KlayCity $LAY Tax System

Within the KlayCity ecosystem, Land owners are set to receive a variety of taxes from the actions of other users.

LAY Robots are highly advanced robots, and as such Land Owners will “visit” different countries in order to collect $LAY parts.

LAY Tokens can only be obtained through the map by Land Owners ,
Non-Land owners will have to purchase $LAY tokens from a DEX/SWAP.

This article will explore how Land NFT owners pay and receive taxes via $LAY farming.

As mentioned in our whitepaper, each Land NFT has base amount of $LAY it is set to receive daily on a 30 day scale, before any modifiers such as leveling.

Note: $LAY tokens can be claimed daily, the above image refers to [Daily $LAY x 30 Days] in order for users to more easily calculate their earnings.

In order to earn $LAY tokens users will be required to stake their Land NFT. Every 24 hours staked, users will be able to receive 1 “Get Lay”.

Users can access the Roll menu by pressing the Roll Button at the bottom of the screen.

Upon viewing the map users will be able to “Roll” if 24 hours have passed.

If less than 24 hours have passed, users will see a timer showing how much time they have to wait until they can roll.

Users can withdraw their Land NFT at anytime, but if they unstake before the 24 hour timer, they will reset the timer.

The 24 hour timer is based off the last roll, so users must roll in order to restart the 24 hour counter.

If users have unstaked Land, they will be presented with a “Stake” screen.

Upon Rolling, users will roll a single six-sided dice, and move the corresponding number of spaces around the map.

The overall map and route will be a loop similar to “Blue Marble” or “Monopoly” maps, and users will move around the map based on the number they have rolled. Every season the route will change. The full map routing will be released prior to the launch of every season.

For example, in the above image if a user rolls a “6” and their last location was in the United Kingdom, they would move forward 6 spaces across the country board.

If a user rolls a 2 for example, they would move up two spaces.

NOTE: The actual map and route will differ once launches and will feature all countries. In order for a player to come back to the starting point, they will have passed all countries at least once.

When a user lands on a country, if they do NOT own a Land NFT in that country, they will pay a 20% Tax of the $LAYs from their daily $LAY to the country.

Example 1:A user owns a tier 3 in Japan, but does not own land in Italy, and their dice roll ends up in Italy, 20% of their daily $LAY will be paid to Italy.
User receives: 0.264 $LAY , and pays 0.034 $LAY in tax to Italy.

Example 2: A user owns Tier 3 land in Japan, and luckily their dice roll ends up in Japan. Since they own a land in Japan, they will not pay any taxes.
User receives: 0.33 $LAY, and pays 0 $LAY in tax to Japan.

Note: 20% Tax rate is scheduled to change, and may affected in the future by modifiers.

$LAY taxes paid by players will be sent to a “Country Vault”. (A shared wallet holding all taxes that can only be accessed by owners of land of that country)

We will announce more information on the “Country Vault” system, along with $ORB taxes soon!

About KlayCity

KlayCity is a virtual world where district NFT owners can govern, explore and earn while enjoying the experience. Invested in by Krust and Animoca Brands, OKEx Blockdream Ventures, and more, The premise is simple, Reinhabitate earth, gather resources, rebuild populations, and expand your territory.

Homepage: https://www.klaycity.com
Discord: https://discord.com/invite/klaycity
Telegram: https://t.me/klaycity
Twitter: https://twitter.com/klaycity
Docs: Gitbook