In this paper, we study the global structure of an algebraic avatar of the derived category of ind-coherent sheaves on the moduli stack of formal groups. In analogy with the stable homotopy category, we prove a version of the nilpotence theorem as well as the chromatic convergence theorem, and construct a generalized chromatic spectral sequence. Furthermore, we discuss analogs of the telescope conjecture and chromatic splitting conjecture in this setting, using the local duality techniques established earlier in joint work with Valenzuela.