The Kiln

Valuation

To value our $BRCK token, we will combine real world valuations into a on-chain data pipeline, thus delivering a dynamic verifiable valuation to $BRCK. This price may be different in the secondary markets, like liquidity pools or DEXs, allowing for potential arbitrage opportunities for $BRCK holders, which we don’t intend to stifle.

Dividends

Starting from Q2, a 50% of Quarry rewards will be made available as a quarterly dividend to $BRCK holders. Investors can choose to receive their dividends entirely in $MRTR tokens, to encourage engagement with the ecosystem, or alternatively can claim 90% of their dividends in $USDC.

Only actively circulating $BRCK tokens, as in $BRCK that has left the Kiln i.e. been released, will be eligible for dividend distribution. This structure incentivises long-term holding and active participation, fostering a loyal and engaged community. There is an enforced 30 day window to claim rewards, before dividends are returned to the capital reserves.

$BRCK Value Accrual

Copy

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  style c fill:#ffdf99,stroke:#333,stroke-width:2px
  style d fill:#ffd88c,stroke:#333,stroke-width:2px
  style e fill:#ffd180,stroke:#333,stroke-width:2px
  style f fill:#ffca73,stroke:#333,stroke-width:2px

  subgraph h[Value Accrual]
    c[Real World Assets]
    b[Capital Reserves]
    d[Quarry Mining Network]
  end 

  f[$BRCK]
  
  e[HODLr]
  

  b -- RWA Acquisition --> c
  c -- Rental Yield --> b
  
  c -- Rental Yield --> d
  
  d -- Virtual Asset Rewards --> b
  b -- Expansion --> d
  h ----> f
  f -- Value --> e
  d -- Dividends --> e

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  linkStyle 1 stroke-width:2px,fill:none,stroke-dasharray: 3, 3
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  linkStyle 7 stroke-width:2px,fill:none,stroke-dasharray: 3, 3

$BRCK Value Calculation

The $BRCK token value will be calculated using the following equation;

$$ \$\text{BRCK}{Value}=\frac{\left(\text{Real World Assets} + \text{Quarry} + \text{Capital Reserves}\right)}{\$\text{BRCK}{Supply}} , $$

or;

$$ \$\text{BRCK}{\text{Value}}=\frac{\left(\text{RWA}{\text{Value}} + \text{Q}{\text{Value}} + \text{C}{\text{Reserves}}\right)}{\$\text{BRCK}_{\text{Supply}}} ,

$$

where $Q_{\text{Value}}$ is equal too:

$$ \text{Q}{\text{Value}}=\left(\text{RE}{\text{Quarry}} + \text{\$ETH}_{\text{Staked}}\right)

$$

$BRCK Value

The real-time price of $BRCK. This will be primarily be publicly denominated in $USD initially.

Real World Asset Value

The total value of the underlying Real World Asset portfolio, tokenised or not, held by the treasury. This will be largest contributor of value for $BRCK.

Quarry Rewards

A tertiary aspect of value for $BRCK is our node network. This will initially comprise of Bitcoin miners and Ethereum validators, with this being funded by 75% of the rental yield. This will be valued using; real estate owned for Quarry activities & the value of $ETH currently staked on the validators. Quarter 1 will not be eligible for a dividend.

Capital Reserves

Capital reserves will be held in monitored bank accounts or wallets. This will be the most fluctuating variable contributing to $BRCK, due to the economic interactions of the fund with contractors, influx of rental yield etc. All tokens the treasury purchases will be accounted for in this valuation.

$BRCK Circulating Supply

The circulating supply of $BRCK will include all $BRCK not currently held at the Kiln or unvested in team & founders pool i.e. non-circulating $BRCK will be held in a publicly verifiable wallet in the Kiln or designated pools (treasury controlled wallet).

Bricklayer Marketplace

Release

Valuation at release will consider the live value before $BRCK has been minted i.e. if there is 1000 $BRCK circulating, the valuation of $x$ amount of $BRCK at release is valued using $\$\text{BRCK}_{\text{Supply}}=1000$. Purchasing a $BRCK will not require any time-locking of intent to purchase. We intend to allow for similar on-ramping of fiat, like with $MRTR, when purchasing $BRCK.

Redemption

The redemption function will be in place primary to allow for holders of $BRCK to close their positions, until there is adequate liquidity in the secondary markets. This is an advantage over REITs who will not honour any redemptions.

Any $BRCK redeemed will not be removed from circulation, but will be purchased on behalf of Bricklayer. Unlike release, redemption of $BRCK the value will consider the current value of $\$\text{BRCK}{\text{Supply}}$ i.e. if $x$ $BRCK are redeemed, then the calculation of value will consider $\$\text{BRCK}{S}=1000+x$;

$$ \text{ \$BRCK}^{Redeem}{\text{Value}}=\frac{\left(\text{RWA}{\text{Value}} + \text{Q}{\text{Value}} + \text{C}{\text{Reserves}}\right)}{\$\text{BRCK}_{\text{Supply}}+x} ,

$$

Given this $BRCK will be moved to control of the treasury, Bricklayer will publish an allocated amount of capital per quarter it will dedicate to this purchase, where this figure will be formed using a calculation of how much capital would be optimal to dedicating to the $BRCK token.

Pausing

Given there will be known periods that would create false spikes in $BRCK value - one example being selling liquid staking tokens to bring solo validators online, thus the same capital would leave and exit creating a flash drop in value - the primary release/redeem feature would be restricted for a given time period. These details would be circulated publicly before these actions were taken, though it would not effect secondary markets.