BUILD.5 and the Soonaverse

Our two token system of innovation

Now that we have publicly revealed the BUILD.5 Association and Web3 platform we can now openly discuss our plans for the future of the Soonaverse. If you haven’t seen it already, check out the BUILD.5 announcement to learn more about the enterprise focused implementation of the core foundational platform that powers the Soonaverse, which will run on the IOTA mainnet: https://build5.com/blog/build5-intro/

The Path to Open Source Adoption

To understand the future of Soonaverse, it’s important to recall our original vision, to create a IOTA based DAO dedicated to supporting open source communities through the development of tools and user experiences that delight users from both web2 and web3. Our new trajectory takes us on a direct flight path to that ultimate goal, only now we’ll be fueled by the massive adoption engine that is BUILD.5.

The Soonaverse platform has never been about any one contributor, especially SoonLabs. The project was set up to enable multiple teams, hundreds, even thousands of individual contributors to share their vision of what the platform can be. Now, thanks to the collaborative effort of our community we have finally reached a historic milestone. The Soonaverse will be open-sourced starting in the later half of July, leveraging the BUILD.5 framework. It will retain all its current capabilities but with access to new ecosystems of thousands of developers that will have access to the Soonaverse through BUILD.5’s open source, containerized, microservices based platform architecture.

Two Token Ecosystem

While the BUILD.5 DAO and platform will be governed by $BUILD token holders, the Soonaverse application will continue to be controlled by $SOON token holders. All $SOON token holders will be airdropped $BUILD tokens. This is because the $SOON and $BUILD tokens hold a symbiotic relationship. We created this graphic to better illustrate the concept:

As you can see, the open source code base, which was created through the operation, testing, and evolution of the Soonaverse serves as the foundational core.

Next, by leveraging the same mechanism created by IOTA and Shimmer, we’re able to deploy early concepts and improvements on an incentivized staging network and then migrate those changes to the mainnet once they’ve been thoroughly battletested and we’re confident in their ability to be ready for production at scale.

Verses, and even users can be moved to enterprise and other organizations leveraging the platform. Web3 apps can reside on the Shimmer network or deploy mainnet versions. Through the Soonaverse, projects can link across networks creating and storing value in each ecosystem. Learnings and updates from both networks are fed back into the shared code base to create a “best of breed” repository of features, use cases, and capabilities.

The Economics of $SOON

All platform components that are deployed and generate fees on the Shimmer network will be directed to the Soonaverse vault, not the BUILD.5 treasury. The Soonaverse treasury will be used to incentivise development of service modules and other enhancements to the Soonaverse. The current ecosystem will grow and the rewards from these new modules will enhance the treasury and payouts to staked $SOON holders.

We believe that this is the best way to continue growing the Shimmer network and the SOON Community. By utilizing an incentivized staging network for its intended purpose, we can expand the Soonaverse and simultaneously test new and innovative BUILD.5 platform upgrades.

Think of the Soonaverse as a single robust customer/application on top of the BUILD.5 platform running on the Shimmer network. A place to access all BUILD.5 capabilities through a single user interface that consolidates all of the possibilities that the platform can enable. This is something that the IOTA mainnet implementation won’t have.

The Soonaverse is now a playground to showcase what’s possible on the BUILD.5 platform. Once the ShimmerEVM launches, and the liquidity mining program starts for $SOON, we’ll finally have a liquid treasury that can reward developers for new designs and use cases that are created for the Soonaverse. Through BUILD.5 compatibility with microservices architecture, it will allow an army of new developers simple access to the project, and allow them to code easily, in a familiar environment and contribute quickly. By incentivizing developers to build on such a new framework, and making it easier for them to contribute, we foresee these new talented developers inventing applications and new economic models that we never even thought of.

This should cause a cascade of new ideas that will expand the Soonaverse at a pace no solo development team could dream of.

The Governance of $SOON

To encourage this environment of new ideas and capabilities, we will expand the role of the SOON Committee by adding key new members and creating a new grant proposal process where teams can apply to build new Soonaverse applications that have the opportunity to generate fees that will be allocated to the vault.

The expanded Committee will work in tandem with the community to develop proposals for $SOON token holders to vote on. One of the early work groups will focus on establishing a Sooaverse DAO in the Marshall Islands, another group will focus on rebranding and overhauling the entire UI. Together the Committee and community will collaboratively lead the Soonverse through this evolutionary process to its ultimate future state.

The $BUILD Airdrop

$BUILD is an IOTA token and will mint immediately after the Stardust update launches on the IOTA mainnet this year. Only $SOON token holders will receive $BUILD tokens during the initial mint as there will be no token sale or launchpad for the $BUILD token.

20 million $BUILD tokens will be airdropped to $SOON token holders. At this time there are roughly 18.5 million $SOON tokens in circulation, so for every 1 $SOON there would be an airdrop of ~1.1 $BUILD. However, this ratio will change as $SOON staking rewards are released prior to the mainnet Stardust update and the subsequent minting of the $BUILD token.

For NF3 Holders: The $BUILD token airdrop will happen after the remaining 3 million $SOON tokens have been distributed to NFT holders.

The $BUILD token distribution and utility are as follows:

Now that we all have a clear picture of how Soonaverse will propagate onto the IOTA mainnet through the BUILD.5 platform and with the imminent formation of a liquid treasury, we’ll be able to expand the Soonaverse application faster than ever before. The new grant funding model will allow us to further decentralize our development process and enable the development of multiple Soonaverse applications simultaneously while also improving the core product as user feedback comes in. The Soonaverse is looking stronger than ever and we’re excited to see how this next chapter unfolds!

Get real time updates directly on you device, subscribe now.

You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

×
Ava
IOTA AI
GM! :-) Do you have any questions about IOTA?
 
AI-generated responses may be inaccurate. Not financial advice.