$RARI is an ERC-20 token that controls the RARI Foundation treasury and governs the Rarible protocol and RARI Chain. The token was issued in 2020 with a max. supply of 25 million $RARI.
What is RARI Foundation?
RARI Foundation represents RARI DAO which is a community-governed, decentralized autonomous organization that promotes ecosystem growth and shapes the future of the two core infrastructure layers:
- Rarible Protocol – open-source and free-to-use infrastructure for building NFT apps and experiences, such as marketplaces, wallets, analytics and more.
- RARI Chain – a secure and low-cost Ethereum L3 chain that guarantees royalty payments through enforcement on the node level.
RARI Foundation and RARI DAO are committed to broadening the NFT use case horizon by creating a creator-centric and fully decentralized robust ecosystem.
RARI DAO governs the following areas under its mandate:
- RARI DAO treasury
- Ecosystem growth of Rarible Protocol and the RARI Chain
This vision is being brought to life through a robust governance architecture that lets anyone get involved in this decision-making by locking $RARI to exercise your voting rights.
How Many RARI Coins Are There in Circulation?
$RARI was issued in 2020 with a max. supply of 25 million $RARI.
The initial distribution of the token was as follows:
- 10% airdropped to NFT holders in the cryptocurrency community
- 60% set aside for rewarding users of the apps built on Rarible Protocol
- Remaining 30% was distributed to investors and the Rarible team
When locked, the token can be used for governance in the RARI DAO.