Soonaverse Launches SOON Token and Initiates Shimmer Integration

With many new token launches on IOTA, the IOTA ecosystem is set to expand. Soonaverse is a Token LaunchPad service module of DAO market platform. Token holders will have to buy SOON tokens on the Soonaverse platform to access the varied services.

Since IOTA is the major platform for transactions between IoT devices, the platform is expected to grow at an exponential rate. Transactions among IoT devices is expected to reach 20.4 billion in next 2 years. There are no use fees on IOTA as it is not a blockchain and it does not need miners. This means there can be unlimited throughput with a very high-cost advantage.

Launched 2016 by Sergey Ivancheglo, Serguei Popov, David Sonstebo, and Dominik Schiener, it aims at faster transactions compared to conventional blockchains. The expected future applications of IOTA in IoT transactions include delivering digital identities, developing smart cities, smart charging, sustainable use of natural resources and car wallet services.

Soonaverse helps in the seamless creation, management and interoperability of Decentralized Autonomous Organizations (DAOs), projects and groups with the help of a decentralized platform for communities. Soonaverse provides the essential tools to enable DAOs to operate at their full potential.

‘SOON’ Token – the new buzz!

The ‘SOON’ token launched by Soonaverse created a lot of buzz among the investment communities. Let’s look into the brief timeline of the project.

The platform had an initial high ambition regarding its first token sale and the management soon realized the same. It swiftly refunded the 570 participants and reviewed its plans and strategies. New guidelines and strategic roadmaps were prepared for the second attempt of the token sale. During that round, the platform planned to raise only one third of its original target.

The new strategic plan included the following:

The financials

With the recalibrated sales strategy, the token price was kept at $0.20 per $SOON. Also, the sale volume was lowered to 10 million from 12 million, which was decided earlier. The target was to create a market capitalization of $3.2 million and a fully diluted valuation of $20 million.

SOON Token -Utility and core modules

The token is designed to provide an innovative approach towards dApp, web3 platforms and tokenomics. The participants can access the feeless models on the Soonaverse once the tokens are circulated and they own the tokens.

$SOON interconnects the modules in the platform and the value of the token increases with the growth of the entire platform. The token also protects the platform from SPAM activities.

The following are the core modules of the platform:

In the Soonaverse, service modules would generate fees. These generates fees would go into the Soonaverse vaults, where the same can be used to buy $SOON tokens from the open markets and distribute among the stakers. This system of revenue distribution is called Service Protocol Distribution of Revenues (SDPRs)

Distribution of tokens

20% of the tokens are allocated to the core contributors, out of which 15% goes to the founding team. The remaining 5% will go to the early contributors of the platform. The allocation made to the core contributors is subject to a 1-yer lock-in period and a one-year liners vesting period.

Within the lock-up period, the tokens of the core contributors would be staked with certain limitations.

The staked tokens will continue to receive SDPRs. However, they are not eligible to receive token emissions from the 30% community adoption Incentives Allocation.

Shimmer Integration

Since its very inception, Sonnaverse has been bringing ground-breaking innovations in the areas of decentralization, such as PoW, DID, DAOs, DeFi, Tokenization, PoS, etc. Through its innovation, Soonaverse has been greatly instrumental in bringing changes in the crypto industry itself.

Recently, the platform completed its integration with the Shimmer testnet in its testing environment. The integration would help Soonaverse have a fully automated testing platform. So, it will be easier to add functionalities with the help of scalable integration. There is a comparative advantage in building the base layer where all the current features can be leveraged to create new modules or even make existing modules more efficient. The integration would enrich the experience of the users of the platform.

One important aspect of the integration is the introduction of the concept of networks. Users can visit wen.soonaverse.com to validate three types of addresses under the user profile – which are IOTA, ATOI (IOTA testnet), and RMS (Shimmer testnet).

In addition to the introduction of networks, the integration would help in enabling the following components:

If you liked this article, make sure to read 'IOTA's Shimmer Ecosystem Exploding with dApps'

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Sandip Das
Sandip Das is a Finance Graduate and an independent equity researcher. He is a full-term self-learner and he writes on topics related to economics, investment, finance, and trading.

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