Leased Emblems, displayed as “L-EMB” on the Overline App, are a new token (ERC721) that acts as a contract for ownership of a correlating Emblem. L-EMBs are created in the process of an Emblem owner deciding to sell their EMB utility through a lease.
Once executed by its owner, the Emblem Lease contract transfers ownership of the correlating EMB to the owner of the Leased Emblem for a pre-set duration. During that duration, owners can take advantage of the mining utility functionality. L-EMBs exist for durations of 6, 12, and 24 months. After the L-EMB duration, the control over the original Emblem will be returned to its original owner. As an owner of L-EMB, you can execute any number of Emblem Leases that you own at any time within their set duration.
Emblem Leases can be bought and sold on the Overline App or any decentralized exchange that uses the Overline network or a Super Collider. They can also be transferred to a different address without needing to buy or sell it, as it is a ERC721 token and on the Ethereum network.
Updated about 1 year ago