The native digital cryptographically-secured utility token of My DeFi Pet (DPET token) is a transferable representation of attributed functions specified in the protocol/code of My DeFi Pet, and which is designed to be used solely as an interoperable utility token on the platform. DPET token is a non-refundable functional utility token which will be used as the medium of exchange between participants on My DeFi Pet in a decentralised manner. The goal of introducing DPET token is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on My DeFi Pet, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer.
DPET token does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will DPET token entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. DPET token may only be utilised on My DeFi Pet, and ownership of DPET token carries no rights, express or implied, other than the right to use DPET token as a means to enable usage of and interaction within My DeFi Pet.
DPET token provides the economic incentives which will be distributed to encourage users to contribute and maintain the ecosystem on My DeFi Pet, thereby creating a win-win system where every participant is fairly compensated for its efforts. DPET token is an integral and indispensable part of My DeFi Pet, because without DPET token, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on My DeFi Pet. Given that additional DPET token will be awarded to a user based only on its actual usage, activity and contribution on My DeFi Pet, users of My DeFi Pet and/or holders of DPET token which did not actively participate will not receive any DPET token incentives.
The DPET economics has been designed to incentivize and maximise the interaction between the players and the game. For example, users will be rewarded with DPET and random rewards to encourage them to spend on activities within the system which would promote adoption of the platform, such as spending on purchasing, breeding or evolving pets, or spending time playing games. DPET may be spend by players to significantly enhance their progress and experience in-game. So as to promote decentralised community governance for the network, DPET token would allow holders to propose and vote on governance proposals to determine features and/or parameters of My DeFi Pet, with voting weight calculated in proportion to the tokens staked. For the avoidance of doubt, the right to vote is restricted solely to voting on features of My DeFi Pet; the right to vote does not entitle DPET token holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets, and does not constitute any equity interest in any of these entities.
This arrangement is not intended to be any form of joint venture or partnership. It is the community members which would drive development of My DeFi Pet, so DPET token incentives would need to be distributed to compensate them for their time, expertise and effort. Only users which have participated in submission of proposals, commenting, reviewing and/or voting will be entitled to receive DPET token governance rewards.