Passage (PASG) is a utility token that fuels the Passage ecosystem. It is designed to incentivize open-source development and creator contributions on the platform by facilitating the decentralized relationship protocol, governance, security, and rewards.
As the platform grows and users require PASG for purchasing services (e.g., streaming, marketplace transactions, etc.), they will naturally need to compete with retail purchasers. Platform growth will also result in greater awareness of Passage, which will in turn further increase competition for available PASG.
The PASG token will be used for the following purposes:
Governance
Token holders will have the right to vote on proposals and make decisions related to the platform's direction and development. This includes changes to the revenue model, platform features, and the overall ecosystem.
Decentralized Asset Management
Token holders can use PASG to propose and vote on the addition of new 3D assets to the platform's marketplace, as well as revisions to existing assets. For a more detailed explanation, see the section titled “Decentralized Asset Management Governance.”
Incentivizing Open-source Contributions
Developers can earn PASG tokens by contributing to the platform's development, such as bug fixes, new features, and improvements to existing functionality.
Staking
PASG holders can stake and delegate their tokens to one or more Passage validators, who will receive a percentage of fees from staked tokens delegated to them. PASG holders in turn will receive additional PASG token rewards for contributing to the network.
Payment for Platform Services
Creators and users can use PASG tokens to pay for premium features and services on the Passage Platform, such as hosting larger events or accessing exclusive assets. Alternatively, creators can use other payment methods with an additional fee which is determined by governance.
The governance process for the Passage Platform will consist of the following steps:
Proposal Submission: Token holders can submit proposals for changes to the platform or its ecosystem. These proposals must include a clear description, rationale, and potential impact on the platform.
Proposal Discussion: The community will have a designated period (e.g., 7 days) to discuss the proposal, ask questions, and provide feedback.
Voting: After the discussion period, token holders will vote on the proposal using their PASG tokens as voting power. A minimum quorum (e.g., 20% of total token supply) must participate in the vote for the proposal to be valid.
Proposal Execution: If the proposal passes with a majority vote (e.g., >50% approval), it will be implemented by the Passage Platform's core team or the relevant community members responsible for the specific aspect of the platform.
To ensure that the governance process is efficient and focused, Special Interest Groups (SIGs) will be introduced within the governance structure.
SIGs will consist of community members with domain-specific expertise or interest in specific areas of the Passage project.
Formation of SIGs
Any token holder can propose the creation of a new SIG by submitting a proposal outlining the SIG's focus, objectives, and initial members.
The community will vote on the proposal, and if it passes with a majority vote, the new SIG will be established.
Roles & Responsibilities
Each SIG will have a designated leader or coordinator who is responsible for organizing meetings, setting agendas, and communicating updates to the broader community.
SIG members will be responsible for researching, discussing, and proposing changes or improvements within their specific domain.
SIGs may create subcommittees or working groups for specific tasks or projects within their area of focus.
Governance Integration
SIGs will submit proposals for changes or improvements within their domain to the broader community for discussion and voting.
Community members who are not part of a SIG can still participate in discussions and vote on proposals, but the formation of SIGs will help streamline the decision-making process by allowing domain experts to focus on specific areas.
To prevent the centralization of decision-making, each SIG's decisions will still be subject to the broader community's approval through the standard governance process.
Transparency & Accountability
All SIG meetings and discussions will be open to the entire community, and meeting notes or summaries will be made publicly available.
SIGs will be required to report their progress, activities, and any proposed changes to the community on a regular basis (e.g., monthly or quarterly).
Community members can request to join a SIG at any time, subject to the approval of the SIG's current members.
By integrating SIGs into the governance structure, Passage can ensure that qualified individuals contribute to specific areas of the project while reducing the need for every token holder to participate in all governance decisions. This approach will enhance the efficiency, focus, and overall effectiveness of the governance process.
The PASG token will play a vital role in managing both community-generated assets for sale and open project assets contributed by the community. The distinction between these two types of assets will be made as follows:
Token holders can use PASG to propose the addition of their own 3D assets to the marketplace, or put up bounties for assets they wish to see created and listed.
The community will vote on whether to accept these assets, ensuring that only high-quality and relevant assets are available for purchase on the marketplace.
The asset creator will determine the price and licensing terms for their asset, and the Passage Platform will take a percentage of the sales as part of its revenue model.
Any proposed changes or revisions to these assets will also be subject to a community vote, with the asset creator's approval being a prerequisite.
