Tokenomics Proposal v1 — Open Questions for Client¶
Source doc: docs/tokenomics-proposal.md (DRAFT v1, reviewed 2026-04-22)
Cross-checked against: docs/system-spec-summary.md (digest of QuantaTrade_AI_System_Specification FINAL.docx.pdf)
Audience: QT Labs (client), smart contract auditors
Purpose: Resolve before Milestone 2 (Smart Contracts & Custody) — SaleManager and AllocationVesting contracts cannot be written against contradictory numbers.
1. Authoritativeness (blocker for M2)¶
docs/tokenomics-proposal.md (v1 DRAFT) conflicts with system-spec-summary.md (digest of the client's FINAL PDF spec) on almost every economic parameter.
- Question: Is
tokenomics-proposal.mdsuperseded by the system-spec FINAL PDF? If yes, this file should be deleted or clearly marked OBSOLETE to prevent engineers from building against stale numbers. - Question: If not superseded, which document is authoritative where they conflict?
- Recommendation: Pick one, delete/archive the other. Keeping both invites a costly mis-build.
1.1 Round prices — 3-5x apart¶
| Round | v1 proposal | system-spec | Delta |
|---|---|---|---|
| Pre-Seed | $0.0200 | $0.0046 | 4.3x |
| Seed | $0.0400 | $0.0065 | 6.2x |
| Private A | $0.0600 | $0.0090 | 6.7x |
| Private B | $0.0800 | $0.0190 | 4.2x |
| Private C | $0.0900 | $0.0320 | 2.8x |
| Public | $0.1000 | $0.0400 | 2.5x |
- Question: Which price schedule is correct?
- Risk: Pre-Seed and Seed are listed as "Closed" in v1 — if real completed sales used system-spec prices ($0.0046, $0.0065), v1's $2.6M / $6.4M raise figures are not just forecasts, they are wrong attestations of historical raise amounts.
1.2 Total raised — $31.8M vs $7.883M¶
- v1 claims $31.8M across 6 rounds.
- System-spec says $7.883M across 6 rounds (matches user memory
project_token_and_raise.md). - Question: What has actually been raised as of today? A 4x discrepancy is not a rounding error.
1.3 Token allocations don't match¶
Partially resolved 2026-04-22: Seed round = 120M tokens (client confirmed; system-spec value is correct, v1's 160M is wrong).
Note: the client's own docs/delivery-plan.html (Phase 1 + 2 Delivery Plan) §M2 "Allocation Requirements" also lists Seed = 160M. The 160M figure has propagated into multiple client-produced docs. Every doc carrying 160M is stale and should be corrected.
| Bucket | v1 proposal | system-spec | Confirmed |
|---|---|---|---|
| Private rounds (Pre-Seed through Private C) | 530M | 535M | — |
| Public | 50M | 45M | — |
| Team & Advisors | 144M (12.0%) | 155M (12.9%) | — |
| Treasury | 180M (15.0%) | 200M (16.7%) "& liquidity" | — |
| Staking Rewards | 120M (10.0%) | — (revenue-funded, no inflation) | — |
| Ecosystem/Grants | 96M (8.0%) | — | — |
| DEX Liquidity | 60M (5.0%) | Included in "Treasury & liquidity" | — |
| Marketing | 20M (1.7%) | 80M pre + 185M post = 265M (22.1%) | — |
| Seed round tokens | 160M | 120M | 120M ✓ (2026-04-22) |
- Question: Reconcile the allocation buckets. v1's 120M "Staking Rewards" bucket implies emission-based rewards — this directly contradicts the system-spec's "revenue-funded reward pool (no inflation)" principle. Pick one model.
- Question: Does v1's 96M "Ecosystem/Grants" bucket exist at all in the FINAL spec?
1.4 Vesting schedules differ¶
v1 Team vesting: 12mo cliff, 36mo linear (48 months total). System-spec Team vesting: 12mo cliff, 24mo linear (36 months total).
- Question: Which schedule is in the executed investor agreements? This is legally binding in individual token purchase agreements.
2. Fee rebate tiers — not in system-spec¶
v1 §"Fee Rebate Tiers" defines six tiers (0 / 10K / 50K / 100K / 500K / 1M staked) with discounts 0–25%.
System-spec §5.1 states a single $QTRA-holder discount (0.03%/0.06% vs standard 0.05%/0.10%) — no tier structure.
- Question: Which fee model is correct? A tiered model vs. a single-tier model are entirely different contract designs.
- Risk: If v1's six-tier model is correct, the fee-rebate logic in the exchange engine (M1) and staking contract (M5) needs to read tier thresholds, not just a boolean is-staker check.
3. Chain selection¶
v1: "Base (Ethereum L2)".
System-spec: "ERC-20 on EVM chain (chain TBD)".
tech-decisions.md §1: chain decision pending.
- Question: Has Base been confirmed? If yes, update
tech-decisions.mdand delete the "TBD" note. If no, v1's Base assumption is premature.
4. Buyback rate basis¶
v1: "Normal rate: 10% of net profit". System-spec §6 revenue routing: buyback takes specified percentages of specific revenue streams (10% of exchange fees, 10% of trading profit, 10% of licensing — 0% of subscriptions).
- Question: Is buyback 10% of net profit (v1) or 10% of certain revenue streams (system-spec)? These are very different mechanics and produce very different on-chain flows.
5. Sale round status claim¶
v1 marks Pre-Seed and Seed as "Closed" and Private A/B as "Active".
- Question: Confirm current sale status per round. The SaleManager contract (M2) will need accurate
roundStatusinitial values so the deploy transaction doesn't reopen closed rounds. - Question: For each "Closed" round, do we have the final Merkle root of accepted allocations? Needed for any reconciliation or retrospective claim contract.
6. Epoch definition¶
v1 §Epoch Definition specifies a 7-day epoch aligned to the 2% wallet cap and weekly revenue deposit.
- Question: Is the epoch wall-clock (every Monday 00:00 UTC) or relative (7 days from contract deployment)? Wall-clock needs timezone; relative needs a known deploy time.
- Question: What happens in the last incomplete epoch before cooldown/unstake — does the partial window count toward the 2% cap?
Sign-off required before M2 kickoff¶
| # | Item | Owner | Status |
|---|---|---|---|
| 1 | Authoritative tokenomics doc (v1 vs system-spec) | QT Labs | Open — blocker |
| 1.1 | Round price schedule | QT Labs | Open — blocker |
| 1.2 | Actual total raised to date | QT Labs finance | Open — blocker |
| 1.3 | Final allocation buckets (incl. staking-rewards inflation question) | QT Labs | Open — blocker |
| 1.4 | Team vesting (36mo vs 24mo linear) | QT Labs + counsel | Open — blocker |
| 2 | Fee rebate: tiered or single-tier | QT Labs + product | Open |
| 3 | Chain: Base confirmed? | QT Labs + tech team | Open |
| 4 | Buyback basis: net profit vs per-stream | QT Labs | Open |
| 5 | Current round status + Merkle roots for closed rounds | QT Labs operations | Open — blocker |
| 6 | Epoch reference (wall-clock vs relative) | Spec author | Open |