Homekits: What are they, and why are they so important?
What are Homekits?
Homekits are effectively smaller versions of the iconic BREWERY. They were introduced as a more accessible way to get onto the brewing ladder, as when the price of MEAD increases, so does the price of a BREWERY and the barrier to entry for our newest Taverners.
Homekits are designed to be open to a wider range of people at a fixed price of $100, albeit with a reduced production rate of 0.5% daily APR compared to the Tier 1 Brewery’s 2%. They cannot be upgraded and do not have tiers or experience like the BREWERY. You are able to purchase them if you already own a BREWERY, and there is no cap to either the amount you can have in a wallet or on total supply.
The Homekit costs a fixed price of $100, and just like the BREWERY they can be purchased using MEAD, or they can be purchased for a discount using USDC or LP tokens. Note: The amount of MEAD needed will vary as the price of MEAD changes (but it will always be $100 worth)!
The Homekit produces a 0.5% daily APR value in MEAD, meaning as they cost $100 they will produce $0.50 worth of MEAD per day! The Homekit will produce a varying amount of MEAD per day as the price of MEAD changes, but the $ amount will always remain the same!
Homekits can be compounded just like BREWERYs. This allows you to stack Homekits faster and this compounding works similarly to how compounding unclaimed MEAD from a Brewery works. Once you have enough of them you can convert them into a Brewery. An example will be used to show how this process works:
In this example we will say:
*MEAD price is $5.
*Taverner A has 25 unclaimed MEAD from their Homekits and currently owns 12 Homekits.
*Homekits are $100 each (fixed) and Brewerys are $500 each (as they are 100 MEAD).
The total value of the assets is calculated. This is the combined value of Homekits, plus the value of any unclaimed MEAD, in this case: (12*100) = $1200 from the Homekits and (25*5) = $125 from the MEAD, so the total assets are worth $1350.
This means Taverner A can afford 2 BREWERYs (as a BREWERY is worth $500 at $5 per MEAD). These will be minted and sent to the wallet assuming there is supply of BREWERYs available (if not the transaction will revert). The Homekits are destroyed in this process, and Taverner A will then have $350 worth of assets left. As this is not enough for another BREWERY the remaining asset value gets converted to MEAD, taxed based on Brewers Reputation level, and sent back to the wallet. In this case 70 MEAD would be taxed and sent to the wallet.
You should now be ready to do some home-brewing!
If you have any further questions relating to homekits or need anything clarifying, feel free to ask in our Discord and a friendly member of staff or one of our brilliant community members will be able to help!
Additionally, if you are unsure about some of the terms used in this article like “Brewers Reputation”, be sure to take a look at the 📚 official-guides channel on our Discord for some clarity!