Welcome to $BUIDL and $ELXR
Learn more about final tokenomics for Starter and Starchi ecosystem tokens and an update on the migration
Starter’s new tokenomics were designed to minimize the amount of changes required to pick up where we left off. For both Starter and Starchi, we focused mostly on excluding the affected tokens from supply along with previously burned tokens to determine the new supply. We also decided to keep all previous tiers and staking requirements the same to avoid a large learning curve for new levels. What follows is the summary of new $BUIDL and $ELXR tokenomics.
Token name: Starter.xyz
New Symbol: BUIDL
Max Supply: 817,018 BUIDL (1M START max supply - burned - hacked)
We are still writing custom scripts to extract data from the pools (there are a lot of them), but estimate that 60%–70% of tokens were staked as of March 29th. Based on this information, the circulating supply should represent ~30%-40% of tokens.
~Max Supply: 817,018 BUIDL
~Circulating Supply: 300,000 BUIDL
~Listing Price: $2.95
~Initial Market Cap: $885,000
(Subject to change based on final data extraction, but will closely resemble this)
The allocation breakdown of BUIDL tokens — such as how much goes toward liquidity, strategic development, and more — are dependent upon full airdrop and stakedrop requirements being collected, so it remains a work in progress.
A similar approach was taken with Starchi and is as follows.
Token name: Liquid Luck Potion
New Symbol: ELXR
Max Supply: 95,925,039 ELXR (100M max supply - hacked)
Approximately 85% of ELIXIR were staked, leaving the circulating supply of the new ELXR token at 15%. The token allocations for ELXR will mostly remain the same, minus 4,074,960.77 ELXR that will be removed from the Development allocation to represent the amount burned.
~Max Supply: 95,925,039 ELXR
~Circulating Supply: 14,388,755 ELXR
~Listing Price: $0.03
~Initial Market Cap: $431,662
As mentioned previously, tokens will be airdropped and stakedropped automatically. Stakedropped tokens (meaning those that are placed back into staking as they were originally) will be locked for a minimum of 45 days while markets are restored. They will also be eligible for earning ELXR rewards while staking.
Tokens will be issued 1:1 for all, but those who also lost WMATIC from the staking pool can opt in to receive either 1) 0.5 as an additional airdrop or 2) IDO revenue share as compensation. For example, if you lost 100 START and 100 WMATIC, you can either choose to receive 50 additional BUIDL staked as compensation in addition to your 100 BUIDL, or a share of monthly IDO revenues.
A submission form to allow users to decide their compensation preference can be found here: https://bit.ly/StarterCompensation
Additional Utility and Updates
$BUIDL ownership is being considered as a requirement to be a member of the Starter Labs in-person Blockchain Center ecosystem. It will serve as the Blockchain Center’s DAO token, giving members a voice in some decision making for our coworking space and incubator. We have been working with universities and local leaders to source and identify up and coming builders in blockchain in the Southeast USA and our space is already in high demand. In addition to being the coworking DAO membership token, $BUIDL holders will be among the first to have access to invest in projects incubated by our in-person Blockchain Center.
Other work that will be included in the updated release of our contracts include resolving issues with Diamond Hands when staking in Starchi, several UI improvements and resolving claiming functionality for missed claims. Please see our last update for an itemized task list.
Our work goes on and we feel very confident in the future. The best is yet to come. Thank you for your patience and for being loyal Starters — it is greatly appreciated! Please stay tuned for the next update.