# BWPM

BWPM is the highest-tier governance and premium membership NFT within the Aqua ecosystem. As a highly scarce asset, it grants exclusive ecosystem benefits, protocol reward distribution, and an exclusive DAO voting right to determine core ecosystem policies.

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### 1. Role of sBWPM and Asset Management

* Liquidity Proof Token: sBWPM is a liquidity proof token obtained by supplying a BWPM NFT into the smart contract. (1 BWPM = 1 sBWPM)
* Asset Operational Efficiency: It overcomes the typical liquidity limitations inherent in Non-Fungible Tokens, allowing users to freely swap their position at any time or utilize it in additional liquidity provision positions to maximize ecosystem rewards.

### 2. Token Information & Issuance Status

* Limited Issuance: Strictly capped at a total of 7,000 units (Additional minting is permanently impossible).
* Cumulative Recovery Status: Initial (0 units) ➡️ \[Update: As of May 2026, a cumulative total of 1,716 units recovered]
* Additional Team Allocation: Initial (700 units) ➡️ \[Update: As of May 2026, 873 units secured]

### 3. Core Utilities & Rewards

* Swap Fee Discount (Up to 20%): Provides up to a 20% discount on protocol fees during smart swaps within the Aqua ecosystem. (Applies to only 1 NFT per unique wallet address; benefits do not stack with multiple holdings).
* Protocol Reward Distribution: *Detailed reward estimations are to be updated.*
* PEARL: Allocated approximately 26% of the daily total issuance (7,050 PEARL).
* SHELL: Allocated approximately 15% of the daily total issuance (280,000 SHELL).
* Conversion Fee Rewards: 100% of the fees generated from the mutual conversion between BWPM ↔ sBWPM are distributed back to holders. (Conversion Fee: 200 USDt per BWPM).
* Premium Channels: Grants exclusive access to dedicated community channels and upcoming priority on-chain features.

### 4. Value Capture & Deflationary Structure

* Continuous Recovery (Buyback): Executes continuous market buybacks backed by liquidity provision rewards from the Avalanche ecosystem, systematically reducing the circulating supply and elevating asset scarcity.
* Liquidity Provision Synergy: A portion of the proceeds from ADOL sales is directly supplied into the sBWPM liquidity pool to reinforce long-term price stability.

### 5. Top-Tier DAO Governance

All major policy decisions and numerical updates across the Aqua ecosystem are executed exclusively through the autonomous governance voting of BWPM holders.

* Holders exercise voting power directly proportional to the quantity of BWPM NFTs they hold.
* Excluded from Voting Power: To ensure fair and decentralized ecosystem operations, the initial team allocation (700 units) and any liquidity-converted sBWPM pool allocations are strictly excluded from governance voting rights.

### 6. Core Summary Table

| **Category**        | **Description**                                                                 |
| ------------------- | ------------------------------------------------------------------------------- |
| Total Supply        | Capped at 7,000 units (Strict supply limit with continuous market recovery)     |
| Core Benefit        | Up to 20% discount on smart swap fees (Applied per unique wallet address)       |
| Liquidity Token     | Supports flexible asset utilization via seamless 1:1 sBWPM conversion           |
| Reward Distribution | PEARL, SHELL, and USDt (From sBWPM conversion fees)                             |
| DAO Authority       | Exclusive governance voting rights to steer key protocol and ecosystem policies |


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