The InvArch network is a protocol that bridges the gap between ideas and creation, connecting a world of thinkers, creators, and finance under one ecosystem. InvArch seeks to effectively and efficiently connect people with ideas that would otherwise seem impossible to build with others who can finance these ideas and people who can make the ideas into usable products.
The InvArch team, led by Dakota Barnett, is highly motivated and continues to build products and features for its creator economy. Here are the recent updates on InvArch and its canary network, Tinkernet;
Completion of the OCIF staking test
The OCIF (On-chain Innovation Funding) staking protocol test, which began on January 2nd and ran for 30 days, has ended, and the rewards for participants have been distributed. The testing campaign saw over 9300 participants engage in the OCIF protocol test. The team at InvArch launched the OCIF staking testnet in preparation for the release of the OCIF protocol in February and is currently running final tests and reviewing observations from testers. The rewards for participating in the trial have also been distributed directly to the wallets of test participants. The TNKR tokens rewarded depended on a tester’s final balance and how often the user interacted with the OCIF protocol in claiming and staking tokens. OCIF, available only on InvArch’s Tinkernet, will be one of the first features that assist innovative projects in getting funding to build their ideas into fully functional products. Tinkernet users can stake their tokens for an ROI. Users can also stake their tokens on an IP set to show support for that IP set. Funding for these IP sets arises from a percentage of transaction fees collected on Tinkernet. An IP set receives funding proportionate to the amount of support in tokens staked on that IP set.
InvArch’s “It’s Grow Time” event
The InvArch “It’s Grow Time” community sale event will allow community members to purchase InvArch Access Passes. These Access passes are reward-bearing NFTs as holders of these NFTs will receive 2000 VARCH tokens per NFT held in their wallet. This event will serve as a pathway for community members to access VARCH tokens which will be the governance token across both Tinkernet and InvArch. With 10000 Access Passes up for sale, the event will proceed in 3 phases due to the eligibility criteria and pricing for these NFTs.
- For the first sale phase, 2000 Access Passes will be up for sale for $50. Community members eligible for this phase include members of YoudleDAO, past and present InvArch ambassadors, Tinkernet crowdloan participants, and InvAch banner NFT holders. A maximum of 25 NFTS can be purchased per whitelisted address. The phase will kick off on February 13th at 4:00 PM UTC and run for 24 hours.
- The second phase will begin on February 14th at 4:00 PM UTC and will be on for 48 hours. Access Passes for this phase will cost $55 with a maximum of 50 NFT purchases per whitelisted address. Users eligible for this round are OCIF Testnet participants, Kanaria holders, PhalaWorld holders, ApeXchimpz holders, and Kusama Kingdom holders.
- The third phase will be accessible to all members of the public. 5000 Access Passes will be available for this round, costing $60 per NFT. A maximum of 100 NFTs can be purchased per address. This phase will run for 96 hours and begin on 16th February at 4:00 PM UTC.
Each phase is on a first-come-first-served basis, and the purchase will be in DOT, and the price equivalent of DOT will be stated on the website for each stage. Access Passes will be distributed 14 days after the end of the sale of these NFTs. 30% of the VARCH tokens allocated per NFT will be airdropped 14 days after the VARCH token generation event (TGE), and 70% will be vested over one year, released block by block. TGE is expected after InvArch wins a parachain slot in Polkadot.
I want to point out that 2000 VARCH tokens at $50, with a total supply of 1 billion tokens, give you access to VARCH tokens at a fully diluted value (FDV) of $25 million. This value slightly changes to $27.5 million and $30 million FDV in the two other phases of the NFT sale. Users can do comparative studies with the FDV of other parachains on Polkadot to know the possibilities. The sale will be on the InvArch website.
Updated VARCH Tokenomics
The InvArch team recently updated the tokenomics of VARCH. The VARCH token will have a finite supply of 1 billion tokens and 0% token inflation. The VARCH token will be responsible for governance across the InvArch network and Tinkernet, delegating the decisions of how the treasuries on both networks are utilized by VARCH token holders. Other than governance, the VARCH token will be used for the following:
- VARCH tokens are used to register DAOs on the InvArch network, and VARCH tokens can be bonded to ensure gasless transactions over the network.
- IP NFTs can be registered to the InvArch network and protected under the network’s cross-chain authentication protocol by paying a premium fee and bonding VARCH tokens.
- VARCH tokens will be utilized to pay for the deployment and execution of smart licences, facilitating on-chain licensing agreements between various parties.
16% representing 160 million tokens will be held by the InvArch association. Half of this allocation is reserved for InvArch’s core team and will be locked for a year and vested over nine years. This shows and ensures the team’s continuous commitment to the InvArch network. The other half of the allocation will be reserved for fundraising and loans to market makers.
7% representing 70 million tokens are allocated to seed investors who invested funds early and provided support for InvArch The allocation for seed investors is locked for three months, after which it follows linear vesting for 21 months.
2% representing 20 million tokens will be airdropped to community members who own an InvArch Access Pass NFT. This provides easy access for the community to get their hands on the VARCH token at an average FDV of $27.3 million across the 3 phases. 30% of the allocated amount will be airdropped 14 days after the token generation event of the VARCH token, and the remainder 70% of the supply will be vested linearly over a year.
1% representing 10 million VARCH tokens will reward participants who crowdloan their DOT tokens to help InvArch win a parachain slot. The crowdloan cap will be set using the cap reached in the previous crowdloan before InvArch participates. This also allows users to earn the VARCH tokens with the benefit of their DOT tokens being returned after 96 weeks. 20% of the allocation will be released on TGE, and the remainder will be vested linearly over 96 weeks.
4% representing 40 million tokens will be reserved and used to self-fund future parachain slots for InvArch.
10% representing 100 million VARCH tokens will be allocated toward the project’s future community growth initiatives & its early ambassadors.
25% representing 250 million tokens, will serve as incentives for governance to encourage more users to participate in the management of the treasuries of both Tinkernet and InvArch networks. The amount will be spread out over 25 years, after which transaction fees accrued in the treasury will continue incentivizing governance participation.
35% representing 350 million VARCH tokens, will be used for infrastructure support over 25 years, after which the accrued treasury will take its place.
From observing the distribution values, only 9% of the VARCH tokens are offered in seed rounds and public sales compared to other parachains, where between 30–40% of tokens are sold in seed rounds and public sales. As a result of this and the vesting schedule, there won’t be any huge unlocks of VARCH. Compare that with the huge unlocks observed in Moonbeam’s GLMR and Unique’s UNQ. Also, the structure of the tokenomics shows the long-term dedication of the team to InvArch.
Updates on Saturn
The InvArch team, while speaking on Twitter space, have indicated that Saturn will soon be available for use across different networks in Polkadot and Kusama. Saturn is InvArch’s multi-sig solution. Using XCM will allow for accounts to be added or removed from multi-sigs and for multi-sigs to be used across different parachains. InvArch received funding for their multi-sig solution in December last year. There have been suggestions that it would be available for all parachains to utilize quite earlier than planned. This plug-in solution will only require a few lines of code to use.
The InvArch team is constantly building with the DAOist CDK expected in the coming months. With the team expecting anywhere from $250 million to $1 billion in value captured in the first year, InvArch is an exciting project to look out for when their suite of products is available. Access Pass NFTs and the crowdloan remain the easiest and cheapest (due to low valuation) ways for the community to get VARCH tokens in preparation for launching more features on InvArch.
Contact or learn more about InvArch
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Resources
InvArch: IPs and Decentralized Development
InvArch: Tokenizing Ideas Using Substrate.
InvArch Network Dual Token Economy.
