PCP Tokenomics
Pay-per-Call Protocol (PCP) is the native utility token of MeterCall's Layer 4. This document is the canonical reference for supply, distribution, vesting, utility, burn mechanics, valuation framework, audits, legal posture, and risks.
1. At a glance
| Parameter | Value |
|---|
| Name | Pay-per-Call Protocol |
| Ticker | PCP |
| Chain (canonical) | Base (Coinbase L2) |
| Bridges | Ethereum, Arbitrum, Optimism, Polygon via LayerZero OFT |
| Total supply | 1,000,000,000 PCP (hard cap) |
| Inflation post-genesis | 0% |
| Genesis price target | $0.05 / PCP |
| Genesis FDV | $50,000,000 |
| Public Launch + LP Bootstrap | $10,000,000 (fair-launch, 20% allocation, includes permanent LP) |
| Standard | ERC-20 + ERC20Permit + ERC20Burnable (OpenZeppelin v5) |
2. Distribution
Total of 1,000,000,000 PCP, allocated across six tranches. Addresses are placeholders — final wallets published at TGE (token generation event) with on-chain verification.
| Tranche | % | Amount | Vesting | Cliff | Wallet (placeholder) |
|---|
| Team & Founding Team (Pat + core) | 10% | 100,000,000 | 4-yr linear | 12 mo | 0xTEAM…0001 |
| Community & Builders | 30% | 300,000,000 | Streamed via x402 usage fees | None | 0xCOMM…0002 |
| Ecosystem Treasury (DAO-controlled) | 20% | 200,000,000 | 4-yr linear unlock | None | 0xTRSY…0003 |
| Public Launch + LP Bootstrap | 20% | 200,000,000 | Fair launch + permanent LP | None | 0xPUBL…0004 |
| Airdrop | 15% | 150,000,000 | Early MeterCall users + active wallets across top 30 chains | None | 0xAIRD…0005 |
| Strategic / Early Backers | 5% | 50,000,000 | 2-yr linear | 6 mo | 0xSEED…0006 |
Why this split is defensible
- Community + Treasury + Airdrop = 65% — the overwhelming majority of supply flows to users, builders, and the DAO. Far beyond most "community-first" launches (UNI 60%, ENS 50%).
- Team 10% with 1-yr cliff, 4-yr vest — intentionally under the 15–20% band most launches sit in. Founders are in it for the long haul, not the unlock.
- Strategic 5% — intentionally small. Avoids the VC-heavy cap tables that triggered 2024 unlock crashes (40%+ VC allocations).
- Public Launch + LP 20% — combined fair launch and permanent on-chain liquidity means day-one depth without a separate "treasury unlock to seed LP" event.
- Airdrop 15% — aggressive retroactive reward across the top 30 chains' active wallets + early MeterCall users.
3. Utility matrix
| Utility | How to access | Economic impact |
|---|
| Meter fee discount | Pay calls in PCP (burns 1 PCP per call for discount); or stake for tiered rate | 10% base · 20% at 10k staked · 40% at 100k staked |
| Revenue share | Stake PCP for 30d/90d/1yr/4yr | 40% of all platform fees distributed pro-rata, claimable weekly |
| Builder bounties | Publish a module; bounty distributed per-call | x402 fee stream + PCP matching from Community tranche |
| Governance | Hold or delegate PCP | 1 PCP = 1 vote (optional quadratic for treasury grants) |
| RPC priority | Stake ≥ 1,000 PCP | Lower-latency queue on L4 RPC endpoints |
4. Burn model
30% of every platform fee paid in PCP is burned forever. This creates structural deflationary pressure that scales with usage. The remaining 70% is split: 40% to stakers (revenue share), 30% to treasury.
Daily burn projection
| Scenario (calls/day) | Avg fee (USD) | Fees in PCP/day | Daily burn (PCP) | Annualized burn |
|---|
| 10,000 | $0.02 | 4,000 | 1,200 | ~438,000 (0.04% of supply) |
| 100,000 | $0.02 | 40,000 | 12,000 | ~4,380,000 (0.44% of supply) |
| 1,000,000 | $0.02 | 400,000 | 120,000 | ~43,800,000 (4.38% of supply) |
Assumes $0.05 PCP spot. Higher PCP price means lower burn quantity per dollar of fee. Burn rate floats with adoption and price, producing a self-balancing loop.
5. Valuation framework
Not a price prediction. A DCF-lite framework so holders can build their own model.
