SNT is our network's native and primary token. Initially deployed on Fantom, we have expanded its compatibility and use-cases by making it the native token of Nova Network. We also have plans to further extend its availability to Ethereum and Binance Smart Chain in the future. As of now, you can use SNT to:
Pay for network usage fees on Nova Network;
Participate in securing the network by becoming a validator;
Process cross-border, trustless, and fast payments;
Exercise on-chain governance; and
Pay for products and services;
Basic Information
Name: Supernova Token
Symbol: SNT
Standard: Native/ERC20/BEP20
Available Networks: Fantom Opera, Nova Network
We have created a reference scheme for using Supernova Token denominated units of account. Supernova is a decimal currency, and each unit can be further split into 18 decimal points for lower amounts' referencing or precise accounting. Below a table of nomenclatures to be used while referring to Supernova denominated units of account:
Denomination
Symbol
Abbreviation
SNT Amount
Supernova
N$
SNT
1
Cents
N¢
-
0.01
Supercents
S¢
-
0.0001
Hypercents
H¢
-
0.000001
Gwei
-
-
0.000000001
Mwei
-
-
0.000000000001
Kwei
-
-
0.000000000000001
Wei
-
-
0.000000000000000001
Abbreviation (SNT)
Supernova Tokens can be abbreviated as SNT, which should be used before the units being referenced. Example: SNT 100 in representation of one hundred units of Supernova Token.
Symbol (N$)
Supernova Tokens can also be represented by its symbol, N$, which should be used before the units being referenced. Example: N$ 100 in representation of one hundred units of Supernova Token.
You can use and may see in a lot of our platforms the Supernova symbol and abbreviation being used interchangeably.
Token Economics
SNT token economics promote fair distribution amongst the community, scarcity, and holding incentives for users. A small portion of its supply is burned every time a user sends a transaction on Nova Network, and this ensures balance to the inflationary nature of the tokens, as they are used to pay for block rewards in the network.
Supply
Nova Network
There were SNT 10,500,00 (ten million five hundred thousand) pre-mined in our genesis block, and about SNT 2 are produced every time a block is sealed on the mainnet. This brings a relative inflation of about ~SNT 4,000,000 per year with the network averaging 15 seconds between blocks.
There were SNT 60,000,000 (sixty million) minted on Fantom Opera, on a hardcap smart contract, and out of the total supply there is a SNT 10,000,000 (ten million) allocation for burning events.
Max Supply: 60,000,000
Burned to Date: 2,800,000
Total Supply: 57,200,000
In Circulation: 37,169,354.0187495
We intend to make SNT available to use with other networks, namely Binance Smart Chain and Ethereum, but there won't be any overlapping supply, and deployment on any other chains will require the lockup of the equivalent amount of tokens either on Fantom Opera or Nova Network.
Inflation Rate
New SNT is created on every block mined, thus bringing an inflationary element to the economics of the coin. Because the same average SNT is produced every year against a steadily growing supply, it is expected that the inflation rate will lessen as years go by, and this will also be countered by the built-in burning mechanism that burns part of the fees used to pay for transactions.
Expected Inflation Rate: 2* SNT per Block * ~ 2M Blocks per Year = SNT ~4M/Year
Usage Fees & Burning Mechanism
Nova Network distributes part of the gas fees used to pay for transactions to the validators, and part of these fees are automatically burned by the protocol.
Tokens Initial Allocation
Community Distribution and Direct Token Sales (50M Fantom Opera | N/A Nova Network)
Out of the total supply, 50,000,000 tokens were - or will be - allocated to be distributed to the community in different stages of the project.
Staking Rewards & Community Incentives (5M Fantom Opera | 5M Nova Network)
A total of 10,000,000 tokens have been set aside for community incentives, staking, and farming rewards, both on Fantom Opera and Nova Network.
Development Incentives & Operations (5M Fantom Opera | 5.5M Nova Network)
A total of 10,500,000 tokens have been set aside for assisting protocols and platforms to deploy on Nova Network, and to pay for operational expenses, such as salaries, etc. We have used a good part of the Fantom Opera portion of these allocation in our NBK buyback program.