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Tokenomics

Breaking down the tokenomics structure of our NFTs and tokens.
Token
Type
Contract Link
Max Supply
Membership Pass
ERC-721M
20,000
Genesis NFT
ERC-721M
20,000
$RUG Token
ERC-20
255,000,000
$RDAO Token
ERC-20
170,000

Membership Pass

  • The Rug Radio Membership Pass started out as a mint pass that provided early access (famlist) to mint the genesis NFTs. However, it has now transformed into a more affordable key to the ecosystem, offering greater accessibility to all interested participants.
  • Holding a membership pass allows you to participate in our Rewards Program where you can earn $RUG by engaging on Twitter, completing bounties, and participating in listen-to-earn.

Genesis NFT

  • Genesis NFTs provide daily $RUG token rewards and offer access to additional perks for being part of our community.
  • Accumulated $RUG tokens can be viewed or claimed on the claim dashboard.
  • Holding a Genesis NFT also allows you to participate in our Rewards Program.

$RUG Token

  • The $RUG token serves as our utility token
  • The total supply of 255 million $RUG is slowly released on a 5 year time frame
  • $RUG can be earned by holding Genesis NFTs, participating in the Rewards Program, and listening to shows.
  • $RUG can be used to convert to $RDAO and participate in governance, purchase items in the Rug Store, and more as we continue to build out our rewards program.

$RDAO Token

  • The $RDAO token is our governance token that represents a holder’s voting power within the DAO.
  • $RUG can be converted to $RDAO on the claim dashboard​
  • $RUG that is converted into $RDAO is not burned, but is instead transferred to the RugBank for redistribution
  • The exchange rate is 1800 $RUG = 1 $RDAO
Note: Currently, it is not possible to swap $RDAO back to $RUG.

ERC-721M

  • ERC-721M is a new standard developed by SyndicateDAO, our smart contract partner, with a modular design that includes features such as
    • Customizable mint, burn & transfer plug-ins
    • Customizable, evolvable metadata & renderers for on-chain identities, roles, reputation, and more
    • Gas-optimized bulk mint, distribution & onboarding capabilities
  • The power of using this smart contract standard means that our NFTs can easily evolve as our community grows and changes.