💲Gripp Finance Token (GRIPP )
The Gripp Finance (GRIPP) is Gripp Finance multichain governance utility and rewards token. It must be staked to vote on active polls and will be required as a deposit for making new governance polls (official governance is not yet active) .
GRIPP is provided as an incentive for users to farm rewards by staking LP tokens - minted by providing liquidity for GRIPP and Potions. Yield is paid to the users from GRIPP that are newly minted in the MasterCastle through annual inflation, which gradually increases the total supply of GRIPP until the end of 4th year.
Because of the importance of GRIPP Token for Gripp Finance.Finance ecosystem it is imperative to ensure a certain degree of decentralization. As a consequence of that there will not be any team tokens issued, after the Private sale ends developers will not have any special control over token minting or distribution.
Staking Rewards
From Protocol Fees
Currently protocol fees generated from vault closures and liquidations are used to buy back Gripp Finance from the market, which is then placed in the Gripp Finance contract, causing the ratio of Gripp Finance to iGripp to increase. This system is similar to the SUSHI/xSUSHI reward system of Sushiswap.
Eventually, GRIPP token stakers will receive USDC token rewards every block, which are generated from protocol fees from Vault withdrawals. The protocol fees will be collected from Vault collateral and are sold for USDC. The USDC tokens are then distributed as rewards to GRIPP stakers in proportion to the percentage of total stake generating so called "Real Yield" for Gripp Finance stakers based on protocol fee generation.
From Poll Creation Fees
Whenever a new governance poll is created, an initial deposit of GRIPP tokens must be paid. If the poll does not reach voting quorum, this deposit is distributed to all GRIPP stakers proportionately.
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