TechFlow reports that DeFi platform Shell Protocol has unveiled the economics of its governance token SHELL. According to the announcement, the initial supply of SHELL will be 200 million tokens: 80 million allocated to investors, core team, and development company; 40 million designated for initial airdrops; 50 million reserved for post-launch incentive programs; and 30 million assigned to the DAO treasury.
The Shell DAO will have the authority to mint additional tokens upon approval through community voting. The launch of SHELL is planned for later in 2023, though no exact date has been set. The legal framework for the token distribution, along with adjustments to the Shell DAO structure and governance tools, are scheduled to be finalized in the third quarter of this year.
Additionally, at the start of the new Shell Points season, all users' Shell Points balances will be reset to zero. Shell Points earned in the previous season will be fully converted into CRAB tokens, which will not be available for purchase, sale, or trading in the short term. When SHELL is officially launched, CRAB can be exchanged for SHELL at a 1:1 ratio. CRAB enables more decentralized governance within the community prior to the issuance of SHELL.
