$MUSIC Tokenomics Revamp: Gala Music Introduces New Ecosystem Changes
Peter Zhang
Oct 03, 2024 05:02
Gala Music announces updates to $MUSIC tokenomics, introducing dynamic emissions, standardized node rewards, and removal of track rarities to enhance transparency and sustainability.
Gala Music is set to revolutionize its ecosystem with a significant overhaul of the $MUSIC tokenomics model. This update aims to enhance transparency, equity, and sustainability within the platform, according to Gala News.
Dynamic Emissions Model
The most notable change involves transitioning to a dynamic emissions model for $MUSIC. Previously dependent on the release of new tracks, emissions will now be tied to overall ecosystem activity. This shift means that higher platform engagement will result in increased daily emissions, albeit within a set maximum limit, while lower activity days will see emissions decrease, maintaining a minimum cap to stabilize fluctuations. This model is designed to taper off gradually as the ecosystem grows, promoting a balanced and sustainable supply of $MUSIC. The specifics of this model are detailed in the whitepaper’s Section 3.4.
Standardized Rewards for Jukebox Nodes
Another key update is the standardization of rewards for Jukebox Node operators. Going forward, nodes with a minimum uptime of 20 hours per day will receive a share of daily rewards, eliminating the previous variability linked to track performance and number of tracks paired. This change is intended to make rewards more predictable, based on node availability rather than direct track hosting. Additionally, users with more than 15 node slots will earn daily ecosystem support points and may qualify for extra rewards from the daily ESA pool.
Elimination of Track Rarities
In efforts to streamline the rewards system, Gala Music is removing the Track Upgradability and rarity system. Track rewards will now be determined solely by popularity and circulation, creating an equitable structure where success is based on actual music engagement. However, Exclusive Tracks will continue to offer enhanced rewards, encouraging the release of unique content on the platform.
These updates signify a forward-thinking approach to tokenomics within the Gala Music ecosystem, aiming for sustainability, fairness, and enhanced community engagement. The future of $MUSIC promises greater transparency, deeper artist-fan connections, and decentralized growth.
Image source: Shutterstock
