Token Economics

The entire economy on ELNA is powered by dual tokens:

ELNA (Governance Token)

ELNA is the governance token in the ELNA ecosystem.ELNA holders will be able to participate in all decision-making on the platform related to development,management and operation of the platform, giving them a say in ELNA’s future direction.

Token Allocation at Genesis

Total supply - 250,000,000 $ELNA, The allocation of the total supply of $ELNA is as follows:

Treasury (50.7%) : ELNA maintains a treasury of 125,750,000 tokens. The treasury is a strategic reserve that can be utilised for various purposes, including future development, partnerships, and initiatives that enhance the ecosystem's value.

SNS (25%): A portion of ELNA tokens, amounting to 62,500,000, is allocated for decentralised governance and to raise funds for SNS. These tokens help fund the initial development and expansion of the platform. The maximum target raise is 750,000 $ICP and the minimum target is 120,000 $ICP. An additional tranche of $ICP will be provided by the community fund in accordance with Dfinity’s matched funding algorithm. The investor will receive tokens in the form of a basket of 4 equal-value neurons. Each neuron will have a dissolve delay of 1 month. These neurons will be released over a period of 1 years from the SNS Sale in equal proportions at an interval of 3 months. .

Team (15%): ELNA reserves 37,500,000 tokens for the core development team. These tokens are designed to align the team's long-term interests with the project's success, ensuring their commitment to the platform's growth. The team will receive tokens in the form of a basket of 12 equal-value neurons. Each neuron will have a dissolve delay of 1 month. These neurons will be released over a period of 3 years from the SNS Sale in equal proportions at an interval of 3 months. .

Liquidity Bootstrapping Pool (LBP) (5.3%): ELNA allocates 13,250,000 tokens to the investors who participated in the Liquidity Bootstrapping Pool (LBP). The LBP serves as a mechanism for establishing a fair and efficient price discovery process during the initial stages of the token's public availability. The LBP investors will not have any dissolve delay but have vesting from 12 months.

Airdrop (1%): ELNA allocates 2,500,000 tokens for airdrop campaigns. Airdrops are an effective way to distribute tokens to the community, raising awareness and encouraging early user engagement.

Seed Investor (3%): ELNA has received support from investors since its inception. The seed investor has been allocated 7,500,000 tokens. The investor will receive tokens in the form of a basket of 12 equal-value neurons. Each neuron will have a dissolve delay of 1 month. These neurons will be released over a period of 3 years from the SNS Sale in equal proportions at an interval of 3 months. .

Initial SNS Configuration

The SNS will initially be configured with the values shown in the tables below which can all subsequently be changed by proposal.

Transaction fee in ELNA token that must be paid for ledger transfers


Number of ELNA token that a rejected proposal cost the proposer


Minimum number of ELNA token that can be staked in a neuron


Minimum neuron dissolve delay to vote (in years)


Maximum dissolve delay that a neuron can have (in years)


Dissolve delay bonus (Bonus voting power to the user with higher dissolve delay)


The interval of dissolve delays within an SNS neuron basket (in years)


Maximum neurons age for age bonus (in years)


Age bonus multiplier for neurons


SNS Decentralized Sale Configuration

The decentralized sale will be configured with the values shown below

Minimum ICP amount


Maximum ICP amount


SNS token for sale (ELNA)


Minimum ICP per buyer


Maximum ICP per buyer


Minimum number of sales participants


End date of sale (unless maximum ICP raised sooner)

14 Days from start of sale

Valuation Range

The reason to impose a maximum target is to give participants a minimum bound on the number of ELNA tokens they will receive for their ICP investment.

The lower bound of 120k ICP and the upper bound of 500k ICP for 25% of the tokens gives ELNA an initial total valuation between 210k ICP and 770K ICP. 1 ELNA token would initially be worth between 0.024 - 0.104 USD.

Token Supply Metrics of ELNA

The total supply of ELNA tokens at Genesis is 250 million, and it may increase or decrease depending on the minting or burning of tokens. To incentivize neuron participation, the SNS generates 2.5% of the total supply annually as voting rewards, which accumulate in participating neurons as maturity. Once a neuron's maturity is disbursed, it is burned, and the corresponding value of ELNA tokens is minted to an account by the SNS ledger. It is worth noting that while the SNS ledger can mint tokens via proposals, it is unlikely that the ELNA DAO will elect to do so.


Reward rate


Burn rate

Burned [Mn]

Total supply [mn]















































































However, the SNS can only burn tokens via a proposal and not through any other means.

