$RWA is a bold vision for the future of collective ownership and L2 governance, consolidating total value accrual and governance rights of the chain into one, deflationary token.

$RWA will be the first L2 token to share the entirety of chain profits with holders from Day 1. Combined with an ecosystem flywheel that incentivizes each protocol to distribute a portion of revenue to $RWA, it means holders gain a comprehensive means to value accrual from the flourishing ecosystem on re.al.

Token Details:

Sustainable Yields

With $RWA we’ve set a new standard in value accrual for L2 governance tokens, with an emphasis on long-term sustainability and benefits.Users who lock $RWA into veRWA will receive a proportional share of all chain revenue, including:

• 100% of transaction fee revenue

• Revenues from the various products/protocols deployed to re.al

The entirety of the yield comes from activity within the ecosystem. As the ecosystem thrives, with higher transaction volumes, protocol/product deployments, and larger TVLs, incrementally more yield flows back to veRWA holders. $RWA will never be minted and distributed as yield, however, new protocols may choose to airdrop tokens to veRWA holders in the future.

veRWA yield is distributed in reETH, the value-accruing LST (liquid staked ETH) that serves as the native gas token on the chain. Initially reETH will be backed 100% by Lido stETH. reETH is another way that re.al helps to create the optimal environment for yield seekers. Check out the docs for more info on reETH.

By returning all of the chain revenues to veRWA, and incentivizing protocols to share revenue with token holders, we’re attempting to execute a grand experiment in collective ownership and governance, bootstrapping the development of an ecosystem through the sharing and redistribution of the outputs.

Combined with the use of off-chain yields for liquidity incentives, we’ve created a unique non-zero-sum game that breaks the circularity of digital asset flows, keeping the flywheel healthy and returning 100% of the benefits back to veRWA holders.

Fair Launch

$RWA is a migrated version of the $TNGBL token, the governance token of TangibleDAO. $TNGBL and TNGBL 3,3+ token holders will have the option to migrate to $RWA at a 1:1 ratio, capturing the additional benefits of $RWA at no additional cost to the holder.

What this means is the full supply of $RWA is already in circulation, represented by the ~33.3MM $TNGBL (locked and unlocked) currently held by our community and the protocol.

Implications:

• No new $RWA can be minted now or in the future, meaning no dilution on the value of your tokens

• $RWA had no VC or influencer pre-sale and there are no VC unlocks to “dump” on users

• Value continues to accrue to the same token and investors who have remained committed to growing the impact of RWAs in DeFi since April ‘22

We’re working with a respected team on an LBP, giving any interested buyers fair access to the protocol-owned $TNGBL, some of which was previously used as liquidity on Pearl and Uniswap. The $TNGBL offered up in this sale will account for a sizable amount of all unlocked $TNGBL. This sale will set the new market price for $RWA when liquidity is ultimately seeded on re.al, with all of the proceeds used for liquidity purposes.

This team has been steadfast in our commitment to build an ecosystem that rewards long-term participation and sticky liquidity, with consistent incentives and a sharing of all the profits. While many protocols may have opted for a new token, we believed it was in the best interest of our current users and community that we continue to accrue value to the same token that’s been used to support this team in the past.

Airdrop

re.al will airdrop ~10% of the $RWA supply to users in veRWA, distributed through a points campaign rewarding individual TVL and activity on the chain. The goal is to create a sybil-resistant program that fairly incentivizes the contributions of each user as well as existing customer groups fundamental to the past success of this ecosystem.

Deflationary Economics and veRWA Locking

At the core of $RWA tokenomics is the interplay between lock duration, voting power (rewards accrual) and the burn mechanics triggered during transactions and lock abandonments.

Complete details on $RWA tokenomics can be found in the protocol docs.

Lock duration and rewards accrual can be understood using this chart for example purposes.

As the lock duration increases, so does the voting power which in turn increases the revenue share allocated to the veRWA position.

To remove the 200 tokens from a 36-month lock, the user has two options:

1. Vest the veRWA in the vesting contract for 36 months, receiving no rewards during that time and claiming all tokens at the end

2. Unlock early and burn a percentage of the locked tokens as a penalty

Unlock penalty can be understood using this chart for example purposes.

The longer the lock duration remaining, the higher the burn penalty.

Combined with a transaction tax where 2% of every buy & sell of $RWA is burned and there is significant deflationary pressure on $RWA, especially during times of high volume.

As tokens are burned, $RWA becomes increasingly scarce and each token accounts for a larger share of revenue going forward. This design approach rewards long-term participation in the ecosystem as inevitably holders will not just accrue more revenue over time, they’ll increasingly accrue stake in the chain and greater influence in governance.

Holders looking to exit their positions will always have the option of splitting veRWA positions and selling portions in the veRWA marketplace. While not deflationary, these transactions also accrue value back to veRWA holders via marketplace fees charged to sellers.

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$RWA will deploy alongside re.al mainnet in the coming weeks.Future updates from the team will include additional details on:

• The airdrop campaign

• $RWA LBP

• Migrating $TNGBL to $RWA