The $WXM Token
The token that enables the WeatherXM ecosystem
$WXM, issued by the WeatherXM Network Association, is the token that enables the WeatherXM ecosystem.
$WXM will be used to govern the Network and will be required to license weather data for commercial uses. Station owners are awarded $WXM for providing high-quality weather data to the Network.
Tokenomics
$WXM is an ERC20 token to power the weather data economy.
WeatherXM is deployed on Arbitrum One Network. You can find the contract at Arbitrum One Explorer
New approach in crowdsourcing weather data
WeatherXM creates an entirely new weather data economy that rewards the people who deploy and maintain weather stations. $WXM is currently implemented in Arbitrum One as an ERC20 token.
Like most networks, the value of our Network is greater than the sum of its parts. Station owners are rewarded with $WXM tokens (governance participation) based on the data they contribute on a daily basis.
To implement this logic, we introduce a smart contract that distributes a fixed budget of tokens (the $WXM token) to station owners and other stakeholders daily. Any customer who wants to use the Network’s data or services will have to acquire $WXM.
$WXM Token Distribution
Total supply of the $WXM token is 100M (100,000,000) tokens.
55% - Station Rewards:
Tokens will be used for station owners rewards. 3M of this amount will be used to gradually reward beta users.
30% - Initial Supporters:
30M tokens will be allocated to initial supporters of the project. These tokens will be locked and they will be unlocked during a period of four (4) years, linearly with one year cliff.
10% - Treasury
10M tokens will be allocated to the DAO treasury to support the WeatherXM ecosystem development. Tokens will be unlocked linearly during a 5 year period, starting from the day of the token launch.
5% - Liquidity support:
5M tokens will be provided to token exchanges as a way to allow other interested parties to join the WeatherXM ecosystem governance and/or license data.
3% Beta Rewards:
3 million tokens will be used to reward stations that contributed data to the Network during the beta phase. This is not a marketing activity intended to create buzz and awareness, but a reward mechanism for the stations that participated and formed the Network before a reward mechanism was in place.
More specifically, the 3,000,000 tokens will be allocated to stations based on the percentage of rewardable station-hours each station provided to the Network.
A rewardable station hour is an hour during which the station sent at least one valid weather data package to the network. Proof-of-Location (PoL) is not taken into account during the calculation of the Beta Rewards.
This provides an additional incentive for the early Network adopters to remain in the network, maximising their station data value due to seniority and providing additional incentive for early members to actively participate in future Network governance.
To understand better the "Beta rewards" you can read the related blog post here.
Token Emissions
Distributed over the next 10 years
WeatherXM is a long-term project. The total supply of 100M $WXM tokens is unlocked and distributed based on a predefined 10-year schedule.
The token distribution is designed to incentivise station owners to provide data to the Network and to reward early supporters of the project.
All tokens will be minted on token launch. More specifically:
- 52M tokens will be distributed to station owners every day for providing data to the Network.
- 30M tokens will be allocated to initial supporters of the project
- 3M tokens will be distributed to station owners that participated in the Network during its beta phase. See more at Reward Boosts
- 10M tokens are reserved in the Association's treasury. They will be used to support the WeatherXM ecosystem development.
- A one-off issuance of 5M tokens will take place on token launch. These tokens will be used to provide market liquidity.
Locked tokens
- Treasury tokens will be locked and they will be unlocked linearly during a 5 year period, starting from the day of the token launch.
- Initial Supporters tokens will be locked and they will be unlocked linearly during a four (4) year period with one (1) year cliff.
You can always read more at the WeatherXM Network website.