About GEM
The Soul Of Original Blockchain
What is GEM
GEM is the native token of GEMNODE, which plays the major role in empowering the whole GEMNODE ecosystem and distributing network resources properly. For instance, every transaction on the chain will require gas payment with GEM from contract deployment, NFT minting, DEX approval, to asset transferring, etc.
GEM was generated in the ERC-20 standard with a capped supply that applied EIP-1559 to burn gas fees steadily. This means the more activities happen on the chain, the more GEM will be burnt through time in an inflationary model. This balance out network resources mostly between network rewards and burnt token to reach an equilibrated state.
GEM Utility
GEMNODE System
The main and the only payment for gas fees on GEMNODE.
GEMNODE Client Interface
Payment for technical services
GEMNODE DEX
The main reward for adding liquidity and staking
GEMNODE NFT Market
The main payment for NFT
GEMNODE DAO
Enable voting rights and the main reward for voting
Wrapped GEM (WG)
GEM will also exist on other popular chains such as Ethereum, BSC, Arbitrum, Optimism, Polygon, etc. to create a good source of liquidity for users and to enhance its reachability in the format of Wrapped GEM (WG). The plan to deploy WG will be announced in future updates of GEMNODE.
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