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V2 Token Bonding Curve (TBC) Design on Rally.io
Linear Curve
Overview
Since Rally has grown and attracted the attention of creators with larger expected audiences, a second TBC design was approved in May 2021. The V2 TBC, a linear curve, was designed to support larger Coin holders communities, larger single-transaction purchases, and fractional liquidity pools. As a result, higher transaction volume is required to meaningfully increase coin prices and thus coin prices on this curve may be more stable.
Based on positive feedback from creators, Rally defaults all new coins to the V2 (linear) TBC. The V1 TBC is still available for any creator who would like to opt into that design.
Version 2
Shape of TBC
Linear
Genesis amount
5M (24%)
Total token supply
21M
Total $RLY backing possible
210M
Starting price
1% current price of $RLY
Max $RLY / Coin
~21 $RLY / CC
Vesting period of genesis tokens
- 50k creator coins unlock immediately
- Additional 3% of supply unlocks each month through the end of year 3
- All coins unlocked in the genesis supply will be subject to flow controls
- Vesting is capped so a creator won’t vest more than 30% of the total circulating supply at any point (i.e. in order to unlock all 5MM coins in the genesis supply, you must garner enough support for 10MM+ coins in circulation)
Further Detail
As new genesis tokens unlock with each vest, the overall circulating supply will grow, but the RLY backing will not change. This is because the genesis block is minted at launch, and no new RLY backing is generated with each vest.
Creators will receive an email on the day of their vest, detailing the amount of tokens they've vested, and how many they've accumulated to date.
Creators can also see their genesis vesting activity at any time via the Network Activity section on the Dashboard, or the Transaction history section on the Wallet tab – in both cases, you can filter for “Genesis” in the dropdown.
To understand your genesis vesting schedule, you can use this calculator.
Updates to the V2 TBC Design
The new Creator Coin Vesting schedule mentioned above (TBCv2.2) went live on April 15, 2022. This schedule was voted on and approved by the RLY Community in August.
What has changed:
- There is no longer a 6-month cliff. Monthly genesis token vesting begins immediately.
- The maximum amount of genesis tokens a creator can vest has been reduced from 50% to 30% of circulating supply. In the case where a creator has already received genesis coins equalling more than 30% of circulating supply, they will retain ownership of their Coins, but not vest further until their supply increases enough for them to be eligible for the next unlock.
- At this time, vesting is being done manually. Coins will vest within 5 business days of their monthly Coin anniversary date.
What stays the same:
- Up to 3% of the genesis token grant unlocks each month. The amount a creator is eligible for is calculated on the day of the vest, based on the previous month’s average circulating supply.
What this means for Creators:
Beginning April or May 2022, your genesis token supply will unlock at a rate of up to 3% monthly. Genesis token vesting will occur up to 5 business days following the monthly anniversary date of your Coin.
If your Coin is less than 6 months old (launched after Oct 15, 2021) and launched on or after the 15th of its launch month: You will become eligible for vesting during April 2022.
If your Coin is less than 6 months old (launched after Oct 15 2021), and launched before the 15th of its launch month: You will become eligible for vesting during May.
If your Coin is more than 6 months old, and you have already reached your cliff and begun to vest: You will only be eligible to vest if your genesis coin holdings equal 30% or less of circulating supply. If your genesis coins equal more than 30% of the circulating supply, you will be eligible to vest once the percent you've already vested dips below 30%.
Detailed Breakdown of the V2 TBC
Below is an illustrative example of the V2 TBC:
The above example shows the following parameters for a Coin economy:
- During genesis, we minted 5 M CCs against negligible (0) RLY, as visible above.
- During pre-sale, we sold 2 M CCs at a fixed price of 1 RLY / CC , locking in 2 M RLY to the curve’s reserve pool.
- The exchange pricing function starts at 7M CC supply and 1 RLY per CC and concludes at 21M CCs with a price of 28.7 RLY per CC, locking in a target of 210M RLY in the curve’s reserve pool.
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