Espresso Foundation has introduced the ESP token, which will be used in a decentralized consensus network for rollups.
Key parameters:
- Total supply: 3.59 billion
- Maximum supply is unlimited due to staking rewards
Distribution:
- Team: 27.36% (4-year vesting, 1-year cliff)
- Investors: 14.32% (4-year vesting, 1-year cliff)
- Airdrop: 10% (available immediately, to over 1 million addresses)
- Future programs: 24.81% (6-year vesting)
- Fund: 15% (vesting period of 6 years)
- Liquidity: 4.5% (available immediately)
- Staking bonuses: 3.01% (boost up to 420% when staking for 2 years)
ESP is required for staking on the Espresso network. The top 100 validators by stake size participate in the consensus. Yield is calculated using a formula similar to Ethereum — the more tokens in staking, the lower the APR.
Espresso positions itself as the base layer for rollups. The main idea is to speed up block finalization and give the L2 ecosystem a stable and scalable level of consensus comparable to L1.
The project has raised $60 million from a16z, Sequoia Capital, Electric Capital, and others.
Distribution
Westing
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