🟩SIGIL Rune ᛋ

A Native Sigil Protocol Rune

There is no direct purpose for a protocol token beyond speculation and optional utility if Sigil collection creators choose to use it as a claim requirement token together with their own collection's Rune.

And yet, there is no strong reason not to etch a Sigil Protocol Rune, all things considered. So $SIGIL exists as the etched Rune referenced below.

$SIGIL was etched with a premine of 21m tokens and another 21m tokens will be mintable in the future at Block 857,500, the block specified in the Runes Protocol as the final block before the next shortest length rune names unlock.

Estimated Date/Time: August 19, 2024, 8:09 PM

Usage Proposal

The following proposal assumes a % premine of SIGIL tokens for use as incentive rewards for certain protocol activities such as:

  • Creating Sigil Collections

  • Casting Sigils to claim art collection items

  • Validating casted Sigils by inscribing SIGIL:ISVALID delegates with the concatenated txn timestamp hashes of the reinscription and claim inscription. Validations can also be validated in same manner up to 6 layers out.

  • Holding Sigil Collection Items (staking)

  • Other typical incentive actions

This would be interesting but would require a trusted team and/or some governance layer, which complicates things. The reserved supply of 21m $SIGIL ᛋ can be burned and/or distributed to early participants and contributors. Having a reserve supply allows for options but the token may not be used at all. This will be a topic for discussion in the future.

Theoretical Tokenomics

There is something to be said about an overarching community token that is voluntarily utilized.

More will be published on how a circular economy can form by using $SIGIL.

Last updated