Fee-capture approach
- Revenue = platform fees captured. If MeterCall meters $X/yr in calls at 3% take-rate, platform fee = $0.03 × X.
- Stakers capture 40% of fees. If $10M/yr platform fees, $4M/yr flows to stakers.
- P/S multiples (DeFi comparables): AAVE has traded 6×–20× fees; CRV 4×–15×; UNI 10×–40× (full-dilution P/S varies by cycle).
- Illustrative math (not a promise): $10M/yr stakers share × 10× P/S = $100M staked-PCP valuation; distributed across staked supply and amplified via burn.
Caveat: Comparables are historical and volatile. Crypto markets apply and remove multiples within weeks. This framework is for sizing orders, not guaranteeing outcomes.
6. Launch plan
- Testnet: Deploy PCP + staking + governance on Base Sepolia. 4-week open testing + bug bounty.
- Audits: OpenZeppelin v5 base contracts; targeted engagements with Certora (formal verification) and Trail of Bits (manual review) before mainnet. Planned
- Mainnet: Deploy on Base. Seed Uniswap V3 PCP/USDC pool from the Public Launch + LP Bootstrap tranche. Permanent LP — ownership burned, liquidity locked forever.
- Fair launch: 20% allocation (Public Launch + LP Bootstrap) offered at $0.05 (target $10M raise incl. permanent LP). Per-wallet cap to prevent sniping. KYC for allocations > $10k per AML policy.
- Bridges: LayerZero OFT deployed to Ethereum, Arbitrum, Optimism, Polygon on week 2.
- DAO: Snapshot + on-chain execution via OpenZeppelin Governor. DAO assumes treasury control on day 365.
7. Security
- Base contracts: OpenZeppelin Contracts v5 (ERC20, ERC20Burnable, ERC20Permit, Pausable, Ownable2Step)
- Planned audits: Certora (formal verification of staking + burn invariants), Trail of Bits (manual)
- Bug bounty: $250k pool via Immunefi pre-mainnet
- Timelock: 48h timelock on admin ops until DAO takeover
- Multisig: 4-of-7 Gnosis Safe on treasury + team wallets
- Source: MIT-licensed, public GitHub from day one
- Renounce path: Ownership transferable to DAO Governor post-year-1; pause function removed post-renounce
8. Legal posture
- Classification intent: PCP is designed as a utility token (consumptive use in the MeterCall meter). No profit-sharing promises.
- Revenue share: Distributed from a protocol smart contract on a pro-rata basis to stakers who actively secure the meter. Structured to align with user/consumer reward model, not a security.
- Jurisdictions: Launch excludes US persons, OFAC-sanctioned countries, and other restricted jurisdictions. KYC required for allocations above defined thresholds.
- SAFT: Early investor waterfall uses a non-US SAFT structure. Legal counsel: TBD (target: a top-tier crypto law firm before TGE).
- This is not investment advice. This document is a scaffold. Final terms and legal disclosures will accompany any public offering.
9. Risks
Please read before participating.
- Smart-contract risk. Contracts have not been audited yet. Bugs could cause loss of funds. Do not deposit anything you can't afford to lose. Pre-audit contracts should be considered experimental.
- Market risk. PCP price is volatile and could fall substantially. Crypto markets regularly see 50%+ drawdowns.
- Regulatory risk. Token classifications are evolving. A jurisdiction could classify PCP as a security, restricting listings or access.
- Unlock cliff risk. Team and investor unlocks can produce sell pressure. The schedule is designed to minimize this (1-yr cliff, 4-yr linear) but does not eliminate it.
- Adoption risk. PCP utility depends on MeterCall usage. If platform adoption stalls, fee capture and burn flow shrink.
- Depeg / bridge risk. Bridged PCP on L1/L2s depends on LayerZero integrity. A bridge exploit could create a supply desync.
- Key-management risk. Loss of private keys = permanent loss of tokens. Use hardware wallets.
10. References & comparables
- AAVE tokenomics: staking for revenue share + safety module — informed our staking multiplier design.
- CRV (Curve): veCRV lock-for-power model — informed our 4-yr max lock with 3× multiplier.
- UNI (Uniswap): fee-switch debates — informed our 40/30/30 fee split from day one (no governance friction required to "turn on" revenue share).
- ENS / APE: large-community allocations with retroactive airdrops — informed our 15% airdrop to early MeterCall + active wallets across the top 30 chains.
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