How it works

A Crest is a collectible, not an investment. Each tower is named for a tokenized stock, as scenery. A Crest gives you no share of, or claim on, any company or fund named on a tower.

A Crest is a balance in one tower. You buy it from that tower's price curve, you can sell it back to that curve at any time, and it can't be transferred. The Crest bought when a tower holds n Crests costs n² divided by that tower's curve number, in ETH. When a tower reaches its starting size, its next Crest costs 0.02 ETH before fees, 0.01 ETH in Jesters' Corner and Wizards' Spire, and 0.04 ETH in the Royal Court and the Treasury Vault. The price keeps rising past that, to four times as much at twice the starting size.

Every buy and sale pays 5% of the curve price: 4% to that tower's Crests, the trader's own remaining Crests included, and 1% to the treasury. The creator fees of $CROWN, the project's token on Pons, go to the project's wallet and not to Crests. Anyone can tip a tower in ETH, with no fee taken. The treasury holds the first Crest of every tower and can never sell it.

How much arrives depends only on how much people trade and tip. It can be very little, and it can be nothing. What your Crests have earned stays yours to collect after you sell them. From the sale on, they earn nothing for you.

A Crest's price is set only by the curve. Early Crests are cheap and later ones cost more, so whoever sells into later buyers is paid by them, and when buying stops, prices fall as Crests are sold. A buy followed by an immediate sale loses about 10% to fees. Most markets like this go quiet.

The contract can't be changed once it's deployed, so a bug can't be fixed. The guardian can only stop new buys, and selling and collecting always stay open. A large holder gets back part of the 4% on their own trades, because their other Crests share it.

The contract has not been reviewed by an independent auditor. If you don't understand these rules, don't buy a Crest.