RARI is the native token of the Rarible platform, which is a decentralized network for creating, buying, and selling non-fungible tokens (NFTs). Functioning as an ERC-20 token on the Ethereum blockchain, RARI is key to the governance and operation of both the Rarible protocol and the RARI Chain.
The Rarible protocol provides an open-source infrastructure that developers utilize to create a variety of NFT-related applications, such as marketplaces, wallets, and analytic tools. Meanwhile, the RARI Chain, an Ethereum Layer 3 solution, focuses on secure and cost-effective transactions, ensuring royalty payments are enforced at the node level.
Governance within the Rarible ecosystem is managed by the RARI DAO, represented by the RARI Foundation, a legal entity headquartered in the Cayman Islands. The foundation is dedicated to nurturing ecosystem growth and guiding its strategic future. The DAO is tasked with overseeing the RARI Foundation treasury and making critical decisions about the development of the Rarible protocol and RARI Chain.
Token holders can engage in governance by locking their RARI to acquire veRARI, which grants voting power and additional benefits within the ecosystem. This system maintains the community-driven nature of the Rarible platform, allowing it to adapt to user needs.
Launched in 2020, RARI has a capped supply of 25 million tokens. The initial distribution involved a 10% airdrop to NFT holders in the crypto community, 60% reserved for rewarding users of applications on the Rarible Protocol, and 30% allocated to investors and the Rarible team.
RARI can be traded on numerous centralized and decentralized exchanges, providing accessibility and liquidity. The RARI Foundation actively engages with the community through their Discord server, offering a space for users to seek information about the rewards program and other initiatives.
How is RARI secured?
The security of $RARI is supported by a combination of technical strategies and community-driven governance to protect its users and maintain the token’s integrity. Central to this framework is the RARI DAO, which is essential in directing the governance of both the Rarible protocol and RARI Chain. This is facilitated through converting $RARI to veRARI, a process involving locking tokens to grant voting rights within the DAO. This mechanism not only decentralizes decision-making but also aligns token holders with the ecosystem’s long-term growth and security objectives.
Security on the RARI Chain is also bolstered by technical measures, such as enforcing royalties at the node level to ensure creators get paid, safeguarding financial transactions across the network. Additionally, the RARI Foundation implements protective measures during launches and takes an active role in identifying and mitigating potential vulnerabilities. This proactive security stance has been vital, especially in light of past security issues, enabling the ecosystem to strengthen its protocols and offer better protection against future threats.
The RARI Foundation, acting on behalf of the RARI DAO, is dedicated to maintaining a secure, creator-focused, and fully decentralized ecosystem. Through the Rarible Protocol and RARI Chain, it offers the necessary infrastructure for developing NFT applications with an emphasis on security and low costs, while ensuring royalty payments at the node level.
In conclusion, $RARI’s security is a blend of DAO governance, technical safeguards like node-level royalty enforcement, and a continuous effort to address vulnerabilities. This thorough security approach highlights the ecosystem’s dedication to safeguarding users and their assets, fostering a safe environment for NFT space growth and development.
How will RARI be used?
$RARI plays several roles within its ecosystem, primarily focusing on project funding, governance, and trading. As a utility token, it is integral to the Rarible platform, allowing users to engage in the governance of the RARI DAO and Rarible protocol. This governance covers decisions about the RARI Foundation treasury and the growth direction of the ecosystem, including the evolution and maintenance of the Rarible Protocol and RARI Chain.
The Rarible Protocol acts as an open-source platform that enables the development of various NFT applications, boosting the NFT market by offering tools for marketplaces, wallets, analytics, and more. In contrast, the RARI Chain, an Ethereum Layer 3 chain, prioritizes secure, low-cost transactions and ensures royalty payments are enforced at the node level, directly benefiting creators.
$RARI holders can lock their tokens to gain voting rights within the RARI DAO, influencing decisions that determine the future of the ecosystem. This includes directing the RARI Foundation treasury towards initiatives that promote the RARI ecosystem's growth and evolution.
Moreover, $RARI is instrumental for royalty payments, embedding itself in the creator economy and the intellectual property market. Its utility extends beyond governance and funding, as it can also be traded on multiple exchanges, providing liquidity and accessibility to users in the cryptocurrency sector.
The token's distribution was carefully planned to ensure community involvement and reward participation, with a significant portion allocated to NFT holders and users of the Rarible Protocol, underscoring a commitment to decentralization and community engagement.
In summary, $RARI is a versatile token that supports governance, funding, trading, and royalty payments within its ecosystem. Its role in the Rarible platform and the broader creator economy highlights its significance in fostering a decentralized, creator-focused environment.
What key events have there been for RARI?
RARI's journey has been marked by several key events that showcase its ongoing development within the crypto and blockchain space. One of the most significant milestones was the formation of the RARI DAO and the RARI Foundation, both central to the ecosystem’s governance and strategic direction, emphasizing a collaborative, community-driven approach to development.
Highlighting its dedication to innovation and community involvement, the launch of a grants program for developers stands out. This initiative is intended to propel the growth of the Rarible protocol and RARI Chain by supporting developers who contribute to the ecosystem's expansion and diversification.
The introduction of numerous RARI Chain proposals signifies a crucial stage in the project's progression. These proposals aim to refine the RARI Chain's technical and operational aspects, ensuring alignment with community needs and the broader blockchain landscape.
RARI, as an ERC-20 token, plays a vital role within this ecosystem. It governs the RARI Foundation treasury and supports the Rarible protocol and RARI Chain, serving as a key participation and governance instrument in the RARI DAO.
The RARI Foundation's mission extends to broadening the adoption and utility of NFTs, utilizing the Rarible Protocol and RARI Chain to create a more accessible, efficient, and creator-centric platform. This vision is carried out through a governance structure that empowers token holders with decision-making powers, stressing the importance of community involvement in shaping the project's future.
Overall, these significant events highlight RARI's dedication to fostering a decentralized, community-driven ecosystem that nurtures the NFT space's growth and development. Through initiatives like the grants program and the strategic direction provided by the RARI DAO and Foundation, RARI is well-positioned to make substantial contributions to the evolution of blockchain technology and its applications.
