What is Towns (TOWNS)?
TOWNS is an ERC-20 token issued on Ethereum and bridged to the Base Layer 2 network for use within the Towns Protocol. It follows an inflationary supply model starting at 8% annually and gradually decreasing to 2% over a 20-year period. Inflation rewards are distributed every two weeks to Node Operators and delegators. The circulating and total supply is determined by its issuance schedule and governance decisions through the Towns DAO.
Towns Protocol is a decentralized messaging infrastructure built on the Ethereum Layer 2 network, Base. It allows the creation of programmable and private group communication channels known as Spaces, which have on-chain membership controls, customizable governance structures, and smart contract-based access permissions. Encrypted messages are delivered and stored through a decentralized network of Stream Nodes, eliminating the need for centralized servers.
The protocol’s Layer 2 framework retains Ethereum’s security while offering faster transactions and lower gas fees. Governance is managed by the Towns DAO, also called Towns Lodge, where Space owners, Node Operators, and token holders participate in proposal submission and voting. As an open-source system, it provides a foundation for developers to build decentralized real-time messaging applications.
The TOWNS token is used for staking, allowing holders to delegate to Node Operators or Spaces to support network operations. It also serves as the governance medium, enabling voting on protocol upgrades, economic parameters, and other proposals. Additionally, it is part of the reward distribution system, with inflation-based rewards allocated to participants, and it supports fee distribution for network activities.
TOWNS is listed on Binance for trade and purchase. The current price of TOWNS is updated and available in real-time on Binance.