# BIOP Token

BIOP tokens are used for governing the BIOPset protocol. A total of exactly 31 Million $BIOP tokens are in existence. $BIOP tokens are standard ERC-20 tokens and use the ticker BIOP.

The majority of BIOP tokens (45.2%) are allocated to platform utilization rewards. For a more detailed breakdown, see the "token distribution" section below.

## Token Specification

| Specification | Attribute  |
| ------------- | ---------- |
| Token Ticker  | BIOP       |
| Token Type    | ERC-20     |
| Token Supply  | 31,000,000 |

## Token Distribution

| Specification                 | Percentage | Amount     |
| ----------------------------- | ---------- | ---------- |
| Utilization Rewards           | 45.2%      | 14,000,000 |
| Bonding Curve                 | 19.4%      | 6,000,000  |
| Initial Tiered Coins Offering | 19.4%      | 6,000,000  |
| DEX Rewards                   | 5.8%       | 1,800,000  |
| Developer Fund                | 4.3%       | 1,340,000  |
| Uniswap Listing               | 3.2%       | 1,000,000  |
| V2/V3 Repayment               | 1.1%       | 340,000    |
| Airdrops                      | 1.1%       | 340,000    |
| V2/V3 Swap                    | 1.1%       | 340,000    |

### Utilization Rewards

The majority (45.2%) of $BIOP will be distributed to community members via a **transaction mining** mechanism. Transaction mining is the process of rewarding platform participants. Thus these rewards may also be called transaction mining rewards.

Of these tokens, 10% will be unlocked at Token Generation Event, with the following vesting of 2.5% per month over the following 3 years.

Transaction mining activities commenced with the BIOPset V1 launch on the Ethereum Mainnet. Please see the [Benefits](https://munair.gitbook.io/biopset/theory/overview/benefits) section for more information.

{% content-ref url="/pages/-MS0peL0umCpjJbjjBLG" %}
[Benefits](/biopset/theory/overview/benefits.md)
{% endcontent-ref %}

### Bonding Curve

The Bonding Curve will be deployed by the DAO in the case of insufficient liquidity on decentralized exchanges. Any swap fee (set to zero by default in both directions) of the Bonding Curve will go to the BIOPset Treasury.

The tokens will be locked until 6 months after launch, then the ability to deploy the Reserve Bonding Curve will be transferred to the DAO.

Please see [Reserve Bonding Curve](https://docs.biopset.com/references/tokens/boding-curve) for further details.

{% content-ref url="/pages/-MS3FedN0hRasxAt8XBS" %}
[Reserve Bonding Curve](/biopset/references/tokens/boding-curve.md)
{% endcontent-ref %}

### Tiered Initial Bonding Curve Offering

The initial funds for development and bootstrap to the BIOPset Liquidity will be done through the Tiered Initial Bonding Curve Offering (Tiered IBCO). For more details about the [Tiered IBCO](/biopset/references/tokens/tiered-ibco.md).

{% content-ref url="/pages/-MYqlnZ8s4nWWylSI0VC" %}
[Tiered IBCO](/biopset/references/tokens/tiered-ibco.md)
{% endcontent-ref %}

### DEX Rewards

To incentivize Uniswap liquidity we will provide incentives to the Uniswap Liquidity Providers that will stake their LP tokens.

### Developer Fund

The Developer Fund will be used to pay for development, deployment, grants and to prevent DAO attacks until a healthy organization is present.

Of the Developer Fund, 10% will be unlocked at TGE followed by a 3 years linear vesting on the remaining 90%.

### Uniswap Listing

To provide a starting price and enable trading on Uniswap the team will lock BIOP and Ethereum in a Uniswap Liquidity Pool after the ITCO end.

### V2/V3 Repayment

During BIOPset V2 and BIOPset V3, the betters won over the entire liquidity pool. A lot of measures are now in place to avoid that it will happen again. To repay those who lost their Ethereum because of those reasons, we will reward them with an amount of BIOP equal to the ETH they lost, at a rate of \~0.0001 ETH / BIOP.

### Airdrops

To incentivize the community to actively participate and grow we are planning multiple airdrop and events with BIOP prizes.

### V2/V3 Swap

The users that participated in transaction mining in previous protocol releases and got old versions of the BIOP token will receive the new BIOP v4.


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