The Inaugural $GENE Burn
$GENE is the GenomesDAO utility token. At our token launch, we stated there are 3 levels of passive income powered by GenomesDAO
- APRs on your genomic data — Your genomic data is put in a vault, pharmaceutical companies want to query your data — they will pay you in $GENE direct to your wallet if you accept the query*
- Compounding APRs when you provide liquidity to ETH/GENE or ETH/GNOME pools
- Staking governance tokens ($GNOME) will cause amplified APRs on your liquidity pools and in the future your earnings from queries.
You may not be aware that $GENE is designed to be deflationary. This is a design feature allowing research organisations and pharmaceutical companies to make purchases early. By doing so, they get better value for money and more research questions answered as the token supply decreases due to its deflationary nature.
Every whole genome sequening kit or NFT package sold through GenomesDAO will result in 10% of tokens being burned. Eg. 1000 kits ordered at $500 each at launch rate would result in $50,000 worth of GENE tokens being burned.
We decided to kick things off with a bang and up that rate to 20% for all kits purchased through our NFT sale. You can find Geneticats, the NFT that comes with a Whole Genome Sequence kit on secondary on OpenSea.
As such $37,530 worth of $GENE will be sent to the burn address at 17:00 GMT on Thursday 31st March 2022.
On today’s prices this would be 17 million $GENE — or 6% of the circulating supply.
If you have any questions about this or anything else — jump in the discord — Discord.gg/genomes
Token Addresses on the Polygon Blockchain
GNOME Polygon Address — 0x6E8a8726639d12935b3219892155520bdC57366B
GENE Polygon Address — 0x34667ED7C36cBBbF2d5d5c5c8d6Eb76a094EDb9F