Solana DePin project announces token economy

One of the most talked about areas in the crypto world lately has been decentralized physical infrastructure, or DePin. While many projects came to the fore in this sense, Solana-based io.net also attracted a lot of attention.

io.net, which received more than 30 million dollars of investment from the company, including many important crypto projects, in March and whose total investment reached 1 billion dollars, also announced the token economy of its own coin, IO, last night.

Total supply 800 million, circulation 500 million…

In the statement, it was stated that the total supply of IO will be 800 million units and 500 million units will be put into circulation. While it was emphasized that the total supply would not be changed in any way, it was stated that the remaining 300 million tokens would be distributed to technology providers hourly, divided over the years.

A portion of the 500 million coins that will be in circulation will be distributed to seed investors, Series A investment tour participants, core developers, general ecosystem employees and the community. The supply will reach 800 million units in a long period of 20 years.

It was previously announced that the token would enter circulation on April 28, but it was noteworthy that this issue was not mentioned in this long and detailed information.

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Payments may not only be via IO

It was also informed that payments in the IO ecosystem do not have to be made only with IO coin. Payments can also be made with fiat money, USDC or other tokens supported by the network, but there will also be a transaction fee deduction. While this rate will be 2% for USDC payments, there will be no transaction fee for IO coin payments.

IOG Network’s earnings will be burned

On the other hand, while io.net company was the institution behind this entire system, IOG Network, abbreviated as “Internet of GPUs”, was the name given to this independently working technology. IOG Network will also use the commission it earns from technology providers and renters to buy IO coins and then burn these tokens.

IOG Network will receive a 0.25% reservation fee from those renting GPU or processing power. The network will also receive the same amount of reservation commission from technology providers for running nodes (validators).

With the income obtained from here, IO tokens will be purchased and the system will automatically burn them.