$GNME: A Web3 Mining Game on Solana

Abstract. GNME is an innovative Web3 Telegram Mining Game built on the Solana blockchain, combining virtual cryptocurrency mining with engaging gameplay mechanics. This paper outlines the GNME system, its tokenomics, and the game mechanics that create a unique, sustainable, and potentially rewarding experience for users in the cryptocurrency space.

1. Introduction

The rise of blockchain technology and cryptocurrencies has opened new avenues for gamification in the financial sector. GNME leverages this opportunity by creating a virtual mining ecosystem on the Solana blockchain, allowing users to participate in a simulated mining experience without the need for physical hardware.

2. System Architecture

2.1 Registration and Hash Power

Users enter the GNME ecosystem by registering through a Telegram bot interface. The system generates a unique mining wallet for each user. Hash Power, the fundamental unit of mining capability, is acquired by depositing SOL into this wallet at a rate of 100 Hash Power per 0.1 SOL.

2.2 Block Generation and Mining

The GNME system maintains a consistent daily block generation rate of 1200 blocks. To achieve this, the block time dynamically adjusts between 1-2 minutes. Each block mined results in the distribution of $GNME tokens to active miners, proportional to their Hash Power share in the network.

2.3 Reward Distribution and Claiming

Accumulated $GNME tokens become available for claiming every 15 minutes. To optimize network efficiency, token distribution occurs in batches. This mechanism ensures a balance between frequent reward availability and system performance.

3. Tokenomics

3.1 Token Supply and Distribution

The GNME ecosystem has a fixed total supply of 21,000,000 $GNME tokens, distributed as follows:

• 10,000,000 $GNME locked in a Streamflow contract (View Primary Lock Contract)
• 500,000 $GNME locked in a secondary Streamflow contract (View Secondary Lock Contract)
• 10,000,000 $GNME & 20 SOL allocated to the fairly launched liquidity pool
• 500,000 $GNME reserved in the treasury wallet for mining rewards, this is replenished slowly over time from the streamflow contracts.

3.2 Emission Schedule and Halving

Mining opened on August 23, 2024 at 16:19 UTC. The base emission is 20,000 $GNME per day, split evenly across 1,200 blocks. A halving mechanism cuts the daily emission in half on a schedule whose period doubles each time:

• The first halving came 20 days after mining opened
• Each following period is twice as long as the one before (40 days, 80 days, 160 days, and so on)
• Halvings therefore fall on days 20, 60, 140, 300, 620, 1,260 and 2,540, counted in whole 24-hour periods from the start

This is the halving calculation the game uses to set the reward for each block:

const startDate = new Date(mineStart.startDate);
const daysSinceStart = Math.floor((Date.now() - startDate) / (1000 * 60 * 60 * 24));

let halvingPeriod = 20; // Initial halving period
let halvings = 0;
let daysUntilNextHalving = halvingPeriod;

// Calculate halvings with doubling period
while (daysSinceStart >= daysUntilNextHalving) {
    halvings++;
    halvingPeriod *= 2; // Double the halving period
    daysUntilNextHalving += halvingPeriod; // Add the new period to the total days
}

// Apply halvings to the 20,000 daily base
const emissionPerDay = 20000 / Math.pow(2, halvings);

// Calculate reward per block (1200 blocks per day)
const blockReward = emissionPerDay / 1200;

Each halving reduces the daily emission by 50%, and each period between halvings lasts twice as long as the previous one, so new $GNME enters circulation more and more slowly over time.

3.3 Halving Schedule and Monthly Emissions

Below are the halving dates (UTC) and monthly $GNME emissions from the start of mining on August 23, 2024:

Note: The monthly emission is calculated based on 30 days, so actual months vary slightly. Launch day (day 0) emitted 10,000 $GNME; every day after that started from the 20,000 base. Each halving event reduces the daily emission by 50%, as shown in the table.

3.4 Token Utility and Ecosystem Sustainability

This tokenomics model is designed for long-term sustainability, rewarding early adopters and active participants while maintaining a healthy token economy.

3.5 Token Locking and Gradual Release

To ensure long-term sustainability and controlled token distribution, GNME implements a token locking mechanism:

• 10 Million $GNME tokens are locked in the primary Streamflow contract.
• 500,000 $GNME tokens are locked in a secondary Streamflow contract for additional security and controlled release.
• 500,000 $GNME tokens locked in Jupiter Lock Post Launch, to Protect from any contract risk. (No need for tokens to sit in a wallet where the claims occur.)
• These tokens are gradually released daily from the locking contracts to the treasury wallet.
• The release schedule is designed to provide a steady supply of tokens for mining rewards over the next 10 years.
• This mechanism helps prevent token oversupply and maintains a balanced ecosystem.

By implementing this gradual release strategy, GNME ensures a consistent and predictable supply of tokens for mining rewards, supporting the game's longevity and providing stability to the token's economy.

4. Liquidity Management

Initial liquidity consists of 10,000,000 $GNME tokens paired with 20 SOL. This liquidity is locked in Meteora pools, allowing the protocol to earn fees from swaps, contributing to the project's long-term sustainability.

Meteora Liquidity Lock: View on Meteora

5. Referral Program

To incentivize community growth, GNME implements a lifetime referral program. Users earn 15% of the SOL spent by their referrals on Hash Power purchases, creating a sustainable model for community-driven expansion.

6. Risks and Disclaimers

• This project is primarily created for entertainment purposes and should not be considered an investment opportunity.
• The $GNME token is not designed as an investment vehicle and should not be purchased with the expectation of financial returns.
• Cryptocurrency markets are highly volatile and unregulated. Participants risk losing their entire contribution.
• The game mechanics and tokenomics described in this whitepaper are experimental and may change without notice.
• Participation in GNME should be limited to funds you can afford to lose entirely.
• This project may be abandoned, hacked, or fail due to various unforeseen circumstances.
• The information provided in this whitepaper does not constitute financial advice, investment advice, trading advice, or any other sort of advice.

By participating in GNME, you acknowledge that you understand these risks and are acting on your own behalf. Do not purchase $GNME tokens if you are not experienced with cryptographic tokens, blockchain-based software systems, and cryptocurrency trading.

7. Conclusion

GNME presents a novel approach to cryptocurrency mining simulation, leveraging the Solana blockchain's capabilities to create an engaging and potentially rewarding ecosystem. By combining elements of gaming with real cryptocurrency mechanics, GNME aims to provide a unique experience in the Web3 space, fostering a community of virtual miners while maintaining a sustainable and deflationary token economy.