Community members can also contribute 3D assets to the open project, making them freely available for all users on the Passage Platform.
Token holders can use PASG to propose and vote on the addition of these open project assets, ensuring that they meet the platform's quality and relevance standards.
The community will also vote on any proposed changes or revisions to open project assets.
Open project assets will be subject to specific licensing terms that allow for free use within the Passage Platform, while protecting the contributors' intellectual property rights.
To foster a strong and active community, the Passage Platform will support initiatives such as:
Regular community calls to discuss updates, proposals, and other relevant topics
Hackathons and developer events to encourage open-source contributions and collaboration
Educational resources and onboarding programs to help new users and developers get started with the platform
A dedicated forum or chat platform for ongoing discussions, support, and feedback.
The total supply of PASG is fixed at 1,500,000,000 tokens.
Token genesis event (TGE) took place on August 17, 2022.
Private Sale: 25% (375,000,000 PASG)
Public Sale: 10% (150,000,000 PASG)
Airdrop: 14% (210,000,000 PASG)
Staking Rewards: 20% (300,000,000 PASG)
Community Pool: 10% (150,000,000 PASG)
Passage Foundation: 8% (120,000,000 PASG)
Team: 8% (120,000,000 PASG)
Advisors: 5% (75,000,000 PASG)
Private Sale
A private sale of PASG was held for strategic and institutional partners in 2022/2023.
Vesting began September 25, 2023.
Token Price: $0.02
FDV: $30M
Amount Raised: $6M
Public Sale
The PASG token was launched publicly via StreamSwap on August 29, 2023.
20M unlocked tokens were made available at this time across two streams:
10M in a PASG/ATOM stream
10M in a PASG/OSMO stream
Foundry
The Foundry is the Passage treasury. To enable the continued growth of the Passage ecosystem, the Foundry will serve the following purposes:
Provide incentives for liquidity pools on decentralized exchanges
Fostering and supporting the creation of innovative and useful projects built on or in support of the Passage ecosystem
Serve as a capital reserve for the development of the Passage ecosystem
The Foundry’s sources of income include:
Initial allocation
Transaction fees
Licensing of Passage-owned worldbuilding assets
Worldbuilding partnerships
With the advent of governance, voting may be used to decide on the prioritized paths for the Foundry.
Community Pool
The Community Pool is the Passage ecosystem fund, which will be used for strategic partnerships, growth opportunities, and bolstering the Passage ecosystem.
Team & Advisors
Allocated for the core Passage team and members of the Passage Advisory Board.
Airdrops
Airdrops may be used to bolster interest in the ecosystem and incentivize engagement with the Passage ecosystem and marketplace.
50% of the total airdrop supply (105,000,000 PASG) was allocated to Strange Clan NFT holders. 66% of this Strange Clain airdrop was available to claim for 90 days between October 23, 2023 and January 21, 2024. The final 33% will be available to participants who stake 100% of their airdrop tokens for 14 months.
All unclaimed airdrops are subject to token burn, which will decrease the total available supply.
Staking Rewards
PASG inflation began September 8, 2023 following a governance vote (Proposal 2).
Stakers will earn rewards in accordance with the schedule below.
APR (100% Staked):
Year 1: 15%
Year 2: 12%
Year 3: 10%
Year 4: 10% (if supply remains)
Year 5: 10% (if supply remains)
Year 6+: 0%
The APR is intended to create long-term engagement through staking (21 days unbonding) and align with yields offered by other Cosmos tokens and LP opportunities.
After Year 5, staking rewards will come through platform fees, with 10% of all fees on Passage allocated toward Staking Rewards.
The token release schedule is as follows:
Private Sale: 12-month cliff followed by continuous vesting until 2 years from TGE. Vesting begins September 25, 2023.
Public Sale: 20% at TGE; 12-month cliff followed by continuous vesting for 6 months. The 20% unlocked at TGE will be used to setup the StreamSwap detailed above.
Airdrop: 35% at TGE; 2-month cliff followed by continuous vesting until 3 years from TGE
Foundry & LP: 50% unlock at TGE. Remaining 50% has a 1-year cliff followed by continuous vesting until end of Year 3.
Community Pool: 3-year cliff with continuous vesting until end of Year 5
Team: 15-month cliff followed by continuous vesting until 3 years from TGE
Advisors: 15-month cliff followed by continuous vesting until 3 years from TGE
Token burn mechanics to be implemented in 2024.
