> ## Documentation Index
> Fetch the complete documentation index at: https://docs.speculate.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# The $SPEC token

> Supply, allocation, and utility

\$SPEC is Speculate's native token. Fixed supply, no inflation, no surprise mints.

<Note>
  **Total supply: 100,000,000 \$SPEC.** Fixed at genesis — the supply does not increase.
</Note>

## Allocation

Every \$SPEC in existence is accounted for across eight buckets at Token Generation Event (TGE):

| Allocation                     | Share     | Notes                                          |
| ------------------------------ | --------- | ---------------------------------------------- |
| TGE Airdrop (XP holders)       | **35%**   | Claimed at launch by [XP](/rewards/xp) holders |
| Treasury & Ecosystem           | **15%**   | —                                              |
| Team                           | **12.5%** | 12-month cliff, then 36-month linear vest      |
| Community Incentives           | **10%**   | 5-year linear vest                             |
| Liquidity & Market Making      | **10%**   | —                                              |
| Investors                      | **7.5%**  | 6-month cliff, then 24-month linear vest       |
| Free Competition Prize Pools   | **5%**    | 4-year linear vest                             |
| Genesis Pool (Pump.Fun launch) | **5%**    | —                                              |

<Tip>
  The single largest bucket — **35%** — goes straight to the community that earned [XP](/rewards/xp) before launch. No allocation is larger.
</Tip>

<Info>
  **Vesting at a glance.** Team and Investor allocations both carry a cliff before any tokens unlock — 12 months for Team, 6 months for Investors — followed by a multi-year linear vest. Community Incentives and Free Competition Prize Pools unlock on a straight linear schedule with no cliff, over 5 years and 4 years respectively.
</Info>

## Utility

\$SPEC is a fee token, a discount token, and a governance token.

<Steps>
  <Step title="Pay competition buy-ins in $SPEC">
    Post-launch, entering a paid competition with \$SPEC instead of USDC gets you up to a **5% discount** on your entry fee.
  </Step>

  <Step title="Earn a cut of platform revenue">
    Speculate charges an [8% platform fee](/about/fees) on every paid competition's prize pool. **1.5% of that 8%** is distributed to \$SPEC holders every month.
  </Step>

  <Step title="Stake for fee-share and governance">
    Staking \$SPEC boosts your fee-share rewards and unlocks governance voting rights over the platform.
  </Step>
</Steps>

<Warning>
  The $SPEC discount and fee-share are **post-launch** features — they activate once $SPEC is live, not before.
</Warning>

## Related

<CardGroup cols={2}>
  <Card title="XP" icon="star" href="/rewards/xp">
    How XP is earned pre-launch and how it maps to the TGE airdrop.
  </Card>

  <Card title="Fees" icon="percent" href="/about/fees">
    The full fee rulebook, including the 8% competition platform fee.
  </Card>
</CardGroup>