New Augury Finance Tokenomics & The Future!
Tokenomics always lead to interesting discussions, and the OMEN tokenomics are no different. With the support of our community, we modified our tokenomics to better support the future of the Augury Finance platform. We also appointed a King of Tokenomics:
Make sure you stop by our Discord and say hi to Major!
OMEN farming will come to a close at the end of August. This means that it will no longer be possible to earn new OMEN tokens. It also means that instead of our original goal of 777,777,777 tokens over 3.25 years, we will end up with around 60,000,000 total OMEN tokens by the end of August. Yes, this is a supply reduction of over 93%.
Once OMEN farming has closed, the question that immediately comes to mind is: Will OMEN holders continue to receive long-term incentives? Will there still be dividends?
To put your mind at ease, let’s explore these questions:
- Will OMEN holders continue to receive long-term incentives?
Yes! All along, we wanted to ensure that long-term OMEN holders benefit from the products that we create. The near-term products that will continue to drive revenue for Augury Finance are as follows: Airmail, Auto-Compounding Vaults, the Cauldron, and Predictions. Predictions are scheduled to be launched on or before the farming of OMEN ends. Auto-Compounding vaults are scheduled to be released before Predictions.
There are many areas that prediction markets can roll into. Things like betting on the future price of a coin or synthetic asset are just the tip of the iceberg. Anything that has a data feed associated with it can be rolled into a predictive system where users get rewarded for making a correct prediction on a future event. Predictions can expand to the “real world” as well, with predictions being placed on our favorite football league.
As we expand our brand, we will continue to drive value through our new products. Part of the revenue that each of our new products generates gets fed back into the OMEN token. This creates the long-term incentivization plan for the weekly dividends.
2. Will there still be dividends?
Yes, there will be dividends! We aim to continue to provide a weekly revenue stream through the utility of our other products. As long as the product(s) generate revenue, there will always be something in the community wallet. We still have a 3-year roadmap and vision for Augury, with new products being released along the way.
We had a fantastic discussion in our Discord this week regarding a new utility coin that can be used alongside our platform. The current name is Aquila, which is both an eagle and a classical symbol used in ancient Rome as a standard of the Roman Legion. Why the roman legion and why a bird?
Augury is the practice from ancient Roman religion of interpreting omens from the observed behavior of birds. When the individual, known as the augur, interpreted these signs, it is referred to as “taking the auspices”. ‘Auspices’ is from the Latin auspicium and auspex, literally “one who looks at birds.”
If implemented, this Aquila coin would appear after we get the above items delivered. The Aquila coin solves a few problems that we originally had with the OMEN token. Namely, our emission rate on the OMEN token was too high and we had no deflationary mechanisms in place for the next 3.25-years. Left unchecked, this can lead to very high price volatility as an abundance of selling naturally depresses the price. Earning Aquila will require burning OMEN which will further reduce the limited OMEN supply. As the maximum OMEN supply continues to be driven down and revenue from the Augury brands continues to increase, both the price of the OMEN token as well as the dividends should increase over time. Much of this depends on the new products that we continue to release. Since Aquila is a future coin, we are still taking feedback on it (come check out our discord to join in the discussion!)
As we have mentioned numerous times, the Augury platform is yours as much as it is ours. We are building something different here that encompasses a strong product suite that will extend beyond a simple Yield Farm. We have additional partnerships on our horizon and we are constantly evaluating opportunities to grow the brand through new products. We have received an incredible amount of product ideas and items which we can incorporate into the future of Augury, and they take time to build.
On that note … we’re going to get back to building the best DeFi products out there.
Until next time…