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
For further technicalities, you can read our developer documentation:
In the future $GET will also be used as the governance token for GET protocol. The protocol will be transitioning towards a DAO governance structure through a gradual process being undertaken over the next few years.
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.