can unlock the tokens LL1 at 3%, RL1 at 5%, and new RL1 tokens at 10% per quarter.

Subsequently, on Friday, there will be a newly created governance whitepaper channel on the LAMINA1 Discord for the community. Also, there will be a community-wide feedback form for the upcoming whitepapers for collecting questions, opinions, and more from the stakeholders.

All the quests will be taken down with the LAMINA1 Zealy platform on Friday, April 26 at 11:59 PST to make a final pull of on-chain and community activity for the new rankings, initiatives, and rewards.