CML Auctions
Miners who wish to deploy a node on the TEA Project ecosystem will need to plant a Camellia (CML) NFT into their mining machines. These act as mining licenses for the mining nodes and record important metadata about the node's hardware, the Camellia's age, its credit history, and the machine's capabilities. Most miners will be interested in purchasing a hosting CML which will allow them to host TApps on the network.
Every Camellia NFT has a life cycle: it’s born from a seed, grows into a tree, and then eventually dies over a span of approximately 2 years. The productivity of the CML will follow this timeline as well: it's not very productive in the beginning of its life. But as it grows up, it becomes more productive and generates larger amounts of revenue. When the Camellia gets older and starts approaching the 2 year mark, its productivity drops. Eventually, it will reach the end of its life cycle and die. Miners will then need to buy a new Camellia seed and plant it into their machine to start over from the very beginning.
There will be a cap of 10,000 hosting CML during the first two years of the ecosystem. Any limits beyond that will be determined by a DAO governance vote.
The supply of tokens released to be sold on the marketplace through auction is determined algorithmically by the DAO. If there are many idle miners on the network, then demand is relatively low and no new seeds will be released to the marketplace. Conversely, if there's no slack in the system and network miners are near their hosting capacity, then more CML seeds will be released for auction in an effort to bring more hosting nodes online to host TApps.
CML is purchased through an open auction process where the DAO (or individual users) list their seeds for sale at their desired price. Once a buyer succesfully bids on a CML, the TEA that they used to purchase the CML will be burned by the DAO.
Last modified 7mo ago