Utility and Growth.
Table of Contents
Utility and Growth
Deepwaters has two different tokens which empower the ecosystem: WTR, the utility and governance token, and ZRB, the distributed store of value token.
The WTR (pronounced “water”) token is an ERC-20 utility and governance token for the Deepwaters ecosystem. Its primary purpose is to provide a decentralized coordination mechanism for future development and various system parameters. WTR is accepted as payment of fees for services on Deepwaters at a fixed redemption rate of $0.70 / WTR. WTR can also be used to unlock additional functionality on the Deepwaters platform. Governance of WTR is by a DAO, which consists of all WTR holders. The DAO has a treasury which is funded with 17.14% of the fully diluted token supply. The Deepwaters platform’s security architecture ensures a constant demand for WTR. The Deepwaters 2.0 upgrade, slated for release in the second half of 2023, will see Deepwaters upgraded with its own validator network. These validators will be compensated in WTR, however WTR will not have inflation: the supply is pre-allocated and capped at 350,000,000 tokens. If emissions from the validator reserve pool of 30,000,000 WTR tokens are insufficient to fund network validation, the remaining validation costs will be paid by the platform itself from its own reserves. Both validator and user incentives are milestone-based, rather than time-based, to ensure that the WTR token emissions are commensurate with growth of the Deepwaters platform. One half of the community fund also has milestone-based unlocks. WTR also governs the composition of the distributed store of value token, ZRB.
WTR Fully Diluted Allocations
WTR Community Allocations
The ZRB (pronounced “zorb”) token is the first distributed store of value token released by Deepwaters. ZRB is pegged to a basket of “blue-chip” crypto assets, and fully collateralized by a treasury of those assets. The weight given to tokens included in ZRB is determined by WTR governance, and new tokens can be added by supermajority vote of WTR holders.
ZRB is a security and its release is pending appropriate registration. Due to its legal status as a security, it is an ERC-1404 token. Users must be whitelisted to mint or purchase it.
The tokens which will be initially included in ZRB are wBTC, ETH, AVAX, MATIC and BNB. NEAR and ONE are slated to be added shortly after launch.
ZRB can be minted by users of Deepwaters by contributing one of the whitelisted assets and paying a small minting fee.