Tokenomics

Tokenomics Frequently Asked Questions (FAQ)

Does Zoracles have a cryptocurrency? Yes. The ZORA token.

What platform is ZORA built on? ZORA is built on Ethereum (ETH) and is an ERC-20 token.

What is the contract address? 0xD8E3FB3b08eBA982F2754988d70D57eDc0055ae6

Now in QR code form

Where can I store my ZORA? Anywhere you can store ERC-20 tokens. Metamask, Ledger, and Trezors with support for Ethereum. You’ll just need some Ethereum in the wallet (gas) to move it around.

What does the ZORA token do? In its current state, the ZORA token functions as a governance token. Governance tokens are tokens that developers create to allow token holders to help shape the future of a protocol. Governance token holders can influence decisions concerning the project such as proposing or deciding on new feature proposals and even changing the governance system itself.

Will the ZORA token ever do anything besides governance? The ZORA token will likely have other features in the future. Some of these include product integrations, DeFi features, rewards for token holders, and much more.

How do I find more information on the ZORA token and contract? Etherscan links

How do I find more information on ZORA’s performance in the market? ZORA is currently tracking on all major charting and information databases. These include CoinGecko, AstroTools, DexTools, ChartEx, CoinMarketCap, LiveCoinWatch, Blockfolio, Delta, Coinbase, Crypto Slate, Coin Tracker, Messari, Crypto Rank, Nomics, and Crypto Atlas. All these sites are linked on our trading page.

How many ZORA tokens are there? There are 10,000 total ZORA tokens.

How many ZORA Tokens are circulating? Approximately 5,400 (54%) of the 10,000 ZORA tokens are circulating. The remaining 4,700 are time-locked vesting team wallets (3,000) and the time-locked strategic fund (1,300), and the development fund (~300). The latter fund slowly decreases as payments are made.

Was there always 10,000 tokens? The legacy chain that was used early in development had 100 ZORA tokens. When the migration occurred, each token received 100 ZORA for each 1 Legacy ZORA. 100:1 token split. The migration occurred on November 27, 2020, before liquidity was added to Uniswap.

Is ZORA built with a proxy contract? Yes. However, ZORA's contract functions (MINT, etc.) are locked behind our Decentralized Autonomous Organization (DAO). Our DAO requires any changes to the contract to be proposed and voted on by the ZORA holders. There are several other factors that must be met as well. Any proposal making must have 100 ZORA, and any proposal takes five days. You can monitor the proposals here. This defense barrier assures that only a majority vote can change token parameters such as minting tokens, conducting a token split, and adding additional token features. We felt this approach was safer than a multi-sig.

Couldn't someone just get enough ZORA to control the proxy contract? That would be impossible. It would require someone to buy a majority position in Zoracles, which would be practically impossible. If the price of the ZORA token goes up, then it would be that much harder to manipulate the contract. Even the Zoracles founding developers do not have nearly enough ZORA to do a 51% attack.

Why did Zoracles build ZORA with a proxy contract? Zoracles wanted the community to have the flexibility to respond to market changes and token features. The ZORA token can be further integrated into features beneficial to the holders. Proxy contracts give flexibility, and many outstanding projects use them. We understand that they can also be abused, which is why our proxy contract is locked behind the DAO. Many successful projects have launched on a proxy, including Synthetix and Uniswap.

What are the terms and purposes of the time-locked wallets? Team Wallets The team wallets are the wallets of the founders of the ZORA token. There are three founders with 1,000 ZORA each (3,000 ZORA total). The team wallets are 100% locked from January 1, 2021, to June 30, 2021 (six months). 25% or 250 tokens per wallet are unlocked after that (750 total). Tokens are further unlocked over an additional 18 months at a rate of ~1.38 ZORA per day.

Strategic Fund The strategic fund is a fund set aside for any application that enhances or serves Zoracles. This could include but is not limited to: partnerships, a public figurehead, enhanced token features, a lucrative exchange listing, token burn, holder distribution, incentive funds, and more. This fund is currently locked and will likely remain locked until ZORA 3.0, where it will be put under governance.

Development Fund The development fund is a fund used to pay developers for various services. It’s also used to pay for marketing and promotional opportunities. This fund is not locked but is public in its disbursement.

