Introducing Land and $EXP
GM Scholarz! It has been a while since our last update on newest homework related to trivia. Hopefully you have been having a blast answering trivias made by all of you. Another legendary has been minted and congrats to Taktu231 for it. Here’s how it looks like:
So we have been promising juicy updates and today, we would like to share in details what the team has been cooking in the last 2 weeks.
Land will be the latest addition to Scholarz growing ecosystem, in order to sustain the future Play-and-earn & Learn-and-earn concept. Land will also be an important element in building greater ownership by our community toward our project, let alone being part of $EXP tokenomics.
Our commitment to always bring value to Scholarz community, especially holders, will stay true even for the release for Skoolverse Land. We will release up to 2,500 lands as free claims that are tied to every Scholarz Genesis. In other words, if you have a Scholarz, you can claim a Skoolverse Land, which is a standalone NFT collection created by Scholarz team, at no additional cost other than gas.
What can you do with your land, you ask? What we mean by “building greater ownership by our community toward our project” is literal. So, by owning a land, you can own a portion of Scholarz ecosystem:
- Endowment fund → Read further to understand
- Classroom tax → A portion of tax taken from whoever earns $EXP from learning via Scholarz Classroom
- Playground tax → A portion of tax taken from whoever earns $EXP from playing mini games in Scholarz Playground
- Battleground tax→ A portion of tax taken from whoever earns $EXP from [Redacted] in Scholarz Battleground
There will be some steps involved though and this will show how Scholarz Genesis will play the most important part in the ecosystem:
- Each Genesis Scholarz is eligible to claim a land.
- Each land will be able to host 1 of any Scholarz you have via staking mechanism
- For a land to start working, it must be active. That means, a Scholarz must be there doing work for at least 2 weeks.
- Each land will have level upgrades. The more developed a land is, the more structures can be built, resulting in more utilities. This goes without saying, but upgrades only work on active lands.
- Land can be listed and sold, whether it has a tenant or empty. Technically, only the tenant is locked.
- Whenever an owner of active land changes due to transfer or sale, the land must be reactivated again per point number 3. However, all upgrades remain intact.
- Structures can be upgraded too. The higher level the structure, the better utility it gives. First structure that will be launched is Level 1 House (where your piggybank will be) which will cost you some $EXP to build
Over time, we will release new structures with new functions and upgrades for you to play around with your land.
$EXP Token & Tokenomics
A lot of you might have been wondering about what is next for $EXP. Experience token ($EXP) is Scholarz utility token that we have been collecting by doing homeworks and discord activities in order to mint remaining Scholarz Genesis until full collection of 2,500 is minted out.
So far, we have been distributing up to 250,000 EXP per day during weekdays (Mon-Fri) for Scholarz holders who do their homework (read about homework here). At the moment, $EXP only utility is to mint Scholarz Genesis for 6,000 cost per mint + gas fees. EXP that we have been distributing so far is also in form of backend token and not tradable anywhere. Soon enough, we will release smart contract for $EXP and liquidity for $EXP/$ETH pair will be provided by team members (also will be supported by our whales) so you can buy / sell your hardly earned token via DEX(s).
On this occasion, we would also like to share more details about $EXP:
- A maximum of 250,000 $EXP will be minted every weekdays, distributed across homeworks in the beginning, but will be further spread across Classroom/Playground/Battleground in the future.
- There will be no cap for the supply, but expect 90–95% burn target for the token.
- Liquidity will be started at $0.1
- There will be 10% buy tax for every purchase that will be burned. Example: when you buy 1000 EXP, you will receive 900 EXP and 100 will be burned.
- There will be 10% sell tax for every sale that will be going to treasury, where 50% will go to Endowment Fund, 40% will go to EXP Shop Fund that aims to further reward our holders, and 10% will go to team development budget.
Example: when you sell EXP and get 1 ETH, 0.1 will go to treasury where 0.05 will be directed for Endowment Fund, 0.04 for EXP Shop Fund, and 0.01 for team development budget.
- The first structure available in your Skoolverse Land would be Level 1 House. Your L1 House will provide you proportional ownership to Scholarz Endowment Fund which will be filled by burn recovery reward and $EXP sell tax.
Example: Say 100 people have staked L1 House and Endowment Fund has 10,000 $EXP and 10 $ETH. By distribution time, each house will receive 100 $EXP and 0.1 $ETH. Details about burn recovery, distribution method, and other related mechanics will be shared in the next update close to the release.
In the future, more $EXP burn mechanism will be introduced which includes but not limited to new structures and structure upgrades, microtransaction fees, Scholarz Candidates crafting, and etc. We constantly tinker with our roadmap and adapt with what is needed and wanted by the community, so nothing will ever be set in stones until released.
When will we launch land and $EXP?
Land is targeted to be released by end of this month and must predate $EXP launch.
$EXP smart contract is targeted to be released mid February.
That is all for today. Hope this will get everyone excited with what is coming for Scholarz project and its community. Cheers and let us continue chilling in discord!
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