$REPT Token Utilities
The primary purpose of the $REPT token is to serve as an in-game currency that players can spend whenever they want to mint a new asset, including fusing an asset to craft a minted NFT or directly purchasing items.
$REPTs are needed to mint gaming NFTs
Creating a blockchain asset in Reptile Chronicles is a premium action that requires $REPTs.
Examples of in-game activities which involve minting new blockchain assets include: Merging (combining several items of one rarity tier to create one item in a higher rarity tier); Crafting (collecting resources to craft tradeable items);
Whenever $REPTs are spent to create a new asset, all spent $REPTs are moved into the Rewards Pool to be distributed back to $REPTs holders.
The $REPT cost of minting a particular NFT will increase with each NFT minted, which will encourage the early use of $REPTs and serve as a mechanism to regulate the supply of assets and avoid the scenario of the market being flooded with items.
$REPTs are needed to buy assets in a primary sale or as a fee in secondary sales
Whenever a player purchases assets in a primary sale (from the Developer), 20% of the sale value must be paid in $REPTs and sent to the Reward Pool.
Whenever a player trades assets in a secondary sale (peer to peer), 20% of the marketplace fee charged by the Developer must be paid in $REPTs and sent to the Reward Pool.
To simplify the user experience, we will allow all purchases to occur in a single transaction and automatically purchase $REPTs from a DEX and transfer those $REPTs to the Reward Pool on the buyer's behalf.
$REPTs are distributed back to players via Active Staking rewards
$REPTs spent to mint, buy or trade assets will be sent to the Reward Pool.
$REPTs in the Reward Pool will be given away via staking, where players must stake and actively participate in the game to receive rewards.
Everyone who votes on important game decisions receives $REPTs from the Reward Pool. What decisions must be put to a vote will be determined by the developer. Awarding development money or altering the reward weighting for player incentives are two examples of topics. Any vote that meets the established minimum conditions, such as 80% acceptance, will be declared binding. To gain incentives, $REPTs holders must both stake and vote, with payouts proportional to their staked amount. Transfer limitations may apply to $REPTs.
We intend to give $REPTs in the Reward Pool to everyone who "plays the game" rather than everyone who votes in the long term. This system will be created to help all players thrive and improve the game and economy as a whole. To get rewards, $REPT holders must stake, with total benefits proportionate to the amount of $REPTs staked. Transfer limitations may apply to $REPTs rewards. The term "play the game" is meant to imply active participation and may include in-game achievements that need 30 minutes of gameplay every week, for example.
To encourage a more cooperative society, $REPT holders will be able to delegate their "play the game" chores to other players in exchange for a part of their $REPT rewards. Implementing $REPT holders will be able to delegate their "play the game" tasks to other players in exchange for a percentage of their $REPT benefits, to foster a more cooperative community. This change may need to be approved by the community and will be subject to development timelines.
Used for Governance and Voting
• Through decentralized governance, token holders will be able to vote on token-related proposals. Topics to be discussed include how to allocate token reserves, voting on developer grants, activating daily incentives and changing the token supply, and voting on community producers and their efforts. Other proposal categories may be added as proper decentralized governance methods are implemented. Through user voting, we hope to continuously improve the Token's utility and decentralization.
• An individual must own a particular number of tokens to submit a proposal for voting, which will be set at a later date.
• The Foundation has the authority to propose items for a vote that are beneficial to the ecosystem as a whole and will be voted on.
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