The platform has set a date for the NFT sale, and it will be held on both Binance Smart Chain and Ethereum.
Let The Countdown Begin
Alpaca Finance will launch its Non-fungible token (NFT) sale on both Binance Smart Chain (BSC) and Ethereum network. The leveraged yield farming protocol on BSC wants to develop its utility across the Decentralized Finance (DeFi) space with the latest innovation.
Alpaca announced that 10,000 limited edition NFTs will be up for sale on the networks above. In a Tweet made on 11th October, the protocol disclosed that 5000 NFTs (Alpies) will be sold on each network. In addition, 150 random Alpies will be auctioned on top NFT marketplaces.
“There will be 2 sales of 5000 Alpies each on #BSC & #ETH. Of those, ~150 random Alpies will be reserved for auctions on top #NFT marketplaces & influencers/partners,” tweeted Alpaca.
The NFT sale on BSC will commence on 19th October at 10 pm (GMT+8) on Alpaca’s NFT marketplace. On the other hand, the ETH NFT sale will open on 28th October at 10 pm (GMT +8). The Alpies, deemed NFT avatars by the protocol, will be bridgeable between BSC and ETH. As stated earlier, users would be able to trade them on numerous marketplaces, including OpenSea.
“Even though it’s not 100% until it actually goes live, Binance’s NFT marketplace has agreed to feature Alpies as a highlighted collection. We’re also planning to list on PancakeSwap’s marketplace on BSC, and the majors on Eth such as OpenSea and Rarible,” Samsara NotALlama, Alpaca Finance’s Head of Strategy and Marketing, told BSC News.
NFT Sale on BSC
As obtained from Alpaca’s Tweet thread on 11th October, the price limit would be 1 BNB, and the NFTs will be sold in the form of a Dutch auction. Alpaca also explained the Dutch auction in the tweet.
“For the BSC sale, the floor price will be 1 BNB. The sale will work as a Dutch auction, meaning the price will start at 8.88 BNB and drop ~.16 BNB every hour until sold out or reaching 1 BNB after 2 days, after which the sale will remain open for up to 5 more days,” Alpaca wrote.
Alpaca would utilize the Dutch auction to prevent bots from buying all the NFTs faster and cheaply. In essence, the protocol wants the NFT sale to be available to all buyers who intend to buy immediately or wait till the value eventually drops. With this, Alpaca would ensure that buyers engage in efficient price discovery.
“We believe Alpies will be very good for ALPACA token holders because not only will 20% of the proceeds go to ALPACA through buyback & burn/distribution, but also 2.5/5% of the royalties in perpetuity,” Samsara told to BSC News.
Still, there is every possibility that the NFTs on BSC may sell out quickly. In this scenario, the BSC-based protocol may add a whitelist on the subsequent ETH NFT sale to reserve some Alpies for its users. However, there may be no need to do this if the reverse is the case, i.e., if the NFT sale on BSC isn’t quick.
The Alpaca Finance NFT collection, otherwise called Alpies, would also have significant utility in the long run. Alpies will be an important asset in Alpaca’s Play-to-Earn game, provide liquidity for the protocol’s upcoming presale of a Play-to-earn token, and increase maximum leverage on Alpaca. Read the protocol’s October 11th Tweet thread or read its blog for more information about the NFT sale.
About Alpaca Finance
Alpaca Finance is the largest lending protocol that allows leveraged yield farming on Binance Smart Chain. It helps lenders to earn safe and stable yields, and offers borrowers undercollateralized loans for leveraged yield farming positions, vastly multiplying their farming principles and resulting profits.
Alpacas are a virtuous breed. That’s why Alpaca Finance prides itself on being a fair-launch project with no pre-sale, no investor, and no pre-mine. From the beginning, the project has always been a product built by the people, for the people––or as the Alpaca team likes to say: by the Alpacas, for the Alpacas.
Where to Find Alpaca Finance:
Source : bsc.news
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