Tokenomics

The tokenomics distribution for WHAT token is as follows:

Token Allocation Details

• LP (Liquidity Pool) - 25%: Used to provide liquidity, ensuring trading pairs have sufficient depth and liquidity
• Season 1 - 30%: Community incentives and reward distribution for the first season
• Season 2 - 15%: Community incentives and reward distribution for the second season
• Season 3 - 15%: Community incentives and reward distribution for the third season
• Team - 15%: Team allocation for project development and operations

Revenue

Revenue means the trading fees WHAT keeps: after Orderly's base fee and after the referral rebates paid to referrers and referees. Hyperliquid builder fees count in full (no rebates are paid on them). The Airdrop page prices $WHAT on this net revenue.

Revenue and Fund Distribution Mechanism

Net revenue, and the funds it produces, are distributed the same way:

• 20% to Liquidity: Used to maintain and enhance trading pair liquidity
• 80% to Treasury Buyback: Used to buy back $WHAT from the market and deposit it into the treasury

The estimated $WHAT price shown on the Airdrop page follows from this split: 20% of net revenue seeds the pool and 80% buys back tokens.

Season 1 Points

Season 1 distributes 30% of the supply (300,000,000 $WHAT) by points. Each account's share of the points is its share of the tokens.

• Volume: 1 point for every $1,000 traded on WHAT (Orderly) since 2024-06-13.
• Pre-farm bonus: 320% extra points on volume traded from 2024-06-19 to 2025-09-26 (4.2x in total for that window), as announced in release 2.7.3.
• Referral: 1 point for every 4 points your referees earn.
• Hyperliquid: 1 point for every $4,500 traded on WHAT's Hyperliquid frontend since 2025-11-11.
• No exclusions and no per-account cap.
• Season 1 started on 2024-06-13 (UTC). The end date will be announced in advance; the final table and its hash will be published at the cut-off.

Points, token share and the price estimate are computed from exchange data and recomputed on every visit until the cut-off.

Treasury Mechanism

Tokens held in the treasury will be saved for future liquidity needs. This ensures the project can quickly provide liquidity support when needed.

Launchpad Mechanism

Once the Launchpad feature is completed, graduated token projects will use a portion of the funds raised to purchase $WHAT tokens from the treasury to create liquidity pools (LP).

Mechanism Benefits

This mechanism brings multiple benefits:

1. Healthy Liquidity: By purchasing $WHAT from the treasury to create LP, it enhances $WHAT's liquidity
2. Deflationary Release: Releases liquidity in a deflationary and healthy manner, as tokens are purchased from the treasury at floor price
3. Arbitrage Opportunities: When token prices fluctuate, it creates arbitrage opportunities with $WHAT
4. Prevents Dumping: Liquidity is locked and purchased at floor price, preventing people from dumping $WHAT