FAQ | Team CoinBot

What is FORGE Marketplace?

Forge allows for THORChain users to register — and more importantly — buy and sell THORNames (TNS). Forge is a NFT marketplace for the THORChain ecosystem, enabling the trading of THORChain’s cross-chain equivalent of ENS, think of it as the OpenSea of THORChain.

What is TNS?

While TNS is not new, the function to trade THORNames is an innovation unique to Forge. TNS are a key feature to humanising blockchain address and enabling seamless crosschain interoperability, the usecases that can be built on top are mind-staggering. THORName functionality is to map human-readable names like chris.thor to machine-readable identifiers such as cryptocurrency addresses and metadata.

Associate a simple name to any blockchain address... multichain made simple

What are marketplace fees?

2.5% on listing sales
No fees for buyers
No fees on registration

How much to register a THORname?

There is a one-time registration fee of around 10 RUNE, with a 20 tor block fee, which works out to be around 1 RUNE annually. A user who pays 2 RUNE will then keep their name registered for approximately 2 years. Fees are controlled by Constants/Mimir, the current settings are:

TNSRegisterFee: 10 RUNE
TNSFeeOnSale: 1000 Basis Points
TNSBlockFee: 20 tor per block (roughly 1 RUNE per year)

Example: a 20 Rune registration registers the THORName for 10 years. (10 RUNE Registration Fee + 1 RUNE every year).

Will there be Revenue Share?

Eventually, fees generated from Forge Marketplace will be apart of the Rev Share for $COINBT holders.

Fees are accumulated in $RUNE, thus it would be distibruted by a mechanism similar to a buyback mechanism. RUNE revenue will be swapped to $COINBOT and distributed.