Apillon Tokenomics: The main utilities of NCTR

NCTR token holds a vital role in simplifying and democratizing the way Web3 is built.

Apillon

Nov 16, 2022 • 2 min read

NCTR, pronounced “nectar”, is Apillon’s native utility token. It works as a multi-purpose asset that rewards contributions to the growth of the Apillon platform and general Web3 adoption.

Whether you are an active Apillon platform user or a community member, all NCTR token holders are encouraged to steer the future of the platform’s offering in a financially stable, sustainable, and democratic way.

One token to rule them all

As a Web3 development platform, Apillon pursues the vision of a faster global transition to a completely decentralized future. But for Web3 to become widely adopted, interoperability and simplicity of Polkadot’s parachains are of great importance.

Much like the Apillon platform simplifies parachain and protocol use for the builders of Web3, the NCTR token delivers a straightforward and unified payment structure to unlock the platform’s connectivity to Web3 services. But how?

The services integrated by Apillon are paid in their individual native volatile tokens. In order to provide stable, predictable pricing to the developers while sustaining the services in the background, the payment utility of the NCTR token turns it into a unified means of payment.

NCTR replaces the need for platform users to acquire or exchange the native tokens of utilized parachains, meaning they can focus more on the technical aspects of building Web3 projects. Fixed payment plans introduced in later versions will further enable them to chart financial forecasts better, bringing stability to the economic side of Web3 building.

Community steering future development

Apillon’s vision is to become a self-governed platform built and run by developers for developers.

The governance utility of the NCTR token enables all NCTR token holders to have a say in the future of Apillon’s Web3 development platform. They can submit proposals for new features, vote, and co-create the platform that best responds to their needs.

A portion of the NCTR token fund will be allocated for the user incentives and grants program. The goal is to encourage them to roll up their sleeves even more — more funds granted to young projects would boost innovation, support the best projects, and set higher standards for Web3 building.

Motivation for governance and building of Web3

To incentivize the adoption of Apillon’s platform, the NCTR token holders, who are also platform users, will be assigned more voting power in platform governance than non-users. However, non-users and small token holders will be able to increase their voting impact by locking their NCTR tokens for longer periods.

This way, no matter the role in the Apillon community, all NCTR token holders can power up their vote and make it count more.

Unlike other governance models where voters are asked to decide on matters that don’t really impact them, Apillon’s governance system will confirm or reject suggestions that would change the way users interact with the platform. This, combined with a streamlined voting process, will motivate them to stay engaged and constantly improve the methods of Web3 development.

⧓ About Apillon

The Apillon platform serves as a unified gateway to the Web3 services provided by linked Polkadot parachains. Following the multi-chain vision, Apillon powers the transition of developers to Web3, simplifying its adoption in the real economy, and expanding its versatility as the ecosystem grows. With Apillon, Web3 services are within reach for every developer, regardless of their background and experience with blockchain technology.