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STEP Distribution
Distribution of STEP tokens at time of issuance
All STEP tokens are minted upfront with certain pools of tokens being subject to vesting or lockups. It can be assumed that anything which is part of the below wallet is not part of 'circulating supply' as it is not circulating and locked. STEP tokens not part of the below wallets are not owned or controlled by Step Finance. As discussed in the previous section STEP is distributed to the following pools:
This wallet functions as the core pool for paying expenses from and is where the STEP Treasury tokens reside. Expenses mean costs associated with running Step.finance including team salaries, server costs, marketing expenses or anything else which incurs an expense paid for by the protocol.
This wallet collects revenues earned by the STEP protocol across all Step brands and projects. This includes: Auto compounding fees, DEX Settlement fees, Token Account closure fees, Step AMM swap fees, Validator income, Conference Sponsorship, Reward Options exercised and more. This wallet periodically pays the xSTEP staking contract with 100% of fees collected every 1-2 days. This is where the yield for the xSTEP token comes from.
This wallet is where the majority of supply is and is distributed to StepDAO contributors for doing productive tasks to grow the Step Ecosystem.
This pool is set aside for airdrop rewards in future. We have no ETA for this. Our intent is to vampire other protocols to bring new users in, reward existing Solana users or any other creative mechanics associated with airdrops.
All Presale investor tokens have concluded their vesting period and been minted and distributed as of March 29 2023
Any tokens remaining in this pool are from Pre-Sale investors that didnt claim their tokens.
Token Metrics
Token Burn
On the 5th of October 2021 Step decided to burn a significant amount of supply (Approx 37%) as follows the metrics at that point in time were as follows:
- 50% of Team tokens yet to be emitted burned (75 000 000 STEP)
- 50% of Community Pool Emissions burned (232 398 073 STEP)
- 50% of Treasury burned (57 495 135) STEP
- 50% of Airdrop Supply burned (5 000 000 STEP)
- The total burned amount approximately 369 893 208 STEP
- This will bring Total Supply down to: 630 106 792 STEP
Burn Transaction:
Here for the Community, Treasury and Airdrop pools. Vested Team tokens owed which were not emitted yet had future vested tokens cut 50%.
More information is available in our update blog here (https://stepfinance.medium.com/step-update-4-c3bc4d2a263a)