The ELNA DAO has the authority to burn ELNA tokens in order to reduce the total supply as it deems necessary. It is expected that over time, the SNS will be able to increase the rate of token burning until it exceeds the rate of minting from voting rewards, resulting in a decrease in the total supply.

This diagram presents a forecast of the overall supply of ELNA tokens over time, based on the following assumptions:

  • The reward rate is set at 2.5% initially and gradually reduced to 2% over a 12-year period.

  • The burn rate starts at 0.10% and increases annually by a factor of 1.35 until year 10.

  • From year 10 onwards, the burn rate remains fixed at 2%.

The below diagram and table illustrate how these factors will impact the total supply of ELNA tokens over time.

ELNA Treasury

Following the decentralization sale, the SNS will manage a treasury comprising ICP and ELNA tokens. Right after the sale, the SNS will possess an ICP ledger account filled with the proceeds from the sale, along with an ELNA ledger account. While there's a designated plan for the utilization of these ELNA tokens as outlined previously, the treasury remains at the disposal of the DAO, which can allocate funds as determined through proposals. Anticipated applications for the tokens within the treasury include:

Providing Liquidity for ELNA Trading

After the decentralization sale, there will be plans to move ELNA and the equivalent ICP value from the treasury to several Automated Market Maker (AMM) liquidity pools once Decentralized Exchanges (DEXes) are operational. This action will facilitate ELNA trading. The DAO can utilize any available liquid ICP in the reserve directly or convert ELNA from the ELNA reserve into ICP through a DEX. This converted ICP can then be used to cover operational costs, such as hosting cycles, and eventually, to compensate the development team.

Paying the development team & other operational and administrative expenses

In the future, the ELNA DAO will require funding for its development activities. To facilitate this, development teams may propose to the SNS for ICP allocations to support continuous funding. For example, they might propose bi-annually at first, with the goal of shifting towards a quarterly reporting and funding schedule.

Fund Utilisation

The ELNA DAO will need to present a comprehensive roadmap and budget proposal to ELNA biannually. This document will detail the planned activities, milestones, and the necessary resources to reach these objectives.

First, 6 Months' Fund Allocation The accompanying graph illustrates how the DAO's budget will be distributed over the initial six months.

Mitigation against 51% attack

The ELNA SNS treasury faces a theoretical risk of attack, wherein an adversary might buy a substantial share of ELNA tokens during the decentralization sale. By extending the dissolve delay of their neurons to a maximum of one year, they aim to secure over 50% of the SNS's voting power.

Achieving this could enable them to propose the transfer of the entire treasury of ICP and ELNA tokens to themselves. Nonetheless, the Community Fund acts as a critical defence mechanism, restricting the maximum voting power an attacker could obtain. An illustrative chart shows a hypothetical scenario where an attacker acquires 75% of the tokens available in the decentralization sale, a situation deemed highly improbable.

Thus, the Community Fund plays an essential role in diminishing the risk of such an attack. Even in a scenario where an attacker buys a significant fraction of ELNA tokens and tries to manipulate the voting power by maximizing the dissolve delay of their neurons, they would not attain the necessary voting power to commandeer control, thanks to the protective measures in place.

In our analysis, we consider two hypothetical situations concerning a decentralized sale, involving both Community Fund (CF) participants and non-Community Fund (non-CF) participants, where each group's voting capacity is capped at 50%. The provided chart illustrates these cases, showing that in an attempt to seize control of the ELNA SNS treasury, an attacker could only manage to secure 48.7% of the voting power. Thus, the attacker's efforts would fall short of the threshold required for control. It's crucial to note that this scenario is speculative and is intended to demonstrate the Community Fund's role in restricting an attacker's potential to gain voting power.

In the alternate scenario, where every participant of the decentralized sale has voting rights, the chart reveals that an attacker's maximum achievable voting power would be limited to 42.4%. It's critical to understand that real-world outcomes could vary, likely landing between this scenario and the first. These examples underscore the significance of implementing safeguards to deter any single entity from amassing a substantial portion of the voting power, thereby protecting the integrity of the voting process.

ELIXIR (Utility Token)

ELIXIR serves as the utility token for the ELNA platform, facilitating all transactions and activities. It is used for various purposes, including:

  • Deployment and utilization of Agents on the platform.

  • Accessing tools and data from the marketplace.

  • Distributing royalties to developers and creators within the marketplace.

ELIXIR is generated through the process of burning ELNA tokens, ensuring its value remains constant and unaffected by market fluctuations. Additionally, ELIXIR can be acquired in several ways beyond its initial creation: directly purchasing ELIXIR tokens via exchanges, receiving them as compensation for creating agents, or contributing datasets or tools to the platform.

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