Kadena announces the highly-awaited release of the Marmalade V2 standard, which introduces an array of exciting features and updates on the leading NFT platform. Kadena’s NFT standards and progress were being tracked, and users were anticipating the transition from a non-standardized single-policy on-chain metadata and token logic in V1 (KIP-13) to a more dynamic and robust V2 (KIP-20).
— Kadena Ecosystem (@KadenaEcosystem) June 19, 2023
The introduction of Marmalade V1 initially provided the use of a manifest model on Haber’s policy-based token system that allowed digital coins to adopt different policies, adding additional logic into the functionality of Marmalade, such as token burning, minting, transferring, sale, and creation. With Marmalade V1, tokens are programmed to enable whitelisted collections, royalties, fungible sales, and more.
The V2 model represents a significant advancement because it introduces an off-chain URI with standardized metadata, allowing global marketplaces to retrieve the necessary information.
The team has been continuously striving for improvement and has been able to incorporate policy stacking, an enhanced Marmalade V2 feature. Unlike V1 tokens, V2 tokens are not subject to a single policy. They provide unprecedented functionality and adaptability and can accommodate any number of policies.
Another notable addition supports the feature “the policy manager” in Marmalade 2. The policy manager offers token creators the convenience of choosing their features from the platform’s comprehensive policies, thereby allowing seamless token creation.
There are three different types of policies offering flexibility to employ specific requirements: concrete policies, immutable policies, and adjustable policies.
Concrete policies are foundational for the tokens representing their main characteristics. The tokens are secured as boolean values, indicating whether a particular concrete policy is being used. They are immutable, which means once they are set, there is no way one can alter them. Additionally, concrete policies are maintained and written by Kadena.
Immutable policies provide additional functionality that augments the token’s capabilities. Once they are established, immutable policies also become immutable, which means they cannot be modified after implementation.
Adjustable policies offer flexibility compared to concrete and immutable policies since the token owners can alter them. It is important to note that fractional tokens cannot be adjusted.
The five primary concrete policies are the collection, fungible quote, non-fungible, royalty, and guard policies. The collection policy facilitates the start of the collection with a predefined token list. Using an escrow account, the fungible quote policy permits NFT sales involving fungibles. The non-fungible policy limits token availability to one and assigns the precision level to 0. This ensures that the tokens are non-fungible.
Depending on the fungible quote policy, the royalty policy appoints a creator’s account to offer royalties on every token transaction utilizing the fungible quote policy. And the guard policy grants token holders the ability to utilize optional guards for all Marmalade actions.
Check out the Kadena forecast to get more information and updates regarding Kadena ecosystem and its future.
Marmalade’s evolution from the V1 model to the V2 model demonstrates the team’s unwavering dedication to making non-fungible tokens more flexible, secure, and advantageous for purchasers, creators, and the entire community. The power of Marmalade V2 will create a more inclusive, dynamic, and ever-changing NFT landscape for platform pioneers and developers.