Comment on page
Breaking down the tokenomics structure of our NFTs and tokens.
- 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.
- 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 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.
- The $RDAO token is our governance token that represents a holder’s voting power within the DAO.
- $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 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.