Utility and Specifications
TENKA token is a digital asset that will initially be available to purchase via an Initial Exchange/DEX Offering. Over time, it will be also listed on selected Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs). Please refer to the table below, with technical details related to the TENKA token:
Table - TENKA tokens specifications
In general, TENKA token will be used as:
- Means of utility with the TENKA ecosystem
Small interaction fees and TENKA commissions will be required at times to use or trigger Ignite Tournament products (entering a tournament, setting up a tournament, commission on winnings, etc).
- Means of rewards distribution
As mentioned above, TENKA token won’t be burnt, instead, it will be continuously redistributed back to active participants of the Ignite Tournaments ecosystem, who will be able to participate in rewards distributions by participating in tournaments or by providing additional liquidity to the network. Moreover, received rewards will be increased proportionally to user activity on the Ignite platform, so in other words, the more users get involved, the higher their TENKA rewards will be.
- Means for governance
TENKA is also intended to be a means of governance to vote on platform features and parameters. Ignite ecosystem participants will accrue voting power proportional to their token holdings and platform activity. Moreover, a TENKA stake is required to submit a voting proposal, please refer to the Governance section of this document for more details.
- Treasury and reserves
Part of the TENKA total supply will be stored as an ecosystem treasury and development fund. They will be used to fund further development of Ignite Tournaments (e.g., via development grants) and strengthen the platform's position in the market.
Ignite Tournaments itself is simply a blockchain protocol that, by design, does not offer any resources for utilization, so in order to provide users easy access to TENKA for the project to run efficiently, users would need to be incentivized to become liquidity providers and stake digital asset pairs (e.g., USDT/TENKA) into the decentralized market making pools to provide the necessary liquidity for transactions. As compensation for opportunity costs, these liquidity providers which help to promote adoption of Ignite Tournaments by staking or including assets to liquidity pools in exchange for LP tokens would be rewarded with TENKA, according to each user's relative contribution after various adjustment and correction parameters.