Syndicates - Collections

Disclaimer: here

This document only describes our current implementation/idea about the feature.

Chests are part of a Syndicate, comparable to an NFT collection.

Syndicates can be deployed permissionlessly. Each syndicate has the following properties, set by the protocol message:

• Relic (which relic the collection belongs to)

• Unit (amount of relics per chest)

• Supply

• Inscription (must be spent on creation)

• Royalties (charged in $MBTC on creation and destruction of chests)

• Lock configuration

• Reward configuration

There can be multiple syndicates per relic, with no restriction on who can create them. This allows creators to deploy multiple syndicates for their relics, communities to launch NFTs for their relics, or to enable parts of communities to compete against each other.

It is easy to imagine that a relic could become the base commodity for a community that creates numerous collections, driving innovation in art, tokenomics, and the social aspects of community-driven collections.

Royalties

The protocol incorporates a royalty fee system. The royalty system allows creators to earn a predetermined percentage from chesting and unchesting. These royalties go to the owner of the syndicate inscription.

Staking Pools

Syndicates can be used to configure staking pools. Creators of a relic will have the option to automatically distribute relics to chests of pre-determined syndicates. Those rewards can be claimed by unwrapping.