For the last 3 weeks we have been working on expanding the Scholarz ecosystem. This medium post will tell you a summary about our scheduled update today:
- $EXP ERC20 Contract
- Endowment fund
Previously, we have mentioned that Skoolverse is going to be the center of our ecosystem. You can assign your Scholarz to work on your land. But, what comes next? After 2 weeks, it is time to reap the results. You can activate your lands.
What does an active land do? Active land is one of the requirements to access our endowment fund. We will talk more about it later.
When you first receive your land, it is empty. Now, you can upgrade them. Upgrading land allows you to unlock new structures and utilities.
How does the upgrade system work?
You start with level 0 land. You have to spend some $EXP to start upgrading. This process will take time. Once finished, you can click on the Finish button to gain a new level.
When you gain a new level on your land, you unlock a new level 0 structure. You have to upgrade the structure to level 1 for it to start working.
These properties will appear as traits on your Skoolverse NFT.
The first structure is called “house”. You need to have a level 1 house built on an active land to access endowment fund.
We have also deployed our ERC20 EXP contract along with the bridge to transfer your EXP tokens both ways. You can convert your EXP to ERC20 tokens and vice versa, also called claim and deposit.
You can claim once every 2 days, and there will be a small fee of 10 $EXP to perform this transaction.
We will create a liquidity pool for $EXP starting at around $0.1 per EXP that allows swaps between EXP and ETH. Liquidity pool will be targeted to be opened around 5 March 2022 at 3:00 PM UTC. Do not miss it.
For every buy transaction, 10% of the $EXP will be burn and returned to stakers via Endowment Fund distribution.
For every other transactions (sell and transfer), there is a 10% ETH tax that goes to 3 wallets: 5% goes to buyback wallet, 4% goes to EXP shop, and 1% goes to team. More details about EXP shop will be announced at a later date.
What is endowment fund?
Endowment fund is a pool of buy tax that will be distributed pro rata based on the weight of each active lands.
Let’s look at each terminology:
- Global Fund
This is all the buy tax that goes in and all the manual purchase we will make. This amount updates every hour.
- Daily Distribution
We take 5% of our current global fund and divide this amount by 24 to distribute hourly. We will increase this percentage periodically.
- Total Weight
This is the amount of lands with level 1 house. Level 2 house will count as 2 weight, but is not currently available yet.
- Amount to claim
This amount starts accumulating once you have a level 1 house built on an active land.
This is a lot of update and we really took our time to prepare and test things thoroughly. We hope you enjoy this update!
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