The $GET Token - Usage
$GET is the fuel for each and every ticket processed through GET Protocol.
The economics of $GET have been designed to ensure that there is on-chain transparency of value flows and activity whilst providing a clear and simple pricing model for ticketing integrators of GET Protocol.
The rate of $GET required per ticket varies based on a number of factors, the main three being:
- The price of the ticket
- The ticket issuer
- Complexity of ticket needs
You can see this on-chain value flow by querying the GET Protocol SubGraph and can read more about the queries in our Mainnet blog post.
For further technicalities, you can read our developer documentation:
Ticketeers topup their GET using their account on our integrator dashboard. GET needs to be topped up before integrator partners sell their tickets.
Ticketeers can topup their GET within the dashboard either using the built in FIAT onramp with circle or alternatively be sending GET to their integrator account wallet via their own self custody wallet.
No, attendees do not know about GET when experiencing the ticket purchase flow. They pay for their ticket using local FIAT currency.
Our system is built to hide as much technical complexity as possible to ensure a smooth ticketing experience.
The amount of $GET that is needed to fuel each ticket, is denominated by a USD value which we refer to as the basePrice. This ensures that on-chain accounting is standardised to a single currency - USD.
This basePrice along with the factors above, determine the amount of $GET necessary for each ticket - we call this variable amount of $GET needed per ticket the mintRate.
In order to understand why the price of $GET rising does not effect the cost of processing a ticket through GET Protocol, it is important to know that all ERC-20 tokens are divisible to 18 decimal places. This means that one $GET can be broken into:
Since we denominate the cost of a ticket in USD, this means that if the price of a single $GET increases, then the amount of $GET needed for a ticket can be less than a whole number, ensuring price fluctuations of $GET will not make the cost of ticketing infeasible.
Here is a table example - note that these are example figures and not indicative of actual pricing figures.
USD Value - basePrice
Price of $GET on the market
$GET needed - mintRate