🪙CAD Token and esCAD Staking

$CAD is the platform's utility and governance token. $CAD will convert to the new Symphony token in the upcoming mitgration.

Note: The $CAD token will undergo a token migration to the new Symphony Token at a 1:1 conversion rate (i.e. with no dilution). The tokenomics for the new Symphony Token will be released soon. An official announcement will be made soon.

Overall CAD and esCAD Utility

Cadence's tokenomics are built to provide the most value to the CAD token holders, which serves as the projects main utility and value capture mechanism. As Cadence evolves, the value of the CAD token will increase with the extra use-cases from Symphony integration.

Note: $esCAD can no longer be earned and is non-transferrable.since the sunset of Cadence Perps but will still undergo conversion to the new Symphony token at migration.

Utility of the CAD token includes:

1. 100% of fee revenue redistributed to $CAD

2. Governance voting rights

3. Long-term increasing share of protocol through the exit fee mechanism

4. Staking benefits for traders such as increased incentives and rewards

5. Referral program rewards

6. Solvers must stake $CAD to participate (Symphony)

7. Gas payment token via Account Abstraction (Symphony)

8. Other unique strategies and products in the future (Symphony)

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$CAD Tokenomics

$CAD Staking

Staking on Cadence is built with a system that benefits our community of long-term holders in mind. This will ensure maximum value capture and sustainability for our long-term stakers.

Staking on Cadence intends to:

1. Incentivize and reward long-term stakers.

2. Give back 100% of protocol revenue to stakers.

3. Offer security from wash-trading and short term trading effects.

4. Reward traders through incentives while balancing the health of long-term stakers.

Token Supply

The increase in circulating supply will vary depending on the number of tokens that get vested, and the amount of tokens used for marketing / partnerships. The forecasted max supply is 250 million CAD Tokens.

Minting beyond the max supply of 250 million is controlled by a 28 day Timelock. This option will only be used if more products are launched and liquidity mining is required.