THE EXD TOKEN
Key Protocol Highlights
Exorde is a decentralized data system, which operates an information processing pipeline at its core. This pipeline continuously receives the stream of the most recent data posted on the Internet (tweets, articles, blog posts, etc.) and processes it (translation, aggregation, curation, clustering) to produce reliable, relevant, and quality metadata. The output data stream from the Exorde Protocol is then used to extract real-time trends, source, and sentiment analysis.
Exorde has Spotters, participants specialized in spotting the newest and most relevant information online (by providing URLs, detected language, and other content identifiers). The data is then fed into the Exorde Worksystems, composing the Exorde Data Pipeline. These Worksystems are forming a streaming data pipeline processing & validating the spotted information, by allocating sub-tasks to Validators in each WorkSystems.
The Exorde Protocol uses its Exorde Network Token (EXD) as incentives, to align all ecosystem participants' interests and maximize the reactivity, scalability, and quality of Exorde's output data & internal processes. As a decentralized Protocol, Exorde allows anyone to verify its data stream and internal WorkSystems.
What is a Token?
The Exorde Network Token (EXD) is a type of token called a utility token, meaning it is used to access and pay for services within the Exorde platform. It acts as a form of payment that removes friction in transactions and allows for the automation of the economy. The EXD token is necessary because it aligns the interests of all participants in the Exorde ecosystem, removes traditional payment issues, and maximizes the quality and efficiency of the data produced by the platform.
Is it just currency?
A token like EXD in the Exorde Protocol cannot be replaced by fiat currency or traditional payment methods because it serves a unique purpose in the decentralized data economy. Unlike fiat currency, EXD is specifically designed to incentivize participation in the Exorde data pipeline and to pay for access to its data services. It also helps to align the interests of all participants in the ecosystem and ensure the accuracy, relevance, and quality of the output data. Tokens like EXD are not just a medium of exchange, but also a tool for securing and incentivizing the decentralized Exorde network, which cannot be achieved by traditional payments.
Key Token Utility
Exorde Network Token (EXD) is at the core of the Exorde Network data economy.
EXD is a pure utility token steering Exorde's economy through 3 main utilities:
EXD is a Protocol access token
Data Spotters and Validators are required to Stake EXD tokens to participate in the Exorde Data Economy.
There are 2 different aspects to EXD Staking:
- A Minimum EXD Stake is required to participate in the various tasks of the Protocol. This minimum level can be different depending on a given Protocol System and its importance.
- A dynamic stake mechanism: Data Spotter will need as many Staked EXD tokens as they are submitting data to Exorde. This mechanism de-incentivize data-spamming attacks and encourages the spotting of quality information. Stakes are automatically unlocked after some time when a given work has been validated by the Exorde Network.
EXD is used to pay the Exorde's Data Services through its Bounty System.
The Exorde Protocol processing power is constantly being auctioned to the highest bidder, and the highest bounties are given priority by the Exorde Network. Protocol clients can place bounties to orient Exorde Workforce to crawl, collect, and process data according to their requirements: Topic(s), duration of the analysis, crawling frequency, language, theme, set of websites or links, etc.
EXD is rewarded for Protocol work.
Data Spotters and Validators earn rewards for their data-related work. There are different tasks in the Exorde Protocol, divided into 2 main categories: - Spotting relevant and recently-posted latest information (URLs) to provide Exorde with the very best data - Processing & validating data to secure Exorde's data processes Nodes (participants) of the network earn EXD tokens as rewards, but also Reputation (REP) used as a requirement to participate in Exorde's Technical Governance.
The above token model ensures that EXD steers Exorde Protocol's economy and captures both its supply and demand sides.
EXD Token allocation
The Exorde Network Token has a fixed total supply of 200,000,000 EXD. The Exorde Network Token is deployed on Ethereum as capped-supply ERC20. There will never be more than two hundred million EXD tokens.
The initial token allocation is designed to be balanced between ecosystem participants (Protocol rewards), investors & backers, and the Exorde Labs team.
34% of total EXD Allocated to Protocol Rewards
What are Protocol Rewards?
Protocol rewards are digital incentives offered by the network for participating and contributing to the network. These rewards are granted to users who submit, process, or validate data or make other valuable contributions to the Exorde network. Think of it as an automated system that rewards users for their work in maintaining and improving the network. These rewards are meant to encourage users to participate in the network, which helps to ensure its security, stability, and growth.
Protocol Rewards distribution
1. A third of the token supply is allocated to be distributed as rewards for Exorde Protocol participants.
2. Rewards are distributed at a maximum rate of 30 000 EXD per day (1 250 EXD per hour).
3. This guarantees a maximum token inflation rate from the Protocol Rewards.
4. EXD Rewards will be distributed until at least Q2 2029.
The demand for the Protocol and its data services is expected to create a sustainable reward stream over time, complementing and then taking over the Protocol's initial rewards pool.Depending on the demand for Exorde's Token & Data (and other factors), the rewards rate is likely to be much lower than the maximum rate, offering a guaranteed source of rewards for at least 10 years.Exorde Labs will progressively enable Exorde's Governance to govern this rate (within the limits of 30 000).
Private Sale Participants
Private investors are composed of 30+ individuals and private investment funds specialized in Web3, blockchain, and advanced data products. They have bought EXD tokens on presale at an average price of $0.15-0.20. Private sale investors have a 1-month cliff period and linear vesting of 24 months (2 years), without exception.