Note: Several individuals have accused our development fund of being a "slow rug". This funding source pays for informational articles, web development, solidity development, AMAs, and other promotional opportunities. This fund is being expended at an approximate rate of three ZORA per day

Uniswap Liquidity The uniswap liquidity funds are liquidity provided to the market by Zoracles. These funds are currently locked using Unicrypt v2 for one year until January 1, 2022, and are subject to an extension as needed. Note: this fund is considered "circulating", but it is locked ON uniswap to prevent anyone from pulling liquidity.

Why is the time-locked fund short four tokens? Each fund (team wallet #1, team wallet #2, team wallet #3, and the strategic fund) required we’d leave in one ZORA. The four missing ZORA remain in the original wallets. This can be verified on etherscan.

Why are the team wallets and strategic funds locked in the same contract? The contract has the same terms for both fields (team wallets and the strategic fund) in it, But different unlocking time parameters. Using one wallet helped simplify to users and listings which ones were locked and which ones were circulating.

How were the initial tokens distributed?

Circulating (5000)

  • 300 ZORA - Leadership

  • 500 ZORA - Early Supporters

  • 1500 ZORA - Oversight Committee

  • 700 ZORA - Technical Advisors

  • 1000 ZORA - Venture Capitalist

  • 1000 ZORA - Marketing

Non-circulating (5000)

  • 3000 ZORA - Team Wallets

  • 500 ZORA - Development Fund

  • 1300 ZORA - Strategic Fund

  • 200 ZORA - Uniswap Liquidity

Was there a presale or initial coin offering (ICO)? There was an allocation for early supporters, developers, strategic partners, advisors, and others. Each allocation depended on the individual or group and what they brought to Zoracles. Several of our earliest supporters provided critical development, connections, and strategy.

Was the allocation public or private? So there was no official, structured, public “presale”. Nor was the sale purely “private”. Anybody could approach Zoracles in the early period and negotiate terms. We have links to the legacy contract so users can examine some of the transactions that occurred in the early allocation period.

What was paid for ZORA? Usually, Ethereum, as Zoracles wanted to raise ETH for development costs, marketing, strategic partnerships, and liquidity.

How much ZORA was raised from early supporters? Approximately 1200 ETH was raised from early supporters.

What were the prices of the early allocations? Those prices depended on the terms between Zoracles and the supporters. The last transactions were the equivalent of 0.4 to 0.5 ETH per 1 ZORA. Ethereum at this time around $300-$400.

I want to “invest” in Zoracles? To be incredibly clear on the “investment” terminology, nobody is “investing” into ZORA. There isn’t a single guarantee/commitment of return to qualify as an “investment”. If you own ZORA and like the project, phenomenal. If you don’t, that’s okay also.

Where can I buy the ZORA Token? You can currently buy ZORA on Uniswap. Liquidity was officially added on Uniswap on November 30th, 2020 at approximately UTC 22:00 and is locked until 2022. Trading began to rapidly accelerate after that event.

Are you going to list on a centralized exchange (CEX)? Zoracles team has had discussions about that, and with a few exchanges. At this time, we are only listed on Uniswap. With the overall decline of CEXs, we feel Uniswap is our best chance to offer liquidity and safe access to ZORA. We do not want to pay to list a token that will likely not contribute much volume. Larger exchanges are always on the table in the future.

What if I see you listed on an exchange that’s not Uniswap? Exchanges that we feel are legitimate that list the ZORA token will be linked in our documentation and announced on our community channels.

What price was ZORA listed at? Around 0.5 ETH per ZORA. This setting was based on the last legitimate transactions, as well as the increase in the price of Ethereum.

What level of liquidity is being provided on launch? 100 ETH and 200 ZORA will be available for liquidity on launch.

Why are you not providing more liquidity? We understand that this is a low number compared to some other projects, but ZORA did not do a large ICO/IEO, nor is ZORA a fork of another project. Zoracles is a development heavy project. The team had seven developers on launch and is increasing. If the team provided more liquidity, it would hurt the “runaway” or amount of funds available. ZORA needs development funds to continue operating in the future.

Do you think not providing more liquidity will hurt ZORA? Increasing liquidity to appease some traders would be very detrimental to the development process. We firmly believe liquidity will come with demand, not create it. Several individuals have been happy to provide liquidity as volumes increased, and they collected trading fees for doing so.

Is there a liquidity lock? Liquidity has been locked until the end of the year 2022 and subject to extensions as needed using Unicrypt v2. Any update to Uniswap v3 has been confirmed to not compromise our lock. We will migrate accordingly.