Introducing Marmalade V2: Empowering the Future of NFTs

Introducing Marmalade V2: Empowering the Future of NFTs

Hee Kyun Yun

June 15, 2023

The long-awaited release of Marmalade’s V2 standard has arrived, bringing a host of exciting updates and features to the top NFT standard in the industry! If you’ve been tracking the progress of Kadena and its NFT standards, you know we’ve been on a journey from the unstandardised on-chain metadata and single-policy token logic in V1 (KIP-13) to a far more robust and dynamic V2 (KIP-20). We’re thrilled to share the next stage of this adventure.

Understanding KIP-0020: The Marmalade V2 Standard

Marmalade V1 initially introduced the use of the Haber manifest model and had a policy-model token system, allowing tokens to adopt various policies, which adds extra logic into the marmalade function such as create-token, mint, burn, transfer, sale. With the V1 model, tokens could be programmed to allow whitelisted collections, fungible sales with royalties, and more.

Marmalade V2 represents a significant leap forward. It introduces an off-chain URI with a standardized metadata format, opening the door for marketplaces to easily fetch necessary data.

In our continuous pursuit of advancement and refinement, we’ve incorporated an enhanced feature in Marmalade V2: the stacking of policies. Unlike in V1, each token in V2 isn’t bound by a singular policy. Instead, tokens can accommodate N number of policies, providing an unprecedented degree of flexibility and functionality. This feature is powered by one of the most notable additions in Marmalade V2: “the policy manager”. The policy manager provides token creators with the convenience of selecting their preferred features from our comprehensive concrete policies, enabling effortless token creation. For those seeking additional rules, the immutable policies field offers the flexibility to incorporate specific requirements.

At the heart of this approach, there are three distinct types of policies: concrete-policies, immutable-policies, and adjustable-policies. Let’s dive deeper into what each of these means:

1. Concrete-Policies: These policies serve as foundational features for the token, representing its core characteristics. Stored as boolean values, they indicate whether a specific concrete-policy is in use. Importantly, these are immutable; once set, they cannot be altered. More importantly, Concrete policies are written and maintained by Kadena.

2. Immutable-Policies: These policies offer additional functionality, augmenting the capabilities of the token. Once established, these policies are also immutable, meaning they cannot be changed post-implementation.

3. Adjustable-Policies: Unlike the previous two, these policies provide flexibility, as they can be modified by the token owner. It’s crucial to note, however, that fractional tokens do not possess the capability to adjust these policies.

With respect to concrete policies, we offer five primary concrete policies which encapsulate the most commonly used functionalities in token creation. Marmalade V2 incorporates these concrete policies to simplify the process of token creation, while simultaneously ensuring that the tokens still benefit from rich, advanced features. The concrete policies are:

- Collection Policy: This policy facilitates the initiation of a collection with predefined token lists.

- Fungible Quote Policy: This policy empowers the sale of NFTs with fungibles through the use of an escrow account.

- Non-fungible Policy: This policy constrains the token supply to 1 and sets precision to 0, thereby enforcing the token’s non-fungibility.

- Royalty-policy: Dependent on the `fungible-quote-policy`, this policy designates the creator account to receive royalties upon each sale of the token using the `fungible-quote-policy`.

- Guard-policy: grants the ability to add optional guards to each marmalade action.

To incorporate these features during token minting, Marmalade users simply need to add true or false next to the respective policy fields in concrete-policies. Should projects require custom logic beyond what these concrete policies offer, they can deactivate the concrete policy and incorporate additional policies into the immutable-policiesor adjustable-policies fields.

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For those seeking to migrate from Marmalade V1 to V2, the migration-policy-v1 policy is specifically built to migrate marmalade.ledger tokens to marmalade-v2.ledger.

For projects that seek to use the v1 manifest model, they can continue using the manifest using onchain-manifest-policy-v1.

The evolution from V1 to V2 signifies our relentless commitment to make NFTs more secure, flexible, and beneficial for everyone involved — creators, buyers, and the broader community. While we loved the idea of everyone minting their own marketplace in V1, we realized that the true strength lies in the policy management.

As we delve into this new and exciting journey, remember that this is just the beginning. We’re looking forward to the innovative ways that you, the builders and pioneers, will harness the power of Marmalade V2 to create a dynamic, more inclusive, and ever-evolving NFT landscape.