🪙RACEFI (Governance Token)
Name: RaceFi token
Symbol: $RACEFI
The native cryptographically-secured fungible protocol token of RaceFi (ticker symbol $RACEFI) is a transferable representation of attributed governance and utility functions specified in the protocol/code of RaceFi, and which is designed to be used solely as an interoperable utility token thereon.
$RACEFI is a functional multi-utility token which will be used as the medium of exchange between participants on RaceFi in a decentralised manner. The goal of introducing $RACEFI is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on RaceFi without any intermediaries such as centralised third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $RACEFI does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $RACEFI entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Vietnam, Singapore or any relevant jurisdiction. $RACEFI may only be utilised on RaceFi, and ownership of $RACEFI carries no rights, express or implied, other than the right to use $RACEFI as a means to enable usage of and interaction within RaceFi.
$RACEFI also provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on RaceFi, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. $RACEFI is an integral and indispensable part of RaceFi, because without $RACEFI, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on RaceFi. Given that additional $RACEFI will be awarded to a user based only on its actual usage, activity and efforts made on RaceFi and/or proportionate to the frequency and volume of transactions, users of RaceFi and/or holders of $RACEFI which did not actively participate will not receive any $RACEFI incentives.
It allows players to buy game assets, game consumables (e.g. gas), stake to participate in certain exclusive events or in-game benefits, and participate in Racetrack auctions. All prices in the game will be quoted in $USD. This will allow players to focus on the game and not worry about potential fluctuations in the price of $RACEFI.
Only 200.000.000 $RACEFI tokens will be minted.
| Allocation | % | Amount |
| Funds | 20% | 40.000.000 |
| Play to Earn / Game Rewards | 30% | 60.000.000 |
| Reserve | 20% | 40.000.000 |
| Marketing & Partnership | 4% | 8.000.000 |
| Team & Advisor | 20% | 40.000.000 |
| Liquidity & Listing | 5% | 10.000.000 |
| Airdrop | 1% | 2.000.000 |
Token Economics
The RACEFI token is designed and intended to be a utility governance token, the currency inside the racing game.
Token Flow
The RACEFI token is designed to flow in and out of the game and the community. Players buy the token in order to play the game and buy game assets. Players also win the token as a reward when they win races in the game. Eventually, the intention is for all game asset drops to be purchased in RACEFI tokens. This will happen after the token is relatively easy to acquire and sell on a decentralized exchange.
The RACEFI token and its use in the game is designed to promote the use of the token and how that results in increased use of the game and its assets. The more the game is played, the greater the demand for game assets which further encourages players to play the game more and buy more game assets. This creates a healthy circulation for ecosystem token usage.
Special attention was made to ensure the token had as much balance as possible between the inflow and outflow. The desired outcome here is that there is not more demand to buy the token than to sell it, or vice versa.
The ecosystem was designed to have demand to purchase the token in order for it to be used to buy game assets and upgrades. Rewards in the game can be increased or decreased to change the supply of the token that is being sold. Players are incentivized to hold the token in order to use it to buy game assets or upgrades.
Other incentives were designed to encourage players to participate in the ecosystem. For example, there is the Council of Racers, a DAO like system that allows holders of the token to influence decisions made about the game. This allows players to have a say in the future of the game and how it operates. The larger amount of tokens held, the larger amount of influence the player has, as one token equals one vote.
The goal is to build a system that leads to a steady increase in new players coming into the game (Race Strategy) and incentivizes current players to continue playing the game and interacting in the ecosystem.
