Mango Network unveils tokenomics and 1 billion airdrop rewards for MGO token launch

Mango Network is gearing up to launch its token generation event with a total supply of 10 billion MGO. The token launch will begin with a two airdrop events with a 10% token allocation.

In an official post, the layer1 blockchain with multi-virtual machine support recently unveiled the tokenomics for its upcoming native token launch. Although the notice did not mention the exact date for the MGO token generation event, it has already scored listings on major crypto exchanges like Bitget, MEXC and KuCoin for June 24, 2024 09:00 AM UTC.

“As MangoOS_Network approaches its Token Generation Event (TGE), we’re thrilled to reveal the Mango Tokenomics!” wrote the network in its post.

According to the announcement, the network has prepared total token supply of 10 billion MGO. Around 10% of the tokens, essentially 1 billion MGO, will go to early supporters through airdrops. Around 5% of the tokens will be distributed via the testnet airdrop and 5% will be allocated for the mainnet airdrop.

“Half of the rewards are designated for the Testnet participants and active community contributors, while the other half is reserved for the future Mainnet Airdrop,” wrote the network.

One of the largest shares of the token supply will be allocated to maintaining the liquidity of the Proof-of-Stake staking pool, specifically 20% of the token supply. This is meant to incentivize validators and stakers to “ensure security and decentralization.”

Another 20% will go to the Mango Network Foundation, while 17% will be allocated to the Ecosystem Innovation Fund, which is aimed at rolling out tokens to support developers and ecosystem growth overtime. In addition, 15% of the token supply will be allocated to the Mango Network team and early contributors. Another 15% will go to investors.

Finally, Mango Network claimed that 3% of its token supply will go to advisors of the project.

All token allocations, including tokens received through the mainnet and testnet airdrops, will be subjected to an unlocking framework that spans more than seven years. This means that the token allocation will gradually unlock in trickles of 12 million tokens per year until it reaches completion after seven years.