RMRK token utility and other FAQs
This post will answer some of the most common questions about the $RMRK token. In hindsight, we should have written it long ago.
How do I get the tokens?
- Super Founder: 32362.4595469 tokens
- Founder: 21574.9730313 tokens
- Rare: 4314.99460626
- LE: 431.499460626
You will be able to claim them in a special UI we'll build after the token generation event. There will be a snapshot on July 1st at noon to determine who gets how many, based on the eggs. After the snapshot, you can safely sell your birds and eggs without losing your right to tokens.
I lost access to my wallet, can I still get tokens?
No. Token allocations are NOT transferrable. Please take care of your private keys.
Can I get tokens without buying the eggs?
There is the option to forsake or discard the eggs (i.e. we keep them, but we claim the tokens for you and send you the tokens that those eggs are entitled to) in which case the egg upkeep (emotes, hatching, manual claiming) is no longer your concern, but you willingly give up on the NFTs and any potential child NFTs.
Can I get a big batch of eggs without going through the website?
Yes, email us at firstname.lastname@example.org for OTC buys.
I have some eggs, how many tokens will I get?
You can check here.
I got my egg for free, do I still get tokens?
Yes. Check here.
If I buy an egg during June, do I still get into the fairdrop of tokens?
Even via P2P purchases?
What is the tokens' utility?
The tokens will be used for:
- currency in our metaverse(s).
- if you want to turn an NFT into a batch of fungible tokens to be able to govern it like a DAO (see Billboard example in this post), you have to stake some $RMRK. This prevents fungible token spam.
- curation in galleries: to mint an NFT on Singular which is viewable on discovery pages like homepage, collections list, etc. you will need to stake some RMRK. If some time elapses (period to be defined by RMRK governance) no one reports your NFT for plagiarism, NSFW content when you flagged it as SFW, or any other breach of terms, you get your stake back. To report someone, you have to stake RMRK tokens. The winning party obtains a fraction of the opponent's stake, the rest is burned, reducing the supply.
- governance of platform-wide parameters:
- period of curation
- stake amount for curation
- stake amount for turning NFTs into fungible tokens
- commission fees on Singular and other products and apps we build
- curation in RMRK-launched but not necessarily NFT-related products. As an example, we intend to launch a decentralized and censorship resistant torrent tracker website on IPFS. Users would be able to curate the magnet links on this tracker using the power of their RMRK holdings (plutocratic curation). By encouraging multiple distinct low-overlap groups to hold and use RMRK (artists in galleries vs torrent users and promoters), we further drive demand for the token in different directions.
- collateral in DeFi protocols like Karura and others.
- abstraction of the multi-chain architecture: using RMRK tokens to mint, trade, and generally interact with the NFTs in our ecosystem. As an example, if you have an awesome item in Bit Country, but their marketplace experience is sub-par, and Unique has the best marketplace in the world that no one else can rival, you as the user will simply click "Sell" in Singular. As a user, you will see none of this complexity but behind the scenes we will:
- switch websocket endpoint to Bit.country's metaverse
- convert RMRK into Bit.country tokens to interact with the NFT
- seamlessly teleport it to Unique because both chains support the RMRK standard
- switch websocket endpoint to Unique
- convert RMRK into Unique tokens to list it on their marketplace
- whitelabel of RMRK products and apps. Launching a whitelabel copy of the Kanaria initial collectible offering will cost success commission fees, or it will be directly payable in RMRK tokens, similar to how the Brave browser lets you pay for ad campaigns in BAT.
- use RMRK tokens to fund your account for use with applications like BadCall: see example here.
More use cases are being developed and this post will be updated accordingly.
When is the token launching?
As soon as Kusama's Statemine chain is permissionless, we will mint the tokens. This is estimated to happen in June/July 2021.
Is the token an ERC20 token?
No, it's a native token on the Statemine parachain.
Are you launching a blockchain / parachain on which your token will live?
No, we don't want to crowd the already too crowded chain space. Instead, we will give our tech to all the other chains who want it, and use the Kusama Statemine parachain as a canonical balance-keeper of the RMRK tokens.
Which wallet can I use to store RMRK tokens?
Which exchanges will list the token and when?
We can't tell you that.
Can I trade the token on Uniswap?
No, it's not an ERC20 token.
How many tokens are there in total?
Is there an inflation scheme?
Not at the moment. This is subject to change via governance (see utilities above).
What does the vesting / lockup schedule look like?
The tokens are unlocked if purchased until the end of June 2021. Tokens sold in a subsequent private sale, if any, will be locked for 1 year and vest linarly over 1 year.
What's the token distribution?
The fairdrop tries to distribute 100% of the tokens to egg holders. The token ratio that would have belonged to the eggs that have been burned during June's Hou ou festival will be distributed as such:
- 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, or may be no public sale at all depending on how the previous sales go).