Hedera (HBAR) -rahakkeen tokenomiikka

The native token of the Hedera network, HBAR, was launched in conjunction with the mainnet in 2018. It serves as both the network's fuel and its protection mechanism. The token economics are centrally managed and governed by the Hedera Governing Council, a group of up to 39 term-limited enterprises.

Issuance Mechanism

The HBAR token operates with a fixed, pre-minted supply, meaning no new tokens can be created beyond the initial amount without unanimous consent from the Hedera Governing Council.

• Total Supply: The maximum total supply of HBAR is 50 billion tokens.
• Pre-Minting: All 50 billion HBAR tokens were minted at the network launch in August 2018 and moved into the Hedera Treasury.
• Distribution Schedule: The tokens are distributed from the Hedera Treasury according to a predetermined schedule. This distribution occurs at discrete intervals, typically at the end of each quarter. The distribution schedule was initially planned to extend over 15 years but was later revised in the Hbar Economics Whitepaper (v3) to span from 2019 to 2025, with an estimated release of 34% of all HBAR by 2025.
• Supply Control: The supply cannot be increased without the unanimous consent of the Hedera Governing Council.

Allocation Mechanism

The initial allocation of the 50 billion HBAR supply was distributed across various stakeholders and initiatives, with the largest portions reserved for the Treasury and ecosystem development.

The following table details the allocation of the HBAR supply, based on data as of June 2022:

Key Allocation Details:

• Ecosystem Funding: A significant portion is dedicated to ecosystem development. For instance, the HBAR Foundation was allocated 70 billion HBAR (approximately 21.40% of the total supply) in September 2021 to fund development initiatives. Additionally, in January 2024, the Council approved the allocation of 4.86 billion HBAR (9.70% of the total supply) for ecosystem development initiatives managed by the Hedera Board of Directors.
• Founders and Early Contributors: The co-founders, Leemon Baird and Mance Harmon, collectively received 9.9% of the total supply, including tokens from SAFT allocations and additional grants. Employees and service providers were compensated with Restricted Coin Units (RCUs), which vested into HBAR over a four-year schedule with a one-year cliff, totaling approximately 8.14 billion HBAR (16.30% of the total supply).
• Swirlds, Inc. Payments: Swirlds, Inc., the creator of the hashgraph technology, received a one-time allocation of 2.50 billion HBAR (5.00% of the total supply) and is entitled to ongoing monthly payments equivalent to 10% of Hedera's revenue.

Usage and Incentive Mechanism

HBAR serves a dual purpose as network fuel and network protection, primarily through transaction fees and a permissioned Proof-of-Stake (PoS) mechanism.

1. Network Utility (Usage)

• Transaction Fees: HBAR is used to settle network transaction fees, which are divided into network fees, service fees, and node fees. Network service fees are denominated in USD but charged in HBAR, providing users with more predictable operational costs.
• Medium of Exchange: HBAR is used as a medium of exchange within the Hedera ecosystem, facilitating trading on decentralized exchanges (DEXs) and purchasing NFTs.
• Hedera Token Service (HTS): HBAR is essential for the Hedera Token Service, which allows users to issue and configure native fungible and non-fungible tokens (NFTs) without relying on smart contracts. HTS enables features like custom token fees (fixed, fractional, or royalty fees) and configurable compliance.

2. Network Security and Incentives (Staking)

• Permissioned Staking: Hedera currently operates as a permissioned Proof-of-Stake (PoS) network. Consensus nodes are run exclusively by members of the Hedera Governing Council. These nodes must stake HBAR to secure the network. As of March 6, 2024, approximately 22.63 billion HBAR (45.20% of the total supply) were collectively staked by the 30 live consensus nodes.
• Staking Rewards: Consensus nodes accrue HBAR from network transaction fees and staking rewards. Nodes that meet a minimum threshold balance of 250 million HBAR (0.50% of the total supply) accrue additional HBAR from a Staking Reward account.
• Delegation: Tokenholders can participate in securing the network by delegating their HBAR balances to existing consensus nodes via Hedera-compatible wallets. This delegation contributes to the node's consensus weight (voting power), and delegators receive a share of the associated node’s staking rewards.
• Reward Rate: The Hedera Governing Council has approved a maximum annual staking rewards rate of 2.50% (as of March 6, 2024), which is subject to algorithmic governance and periodic review by the Treasury Management & Coin Economics Committee.

Locking Mechanism and Unlocking Time

Hedera's locking mechanism primarily relates to the initial distribution schedule for early investors and contributors, designed to mitigate the risk of a single entity gaining control of the network stake.

• Locking Mechanism: Tokens allocated to early investors via Simple Agreements for Future Tokens (SAFTs) and tokens granted to employees and service providers via Restricted Coin Units (RCUs) are subject to vesting and distribution schedules.
• SAFT Exchange Offer: An offer was made to SAFT holders to exchange their outstanding SAFTs for a new form, which included an extended distribution schedule in exchange for an additional allocation of HBAR.
• Ramping Distribution: The Hedera Hashgraph, LLC implements a token release schedule from its treasury account over a period of time (initially 15 years, later revised to end by 2025) to control the circulating supply and mitigate the risk of a Sybil attack. The token supply increases at discrete, quarterly intervals.
• Unlocking Timeframe: The overall distribution schedule for HBAR from the Treasury is planned to extend until 2025. For early contributors, the RCU plan followed a four-year vesting schedule with a one-year cliff.

Specific, detailed future unlocking dates for individual SAFT or RCU tranches were not available.