- VAL is a new token used to reward SORA network validators that secure the network, created by community governance; all contracts and executable code were released in a disabled form and could not be used until activation by a community member (by insertion of cryptographic proof of the referendum); now it is fully activated.
- VAL fully diluted supply is around 100,000,000 (query
tokens.totalIssuanceto get the precise number). Current VAL circulating supply can be checked here.
- The VAL token contract is also available on Etherscan.
- VAL has Decreasing supply over time, with tokens burned at every SORA v2 network transaction.
- Elastic rewards to validators and stake nominators are given in VAL, as a percentage of the daily burned VAL
- Holders receive a part of the XOR created by the token bonding curve to provide liquidity on Polkaswap. VAL holders can group together into DAOs to pool their liquidity and vote to provide liquidity to trading pairs on Polkaswap and receive PSWAP tokens as a reward.
VAL is the validator reward token for the SORA network, used to reward those that stake XOR as part of the Nominated Proof-of-Stake consensus algorithm. As described, VAL is a deflationary token that gets burned with each transaction on the SORA network. A portion of the burned tokens is then re-minted and distributed to validators and stake nominators, in accordance with the reward rules.
VAL tokens were formerly v1 XOR tokens, but were turned into VAL with new tokenomics, through community governance. VAL is a multichain token that lives on the SORA v1 network and on Ethereum, with a trustless bridge—HASHI—that spans the two networks.
VAL Token Distribution
VAL token was distributed to three groups approximately equally, in 3 stages:
- Former v1 XOR holders (in Q4 2020)
- ERC-20 XOR holders as an airdrop (vested over time)
- An investment vehicle for the SORA ecosystem