Initially, only 12-15 million tokens will be in circulation. In May 2023, we expect 10% of the supply to be in circulation (20 000 000 EXD).
Linear vestings schedules:
- Private investors have 2 years of vesting.
- The Exorde Team has 5 years of vesting.
- Exorde Labs itself has 6 years of vesting.
- Protocol Rewards are released over at least 6.5 years, most likely 10+ years. (from mid 2023 to 2029-2035+)
- Airdrops and community bounties are to be distributed punctually over time.
- All other allocations have no vesting period.
The above token distribution chart represents the maximum number of tokens in circulation. Protocol Rewards are shown as being distributed at their maximum theoretical rate of 30k EXD per day (940k monthly). In practice, the Protocol could issue its initial rewards for a longer time (e.g. 10-20 years). This chart does not include Airdrops, Bounties (Community Bounties, for various future events, open source work, community initiatives, ...), and Liquidity Provisioning (locked liquidity on Uniswap, market making, CEX liquidity). They add up to 6.5% of the EXD total supply. These 3 categories of token allocations will hit the circulating supply of EXD tokens over several years (Airdrops will be distributed mostly in the first two years, community bounties can be distributed over the next 5-10 years, locked liquidity can remain locked for 7+ years).
Once deployed, Vesting contracts are non-revocable and immutable. Exorde's initial distribution of 200,000,000 tokens and their lockups (vesting) reflect long-term commitments from the Exorde Labs team and their backers, investors & partners.
Protocol Rewards case: Exorde Labs will manage the transfer of Protocol Rewards to the Protocol (on its execution layer) during the early life of the Protocol. Then, the Vesting Contract ownership can be transferred to the Exorde Decentralized Governance.
Key Technical Facts
Official EXD Token Address: 0x02dE007D412266a2e0Fa9287C1034741
The EXD token exists on Ethereum Mainnet
as an ERC20 with a capped supply of 200 000 000 (two hundred million
To be utilized, the token is expected to be bridged on the Exorde Execution layer (powered by the SKALE Network). Mainnet contracts and intermediary interfaces can be deployed later.
Exorde Token, Vesting Wallets (for Team, Protocol Rewards, Private Sale investors, etc), and Token Sale contracts are audited by CertiK. The audits can be found at: https://www.certik.com/projects/exorde
Vesting: what is it?
A vesting schedule is a plan for the release of tokens over time. It is a way to ensure that tokens are distributed gradually, rather than all at once. This helps to prevent the rapid dumping of tokens, which can lead to price volatility and negatively impact the stability of the network. In the context of Exorde, the vesting schedule applies to different groups of actors. The vesting schedule outlines the timeline for when these actors will be able to access their tokens and the conditions under which they will be released. This helps to align incentives and ensure the long-term health of the network.
Exorde aims to be governed by Reputation (REP)
is a non-transferable
score that is only earned by correctly participating in the Exorde Protocol. Reputation is a better indicator of currently active and involved actors of the Exorde ecosystem than Exorde Token Holders and allows to operate Technical Governance in a scalable manner. REP is a relative unit of account, allowing for an accurate measure of the contribution of each actor in the ecosystem.
As opposed to most DAOs of the past years, Token Holders will not be required to participate in highly technical proposals or frequent decision-making. Exorde is designed for a scalable and informed decision-making system!
Reputational actors of the Exorde Ecosystem vote on proposals to change the various System & Data-related Parameters (data sources, data formats, highly technical details, processing rules, rewards rate, required staking thresholds, etc). An EXD Token-based governance will be activated only during rare events (network migration, recovery, fundamental changes, etc.). All Reputational actors, involved in Exorde's future technical governance, will also have a Token Stake.
Token Sale: Opens on February 15th, 2023
The Exorde Token Sale is expected to take place on Feb 15th at 9 am UTC.
The Token Sale is, by necessity, compliant with AML/KYC regulations. The sale will be conducted on a dedicated Public Sale page at sale.exorde.network. The sale will accept only USDC, USDT, and DAI, all ERC20 tokens on Ethereum.
The Exorde Network Token (EXD) is an 18-decimal, standard, supply-capped ERC20 token on Ethereum. The EXD token is to be deployed soon. It will last by default 1 month, if the sale does not close before, but this duration can be extended. Users will be able to pass the KYC before the start date, to be ready for the start date.
The Public Token Sale is a 3-Tiered Token Sale. The Tiers are automatically activated when a previous Tier is complete, in a "First come, first served" basis.
- Tier 1 = $0.33/EXD for the first 0.5 million (500 000) EXD tokens sold
- Tier 2 = $0.34/EXD for the next 1.5 million (1 500 000) EXD tokens sold
- Tier 3 = $0.35/EXD for the last 10 million (10 000 000) EXD tokens sold.
Total EXD sold (in the Public Sale): 12 000 000 EXD tokens. (6% of the total supply)
- All buyers must be whitelisted (by going through a user-friendly standard KYC process, by sumsub.com)
- All buyers are limited to $50k ($50 000), fifty thousand dollars of purchase, overall (they can buy multiple times).
- A tier ends when all tokens have been sold.
- If tokens remain unsold after the sale, Exorde Labs can withdraw the remaining tokens & allocate them for future sales (or to Network development).
- Buyers get the EXD token instantly when buying.
- The contract handle buying overlaps between tiers automatically and also refunds if a user sends more than what remains in the sale.
- The owner can pause the contract in case of emergency