Getting Started
$SECOND is a time-based token with a supply grows by 1 token per second, governed by specific mining rules. Anyone can mint unclaimed SECOND by adhering to these guidelines:
- Starting supply is ~73 million SECOND, the seconds elapsed since the Base Network launch.
- You can mint an amount of SECOND equal to the number currently held in your wallet.
- Unclaimed SECOND from prior periods remain available for mining at the next opportunity.
- Pay a one-time refundable fee of 60 SECOND to be eligible for mining.
- Mining frequency depends on your SECOND holdings, as detailed below:
How often a wallet can mine depending on the SECOND held.
| $SECOND Held | Mining Frequency |
|---|---|
| 1 to 60 | Once in a Year |
| 60 to 3,600 | Once in a Month |
| 3,600 - 86,400 | Once in a Week |
| 86,400 - 604,800 | Once in a Day |
| 604,800 - 2,592,000 | Once in an hour |
| 2,592,000 - 31,536,000 | Once in a Minute |
| 31,536,000+ | Once in a Second |
The Game Theory Behind the Mining Rules
- Anti centralization: If a whale tries to dominate by holding more tokens to increase mining frequency, the price goes up and benefits smaller holders. No negative sum game.
- Mitigating Tragedy of the Commons: Bad actors trying to game the system will are endup helping the network grow while decreasing their own returns.
- Cooperative Economy: More users can pool their resources to increase their mining frequency, leading to a more cooperative and less competitive ecosystem, a positive sum game. Let’s say Alice holds 3,600 SECOND and can mine once a week(roughly 2 $SECOND a week). If she teams up with 720 other users who holds 3,600 SECOND each, they can pool their resources to hold 2,600,000 SECOND and mine once a minute. This way, together they mint 1440 times (2 SECOND per mint because on base network 1 block mined every 2 seconds) in a day, earning 2880 SECOND a day, which is much more than what Alice could earn on her own. Here it’s roughly a 12x increase in earnings for Alice(3.25 Every day) and a win-win for everyone. That is 40% APY for all users in the pool, assuming the price of SECOND remains constant.
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