The Page Token is the primary governance and membership token of the PageDAO ecosystem. Launched in 2021 as a social currency to issue to people who helped the DAO build itself out, $PAGE has developed a remarkably wide set of distribution channels including Gravity Bridge, Osmosis, Juno, and other Cosmos-based chains as well as Ethereum Mainnet (the token’s home chain), Base, Optimism, Arbitrum, Polygon, and others on the EVM side as well. Liquidity is not deep everywhere, but the pools on Ethereum Mainnet and Osmosis have reached a level of parity in terms of TVL and, with the proper incentive structures, we could see deeper liquidity formation in the near future due at least in part to recent changes to the Page Token’s primary smart contract.
In 2021, the initial plan to mint 100M $PAGE over ten years was conceived and executed onchain. The team had to retain minting rights to mint more tokens each year, which caused a large amount of centralization in the ecosystem (a ¾ multisig was used to secure the contract). That all changed, yesterday.
After three years and a total mint of 40M $PAGE, PageDAO has renounced the right to mint more tokens from the primary Ethereum smart contract. This means that the supply is now hardcapped at 100M total tokens.
Issuance of 60M tokens that were minted as part of this operation will be conducted via primary governance on DAODAO. The pre-issued balance of 60M $PAGE has been placed into a pair of vesting contracts, one with a long annual time horizon and the other as annual staking rewards issuance. You can view them both on DAODAO from the PageDAO Home Page under Vesting Payments.
This method of managing the token secures it under the aegis of onchain, token-controlled governance. It will be impossible to mint new $PAGE under any circumstances, but in addition, the community will retain the option to overhaul the issuance of the token if need be. By vote of governance, the vesting tokens can be reclaimed if there is a security problem or if smart contract risk poses a threat to the growth of the ecosystem.
The Page Token is now fully issued and secured behind the most robust and transparent mechanism the PageDAO has at its disposal: decentralized onchain governance.
