The Aspen platform includes a utility token we call (creatively) $ASPEN. The $ASPEN token provides the community using the platform with a reason to use and evolve the platform.
The idea of $ASPEN is modeled upon loyalty programs across other industries. For example, in the travel industry, the accumulation of airline ‘miles’ leads to the desire to continue using that airline or in the hospitality industry, where similar mechanisms exist. This is why, from time to time, we will also refer to $ASPEN as a ‘loyalty’ token.
The $ASPEN token is an ERC-20 token deployed on Ethereum. It is a fixed supply token with 100 million tokens generated upon the deployment of the smart contracts controlling the token. When we rolled the token, there were 100 million tokens, so there will only ever be 100 million tokens going forward. The token is a zero-fee or taxes token at this time, as no taxes are needed or taken upon the transfer of the token. We are not reflecting.
The token address is: 0x87946Dc43C7881C1C16081aFEb4474e224450adD. Verification of source code and audit reports can be found on Etherscan. The contract is MIT licensed and was based upon a long line of very well-known ERC-20 contracts.
There are three areas in which $ASPEN provides value to the Aspen community of users.
- Minting fee reduction
- Transaction fee reduction
- Rewards per transaction
The first area of utility is to gain an advantage on fees. Simply put, the more $ASPEN tokens a user holds in their wallet, the lower their minting and/or transactional fee will be. While we cannot, at this time, commit to exactly what those fee structures will be forever, we can assure the community that the advantage of getting into the highest tier (more on our tier framework below) will be substantial.
The second area of utility is around the use of specific features. Said another way, we believe every feature within the platform has a relative value, so we will provide tokens to ensure that our community realizes that value. Notably, users do not have to purchase tokens to use Aspen’s core features. However, when they use the platform, they will receive them. Every time that you buy, sell, or swap on Aspen, you will be rewarded with tokens. The relative value of every feature will change over time, so the reward per feature will also change. The system of record for information regarding the ratio of rewards-to-features will always be visible within Aspen itself, from the Rewards panel in your profile.
If you have additional ideas for how you think we can leverage the $ASPEN token within the platform, feel free to let us know!
The $ASPEN token borrows from best-in-class loyalty program frameworks. As such, there are four tiers available: Common, Rare, Epic, and Legendary. Each tier has a threshold of tokens needed to be held within a user's wallet. This means actually in the wallet -- not simply claimable as discussed below. We snapshot a user's wallet when the user takes action to determine what amount of tokens we will add to their claimable balance.
|Aspen Tier||$ASPEN Required||Transaction Fee|
|Common||0 $ASPEN (Default Tier)||1.25%|
At launch, the actions which will earn $ASPEN tokens are not necessarily the actions that will earn $ASPEN tokens later. We will utilize this methodology to highlight new and interesting features that bring value to our community.
The $ASPEN token is built as an on-chain ERC-20 token that will allow it to be interoperable with the wonderfully broad ecosystem of tooling that supports ERC-20 tokens on the Ethereum mainnet. But to provide a cost-effective way of administering the rewards, we have implemented a claiming mechanism directly into Aspen.
The way this works is straightforward. As you use various features - for which rewards are attributable - your claim balance increases. This balance will *only* be viewable from within the Aspen platform; it is not viewable from the blockchain, wallet, or 3rd party data service at this time. When users feel it is cost-effective to claim their rewards, they can visit Aspen to claim their loyalty rewards. Claiming rewards is an on-chain activity that will cost gas just as any other blockchain transaction would. The result of this activity is that users will then have the loyalty rewards tokens added to their wallets.
So that we continually have sufficient rewards for users, we may – from time to time – purchase tokens on the open market to replenish our accounts.
The token allocation is follows:
Community Rewards 45% or 45,000,000
Team Rewards 25% or 25,000,000
Strategic Advisors 15% or 15,000,000
Monax Labs Shareholders 10% or 10,000,000
Platform Treasury 5% or 5,000,000
There are no immediate plans for the $ASPEN token to be tradeable on any centralized exchanges. A small amount of $ASPEN will be available on the Uniswap Dex for those who need to adjust their balance. For example, users who might wish to purchase $ASPEN to accelerate graduation to a higher reward tier (just as you might do with airline miles or hotel points).