🪙Tokenomics

The token raise will take the form of $PRTE token sales, serving as the governance token for Pirat3.

To encourage early adoption, esPRTE (escrowed $PRTE) will be distributed through airdrops to early users, enabling participation in various Pirat3 governance voting and staking activities. However, esPRTE is non-transferable initially. Holders of esPRTE have the option to lock up their tokens and convert them to transferable $PRTE over time. During the lockup period, governance and staking functionalities will not be accessible.

When $PRTE is staked, it becomes stPRTE, subject to approximately 2X rebasing annually. Upon unstaking, stPRTE reverts to $PRTE, albeit with the rebased portion written off, meaning only the original portion of the staked $PRTE can be redeemed.

Additionally, stPRTE holders receive balPRTE, the Balancer LP token of $PRTE, on a daily basis. This token contains $PRTE, WETH & USDC and serves as the trading venue for $PRTE tokens. A portion of the fees accrued from platform usage are directly deposited into the Balancer pool, effectively increasing the backing of the $PRTE token by the deposited amount.

To further incentivize early adoption, esPRTE is airdropped to early users, granting them access to various Pirat3 governance voting and staking features. However, esPRTE is initially non-transferable, holders have the option to lock up esPRTE and convert them to transferable $PRTE over time. During this lockup period, governance and staking functionalities will not be accessible.