10set token tax update

2023-01-18

10set token tax update

We are pleased to share an update regarding the 10set token transaction tax! As you know, last week we held a final governance vote to decide whether to change the 2% tax that is incurred on all transactions with the 10set token. The community spoke and voted to increase this tax to 4% with the following split:

  • 2% burn
  • 1% to Infinity
  • 1% to NFTs (for Genesis NFTs plus 1 other collection that will be shared soon)

This change to the smart contract is scheduled to go live on January 31! The 2% fee remains in place until that time, at which point it will change to 4% and follow the above split for burn, infinity and NFTs.

The Tenset tech team are currently working on the new rewards system for NFT holders, which will take place through our Tenset Infinity platform. Owners will need to stake their NFTs in order to earn a share of the 1% fee. If an NFT is not staked it will not earn rewards.

Similar to the “Flexible staking” option that is currently available on Infinity for tokens, NFT holders will be able to lock their NFT for 24 hours. After 24 hours is up, they are free to withdraw the NFT at any time, and continue to earn rewards for as long as it is locked.

Rewards for the NFTs will begin accumulating on January 31, but it won’t start distributing until a later date, that will be announced soon. It will be possible to stake NFTs a few days before this date. More information will be shared when this option is ready.

We are excited to be implementing the tax change that the community passionately voted for, and in particular introducing a powerful new utility for NFTs! Only the Genesis TGLP collection, and 1 other collection that will be announced soon, have the benefit of earning these rewards. This is an exclusive perk adds another dimension to the NFTs with the ability to earn passive rewards, on top of the core feature of all TGLP NFTS: lifetime subscription to the launchpad!


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