Hello! We've made some small adjustments to our tokenomics so we decided to make an overview of BOLT and RUSTY, which are the tokens of RaceValley.
We are also going through some important aspects of each token and explain what we are our plans on them.
So, what is BOLT? BOLT is the primary token in the ecosystem, being used for governance purposes and a bridge to web2 services. We have huge plans for the future, but let's not get ahead of ourselves. 😉
RaceValley aims to have an open and transparent ecosystem where the community can decide the direction of it. That being said, BOLT holders can vote for proposals of important decisions in the ecosystem and also decide what to do with BOLT itself (Reserve Pool).
BOLT has a total supply of 300,000,000 BOLT. A detailed information about the unlock of each allocation can be found on our whitepaper.
Play to earn is not the focus of BOLT, however RaceValley is a game and we want gamers to play and decide the future of the game. That's why we are rewarding players with BOLT, so that they can be stakeholders and vote for proposals.
BOLT has a reserve pool allocated for future usage. BOLT holders will be able to decide what this pool will be used for.
Although the Staking Pool may seem a bit low, remember that the Reserve Pool exists for some reason. If in the future, the majority decides to increase the staking pool, that is possible and we are looking forward to it.
RUSTY is a token planned to be used only for game utility purposes. Which means that RUSTY can be earned by playing and be spent on upgrade, craftings, marketplace, etc.
RUSTY is also the token used in the marketplace. Every marketplace transaction has a fee of 5%, which half of it is burned and the other helf is sent to the RaceValley Team as a way to maintain the ecosystem.
RUSTY has "unlimited" supply. Although we already offer many burn mechanisms, there is still a high chance that the market will become oversupplied, causing the token's value to decrease.
To fight this, we created "Unpolished RUSTY". Basically, every time you earn RUSTY by playing, it's actually Unpolished RUSTY. You can use this Unpolished RUSTY in the game the same way you use RUSTY.
But you can only deposit and withdraw RUSTY. To convert RUSTY into Unpolished RUSTY, you must "polish" it.
The polishing process is simple. For 10 days, every day, 10% of the Unpolished RUSTY is converted into RUSTY, half is returned to the owner and the other half is burned.
Here is a simple example: If I have 100 Unpolished RUSTY and I want to polish all of it, I will lose that Unpolished RUSTY in order to receive back 5 RUSTY every day for the next 10 days. So, at the end of 10 days, I received 50 RUSTY and burned other 50.
Other than that, all the game mechanincs that require RUSTY, such as upgradings and craftings, can be paid with both with the same amount. Which means that, in the game, 100 RUSTY is 100 Unpolished RUSTY, and you can even pay with both. For example use 60 Unpolished RUSTY + 40 RUSTY to upgrade your car's engine that costs 100 RUSTY.
This adds strategic econimic elements to the game, as players need to decide whether they want to withdraw their earnings or spend it in the game.
In short, both tokens have their own purpose and they are required in order to provide balance to the ecosystem. The Unpolished RUSTY is expected to increase the demand of RUSTY, as 50% is burned on the conversion.
Feel free to share your thoughts! 😄 We've been listening to our community, otherwise we wouldn't be able to improve and have what we have now.
Website: https://racevalley.io
Discord: https://discord.gg/SgDfFwwBHx
Whitepaper: https://whitepaper.racevalley.io
