Grindery is a Binance Labs S4 company that provides an EVM Smart Wallet for Telegram, aiming to make web3 easily accessible.
Grindery has two tokens: GX, a utility token, and G1, a social token.
The GX, Grindery's utility token is used to pay for all wallet transactions including sending, swapping and bridging any token.
1 billion GX tokens are allocated among the treasury, staking pools, the team, investors and 28% to the community.
The purpose of the community allocation is to reward community members for contributing to grow the Grindery ecosystem over the coming years.
Users can obtain GX from the community allocation by exchanging it for G1.
The G1 token is a social token given to users for participating in the Grindery ecosystem.
The current supply of G1 is 320 million tokens, with 60 million already distributed to users and 260 million still in the community reserve.
Users can earn G1 by signing up, referring other users, tweeting, liking, and many other activities.
G1 tokens can be exchanged for GX tokens during specific community sales.
The exchange rate of G1 to GX is defined by the supply of G1 and the amount of GX designated for redemption at any given time.
Currently 22 millions GX have be assigned for exchange for the 320 millions G1 in circulation resulting in a exchange rate of G1 to GX is 14:1
During the last Community Sale the exchange rate was slightly lower at 18:1
As the community grows and the utility of the wallet increases, the exchange rate between G1 and GX is expected to continue improving, favoring those who earn and hold G1 tokens.
To conclude, Grindery utilizes two distinct tokens, GX and G1, where GX serves as the primary utility token and G1 as a social token rewarding community engagement; this dual-token structure facilitates precise tuning of incentive programs, enhancing both user involvement and ecosystem growth.