The Dwarven Councilor of Mucho Platino’s vaults has authorized the use of Platinum Pieces to back the Adventurers Sigils in the following manner.
There will be a 5000 firm cap with a long-term hard cap of 50000. The firm cap will never shrink but could get larger if decided by the community. The plan is to hand it over to Governance. The contract will not allow changing the firm cap until at least three-fourths of the current supply is in the hands of holders.
Why start at 5000? We ultimately want the community to decide what the cap should be as we grow. This amount will give us about ten months at the initial distribution rate before distribution starts to slow down.
But then why have a hard cap? We want these to be rare, unique, special. We feel that number is way too high for our current size, but we think long-term that 50000 max would be the maximum size we would ever want. At initial distribution rates, that would be ten years before distribution would slow down. Of course, the distribution rate can change as well based on what the community decides is best.
Currently, we have our Platinum Pieces set up as the governance token in Snapshot. Using Platinum Pieces was to tide us over until we could get the true merit for adventurers out.
Changing over to use the Sigil as the governance token will not happen right away. Instead, we want at least a few weeks under its belt to help spread it out a bit.
Backed by Platinum Pieces
Platinum Pieces back the Sigil. The Guilds’ Treasury contract holds these Platinum Pieces. Therefore, the amount a single Sigil is worth will vary.
The main change will happen every week after a weekly quest ends. First, the profits will be converted to a mix of WBNB and Platinum Pieces at the end and handed over to the Treasury. Then, throughout the next week, the Treasury will use the WBNB to buy Platinum Pieces to not flood the market once a week with a sizeable big buy.
At any point, you can turn your Sigil in to get the proportionate amount of Platinum Pieces that back it. If there is WBNB in the Treasury, some will get traded to Platinum Pieces during the turn-in to give out the appropriate amount.
Each weekly quest will immediately handle a portion of profits to buy back and burn or send to systems like the lottery. These specifics are coming in this week’s main blog post.
Any time Sigils get turned in for redemption; there will be a 5% tax. This makes every other Sigil out in circulation more valuable!
75% of the turned-in Sigils will be burnt, allowing them back in the pool for distribution with future weekly quests. The Treasury keeps the other 25% for reselling. This 25% is the only buyable, via Platinum Pieces, version of the Sigil we offer.
The Sigil will not have a price, nor will we be opening up trading pairs for it. So instead, there will be two ways you can get it.
- Participate in the weekly quests
- Buying turned-in Sigils
Every week there will be a new quest that utilizes one of our other quests(vaults). Instead of growing the token of the weekly quest, all proceeds will fund the Guilds’ Treasury.
The locked value after deposits determines the Sigil amount handed out at the end of the quest.
Initial Distribution Terms
For every $1000 locked at the start, after $10000, we will add another Sigil for distribution.
Max of 10% of the unsupplied Sigils can be minted per week.
Excluding the deposit/withdrawal fees for the underlying farm/vault from external projects, you will be able to withdraw at any point. However, if you withdraw between when the deposits are locked, and before the weekly quest finishes, a 5% fee applies. 4% of this goes to the profits of the others in the quest, and 1% goes to the projects treasury.
Even if people withdraw after deposits are locked, the same amount of Sigils will go out as determined when deposits got locked. So the number of Sigils each individual will get will be proportionate to the amount of value they locked versus the amount everyone else still has locked.
Buying back turned in Sigils
Sigils can be turned in at any time to get the proportionate value of backed Platinum Pieces. However, only a portion of turned-in ones will be available for purchase. Buying them will apply a transaction fee and burn fee.
There is a 20% markup when directly buying Sigils from the Guilds’ Treasury. 10% of that goes to the Treasury for all Sigils, and 10% will be directly burnt.
Adventurers Sigils will be used for several exclusive access things, including but not limited to the following:
- There will be a high yield shop for Sigils equal to the highest yield mine or shop available.
- The Sigils will also play a role with future adventures and NFTs as these features are finalized.
An example on how the value backing Sigils could fluctuate and our initial weekly quests concept: https://adventurelandfinance.medium.com/welcome-to-adventureland-finance-511f8f1a9b75