Purpose
$SPLIT is the governance and incentives token of the Split Finance protocol. It does not represent equity, does not confer any claim on protocol revenue in its initial design, and is not required to use the staking product. Its sole purpose is to coordinate governance over strategy allocation, APY parameters, and treasury spending.
Supply
| Parameter | Value |
|---|---|
| Max supply | 100,000,000 $SPLIT |
| Initial circulating supply (TGE) | 14,500,000 $SPLIT |
| Inflation | Fixed supply — no ongoing emissions after year 3 |
| Contract | Non-upgradeable ERC-20 with permit |
Allocation
Utility
Governance
$SPLIT holders vote on proposals including new venue integrations, strategy allocation changes, APY floor adjustments, and treasury grants. Voting power is proportional to staked $SPLIT at snapshot time.
Boost multiplier
Stakers who lock $SPLIT for a minimum of 30 days receive up to a 1.5× multiplier on their market-balancing boost, capped at a combined +3.00% APY.
Fee discount
A protocol performance fee of 10% applies to yield above the 6% floor. $SPLIT holders receive a discount on this fee, scaled by lock duration and amount.
Emission Schedule
| Year | Emissions | Primary recipient |
|---|---|---|
| Year 1 | 18,000,000 | Community incentives, liquidity mining |
| Year 2 | 12,000,000 | Community incentives, treasury |
| Year 3 | 5,000,000 | Treasury, targeted grants |
| Year 4+ | 0 | — |
Treasury
The treasury holds 15% of supply plus accumulated performance fees. Its primary mandate is to fund the APY floor subsidy during periods of low organic lending yield. Treasury disbursements above a defined threshold require a governance vote.
Value Accrual
Value accrues to $SPLIT through three mechanisms in the long-term design:
- Performance fees on yield above the floor are used for buyback-and-burn.
- Governance control over an expanding set of markets creates option value.
- Lock-up reduces float, tightening supply during periods of high demand.
Risks
- Governance token value is speculative and may go to zero.
- Emission schedule is subject to change by governance vote.
- Lock-up carries opportunity cost and smart contract risk.
Legal Disclaimer
$SPLIT is not offered or distributed to persons in jurisdictions where such distribution would be unlawful. Nothing in this document constitutes an offer to sell securities or a solicitation to buy. This is a draft specification subject to change before launch.