Tokens
This page describes the vision for the tokens on Synesthesia.
Native Token
The native token of Synesthesia is SYN.
This will be the only token respected by the Synesthesia underlying systems.
It will be used to pay fees, lock funds, etc...
The native token can be in one of two states at any time: Unlocked or Locked.
Unlocked
Unlocked tokens are just that: Completely and totally available for the users to manipulate in any way available on the network.
Locked
Tokens can be in a single locked state which means that they are totally unavailable for the users to manipulate other than taking actions which would make them available.
Synesthesia's underlying systems can use locked tokens however they wish. Some may place claims onto specific locked tokens making sure that at least their amount of locked tokens are untouched, where other systems may just look at the total locked balance to make determinations.
Fungible Tokens
There will be a fungible token factory pallet.
Liquidity Markets
All fungible tokens will have liquidity markets specifically tied to the native token. As such, relative price discovery can be entirely done without an offchain oracle.
Non-Fungible Tokens
There will be a non-fungible token factory pallet.
Harbinger Taxes
Non-fungible tokens will have taxes placed on them and perpetually up for auction.