Governance

FROSTY is governed and upgraded by the FROSTY team, Genesis FRST NFT and $FRST token-holders. The FROSTY Governance framework is introducing financial incentives and improving the autonomy of the platform. The FROSTY DAO aims to improve sustainable growth, longevity and share a vision of alignment between the marketplace platform participants, the $FRST token, ecosystem partners and the team.

The FROSTY long-term vision for the project is large and all-encompassing, and therefore steps towards greater decentralization will be introduced at key stages of the protocol's life cycle.

At the core, both Genesis FRST NFT holders and $FRST token holders will be eligible to receive a portion of the platform’s marketplace revenue from Auctions and Instant Buy sales. The revenue distribution will be taken out of the protocol fee collected by the platform for sale items. The governance contracts allow the community to propose and vote on proposals across monetary, treasury policies, and the protocol’s development. In order to receive revenue, rewards and participate in voting, Genesis FRST holders and $FRST token holders will stake their tokens into the FROSTY Governance contract. The revenue from the platform will be periodically re-distributed out to stakers, only after the Protocol Treasury has reached a $50, 000 reserve from the marketplace protocol fee. The Protocol Treasury will be used across development initiatives, operational expenses and platform maintenance.

This revenue redistribution amount will be different across Genesis FRST NFT and $FRST holders, being dependent on the amount of BNB contributed for the Genesis FRST NFT and also the amount of $FRST held. Further, holders must also exercise their voting rights at least once every 30 days. Non-active Genesis FRST and $FRST holders can have their governance rights and abilities diminished or fully reverted.

A total of 500 Genesis FRST NFTs will be distributed during the Genesis Period. 92% of these Genesis FRST NFTs will be allocated to the community participants, 5% will be allocated towards the Protocol Reserve and 3% will be allocated to certain team members and advisors that helped immensely in contributing to the launch and development of the platform.

The FROSTY platform will allocate 90% of the $FRST token total supply to staking rewards and 10% to the Protocol Reserve. The $FRST token will be distributed through staking NFTs on the FROSTY platform. $FRST will be distributed over the course of 1 year.