RWA (TNGBL) Token
Background
The TNGBL token was the governance token for TangibleDAO with a max supply of 33,333,333.
Locking TNGBL into a 3,3+ NFT provided users with two key benefits:
Based on the lock date and lock duration, users could earn a multiple on their TNGBL token quantity, up to 25x. Rewards accrued by block on a vesting curve.
Revenue from Tangible products, including CAVIAR ($CVR) and the marketplace, was distributed back to 3,3+ holders, claimable on the Tangible site.
$RWA
In Spring 2024, Tangible will migrate to re.al, the L2 ecosystem for real world assets. As part of this process TNGBL token holders and locked TNGBL token holders will migrate to the RWA token, the network token for that chain.
RWA will exist unlocked as RWA and locked as veRWA.
Migration
There are 2 types of TNGBL holders, locked TNGBL holder and unlocked TNGBL holders. The migration process will be similar for both type of users.
Users will confirm “migrate,” sending their locked (3,3+ NFT) or unlocked TNGBL to a contract on Polygon.
Users will then receive a veRWA NFT on Real chain or unlocked $RWA on Real Chain.
The lock lengths will remain the same for the migration. I.e if you have a 3,3+ NFT on Polygon that has 34 months remaining on the lock, you will receive a veRWA NFT on Real Chain with 34 months remaining on the lock.
The token total and the end of the lock period will be the amount of RWA locked into the new veRWA.
***Users will never be forced to migrate and the migration UI will be kept up indefinitely. However, claiming TNGBL from the 3,3+ contract and revenue share will no longer operate on Polygon.***
New Tokenomics
Locked veRWA will continue to accrue revenue, with all protocols on re.al incentivized to send a share of their revenue to RWA token lockers.
veRWA positions will eventually be tradable in the Tangible Marketplace or other NFT marketplaces that support the asset.
Other updates:
All chain revenues from re.al will be distributed proportionally to veRWA holders in reETH, based on voting power.
No new RWA can be minted.
The entire supply of RWA, either locked or unlocked, is in circulation. There are no future team or VC unlocks.
RWA is deflationary.
When veRWA positions are unlocked early, a penalty is applied and those tokens are burned.
A tax is charged on buys and sells with a portion of the tax being burned.
RWA's locking mechanism is similar to that of the Solidly aka ve(3,3) model, where the more RWA you have locked and the longer period you lock for, the greater the veRWA balance.
veRWA remains perpetually locked at the selected duration unless deposited into the vesting contract. Once deposited into the vesting contract, voting power reduces linearly with the lock duration until it reaches zero, at which point the underlying tokens can be removed.
veRWA NFTs can be split and merged, allowing users full flexibility over their positions.
More details on RWA can be found here, in the docs for the re.al protocol.
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