The $WHIRL Token

4 min readJun 18, 2021

At PolyWhirl our goal is to build a completely decentralised private transaction ecosystem that users can rely on, forever. To set us up on a path to full-decentralisation and autonomy, we introduce the $WHIRL token. This enables the protocol to implement a novel mechanism for stakers of $WHIRL to earn rewards through pool fees, a fee burn mechanism and governance.

Fundamentals of $WHIRL

In our introductory blog post we explained how the pool sizes would be fixed to ensure anonymity throughout the process of interaction with our protocol. During such an interaction by a user, a fixed fee of 0.5% on the deposit amount is charged. This will be known as the protocol revenue.

Passive Rewards

Users of the pool are charged in native pool token, of which 80% is distributed among the $WHIRL stakers. In this manner, all long-term holders of $WHIRL are rewarded as the protocol’s usage and its revenue grows. Hence, simply holding $WHIRL becomes a source of recurring passive rewards.

Deflationary

20% of the protocol revenue is used to buy back $WHIRL tokens from the market and is burned. This makes $WHIRL a deflationary token. We will aim to execute the burn monthly.

Governance

$WHIRL will soon be used to govern the project using a DAO, with the tokens acting as the voting rights. The voting rights will be proportionate to the number of tokens an user holds.

Tokenomics

We put in a lot of effort and thought behind while designing the tokenomics of the $WHIRL token to ensure fair distribution and decentralisation of the protocol.

A total of 10,000,000 $WHIRL will be ever minted, and the division of the token supply will be done as follows:

Private Sale For VCs:

10% at $0.10 divided equally among 10 selected VCs. These VC funds will be selected after a thorough review, in order to ensure we only allocate to VCs with genuine intentions, and ones that share the vision of PolyWhirl.

Vesting Schedule: 10–15–15–15–15–15–15

Private Sale For Influencers and Private Participants

10% at $0.10 divided equally among 40 individuals. (We are targeting 15 selected influencers who will be working with us to amplify the reach of PolyWhirl, and 25 active members of the community who will be whitelisted manually)

Vesting Schedule: 10–15–15–15–15–15–15

Public Sale (IDO on reputed Launchpad)

25% at $0.15, allocated according to Launchpad tiers.

Vesting Schedule: 15–14.17–14.17–14.17–14.17–14.17–14.17

QuickSwap Listing

$WHIRL will be listed right after the IDO ends on the Launchpad, and before the tokens are released to the participants in order to ensure fair listing.

We will be using 5% of the supply for this, to be listed at $0.30, whose Liquidity will be locked via the IDO platform’s smart contracts.

Team

The team will be allocated 20% of the total supply, which will be made available to the team with the following vesting schedule. The team will not receive any unlocked tokens for the first 3 months, which is the projected timeline to launch a working beta of the product, as detailed in the roadmap.

Vesting Schedule: 0–0–0–16.67–16.67–16.67–16.67–16.67–16.67

Community Reserves

10% of the supply will be made immediately available to a separate account to be used solely for the purposes of community development. These may include airdrops, community-run campaigns, and other efforts to keep the community involved in our journey to build the first privacy project on Polygon.

Any and all amounts withdrawn from these funds will be subject to full disclosure from the team, and will be announced publicly, whenever they are used.

Anonymity Pool Incentives

Anonymity pools are the contracts that actually handle your money while it’s deposited in the system. Initially, these pools need to have long term deposits (which are not withdrawn for a long time) in order to ensure the anonymity of the users. Hence, in order to incentivise more users to keep their deposits for longer in the pool, we will be allocating 10% of the supply towards the pools, available immediately, which will be given out to the users as rewards for keeping their tokens in the pool.

Effectively, while the pool incentives are live, any community member can simply farm the $WHIRL tokens and at the same time help in securing the protocol.

Ecosystem Reserves

10% of the total supply will go into the ecosystem reserves, and will be used for future partnerships, to accelerate development of the product and to act as emergency funds in case of an unforeseen event. They will be vested according to the same schedule as the VCs’ supply to ensure fair supply emission.

Vesting Schedule: 10–15–15–15–15–15–15

Taking into consideration the above mentioned vesting schedules and token allocations, we have modelled the projected circulating supply and the market cap of $WHIRL: