In order to further secure the independence of the RMRK team and to be able to decentralize the governance over the entire multi-chain protocol that RMRK aims to become, the Association is launching a governance token under the ticker $RMRK.
We aim to completely decentralize governance of the protocol within the next three years, such that the organization owns a minority of the tokens in their balance and treasury combined (under 20% total).
A total of 10 million (10’000’000) tokens will be minted, matching Kusama’s KSM supply. The tokens will be minted on the common-good chain Statemint that's being launched on Kusama in the coming months.
The tokens will be distributed according to a mechanism we call the Fairdrop.
Note: This is currently the only way to obtain the tokens. Funds, legal entities, and accredited investors should get in touch for individual large-ticket purchases and to avoid KYC on the site.
⚠ The tokens obtained through the fairdrop will be immediately unlocked. Tokens bought in the private sale later on will have a vesting cliff, and will not have accompanying NFTs. The fairdrop is RMRK's seed phase with the best possible conditions of NFT and tokens per KSM.
Connect your wallet to learn how many tokens you're eligible for
X% of all tokens will be airdropped to everyone who had an egg or a bird in their address on June 2nd, as a gesture of thanks to all our earliest supporters.
If SF are Super Founder eggs, F are Founder, R are rare, and LE are Limited edition, then the value X is calculated as: X = (SF*150 + F*100 + R*20 + LE*2) / 46350
The RMRK team intended to raise a total of 46350 KSM (9*150 + 90 * 100 + 900 * 20 + 9000 * 2, excluding pre-claim prices which were half that).
Putting together points for each egg, we calculate how many KSM were collected.
The ratio of TOTAL / 46350 is how much we’ll airdrop to egg holders, in the proportion of eggs they hold and based on these points. In other words, the value of tokens per egg is:
Super Founder: 32362.4595469 tokens
Founder: 21574.9730313 tokens
This means it’s possible for 100% of the tokens to be distributed if all eggs are claimed.
The remainder of the tokens if all eggs are not claimed will be distributed according to the following formula:
5% of the remaining tokens will be airdropped across the wider NFT ecosystem to other blockchains. Blockchain snapshots from April 4th will be used. Tokens will be immediately unlocked. A claiming UI for the various users of other blockchains will be built. This is expected to happen closer to the end of the year. There will be a 2-month window to claim the tokens, and unclaimed balances will revert to the RMRK treasury. Details on the claiming eligibility will follow.
5% of the remaining tokens as mintdrop: minting rewards for users of the RMRK platform and its partner platforms like official UIs, whitelisted third party implementations, partner marketplaces and platforms, and more. The mintdrop will start counting points with the launch of the official RMRK UI. More details will follow.
15% of the remaining tokens allocated for private sale. There will be a per-entity limit. Tokens will be locked for 2 years with linear vesting starting after a 1 year cliff. Unsold amounts in the private sale will get allocated to the public sale.
20% of the remaining tokens team and advisors. Tokens will be locked for 2 years with linear vesting starting after a 1 year cliff.
20% of the remaining tokens to Treasury: for ecosystem development, grants, and bounties.
Rest into public sale, planned for Q3 2021 (at least 20% but may be more depending on private sale performance).
The RMRK token has several utility functions pre-determined, and more being planned out:
Governance: the token will be used to govern the platforms parameters. This includes everything from changing the commission fees on the RMRKet marketplace, to booting a whitelisted user out of the RMRK Auction house.
Minting: to mint Kanaria-compatible assets like new props and traits that can be applied to birds, the minter will spend RMRK tokens. Example: Coca Cola wants to mint Coca Cola headbands for the birds that people can collect by buying Coke in stores and reading QR codes. They can do this by burning a number of RMRK tokens.
Liquidity Farming: Those LP-ing the RMRK tokens in the various DEXes across the ecosystem will be able to farm RMRK tokens + NFT tokens as an LP reward.
Collateral: Several DeFi platforms have already committed to adding RMRK tokens as collateral on their platform for issuing stablecoin loans.
Infra Access: Holders of RMRK tokens will have access to our infrastructure, like GraphQL servers, regular dumps, technical support from the team, and anything else analytics platforms, wallets, and exchanges might need to better integrate and track RMRK sales and progress. Holding RMRK tokens essentially offloads devops to us, the RMRK team.
Other use cases are still developing along with our partnerships, so keep an eye on this page or our whitepaper.