The team at NarwhalSwap continues to implement cutting edge features for automated market-makers (AMM) & NFT-Fi platforms as it pushes out its latest version of Phase 1 and its NFT “Bazaar” marketplace.
NarwhalSwap the King of NFT-Fi?
The launch of the $GEM staking pool earning yield in $GOLD token began in October of 2020; this opened the door for NarwhalSwap’s NFT (Non-Fungible Token) project “THE RUNES OF NAR.” The $GEM token is obtained by staking $NAR (NarwhalSwap native token). You get one $GEM for every $NAR staked 1:1; when staking $NAR, you will also earn additional yield in $NAR. This $NAR comes on top of the output from the $GOLD pool. To receive $GOLD tokens, you must lock your $GEM tokens -received from staking $NAR – in the $GOLD pool. The tokenomics of $GOLD are scarce by design. Only 576 tokens are minted per day and distributed to those in the pool; this can be a formula for exponential gains if demand continues to rise for $GOLD tokens – and it seems that NarwhalSwap plans to execute this using NFT’s.
Mom I Want to Use the GACHA-Machine!
$GOLD token can be used for the NFT “Gachapon” feature on the site. Using the GACHA-machine will burn the $GOLD tokens used to purchase a random NFT that varies in grade and type. Users may use the GACHA-machine multiple times, but each use scales the cost in $GOLD by a 2x multiplier. Basically, the first spin a day costs 10 $GOLD, the second 20 $GOLD and third 40 $GOLD. This multiplier is reset daily at 12:00 AM UTC, where the attempt price is reset to 10 $GOLD.
Phase 1 NFT’s
Phase 1 Potion Runes were made available on November 9th. Potion runes affect the buff-rate growth, which directly increases the yields users can earn. The default buff-rate increase is 50%. By slotting in a Potion rune, you will be able to increase that percentage. The respective grades and their buff-rates are listed below.
Potion Rune Grades & Effects:
Common: Buff-rate refresh increased to 55%
Rare: Buff-rate refresh increased to 60%
Epic: Buff-rate refresh increased to 70%
Legendary: Buff-rate refresh increased to 85%
Transcendent: Buff-rate refresh increased to 105%
The buff-rate refresh seems confusing, so here’s an explanation about timing your buff-rate refresh by a NAR developer …
“The effect of POTION runes can be alittle bit tricky…
• Buff-raterefresh at 1PM, Monday (+50%), slotted in Common Potion rune on 5PM, Monday
• Buff-raterefresh at 1PM, Tuesday (+50%), rune activates 5PM, Tuesday.
• Buff-rate refresh at 1PM, Wednesday (+55%)”
The key idea here is that you must slot your potions before 1:00 PM if you want to receive the buff on the next buff-rate refresh – which is at 1:00 PM every day.
Second Phase 1
The “Phase 1” Potion rune minting ends November 16th while the “second Phase 1” launches. On this launch, users will be able to start minting The “Rank” rune. These NFT’s will start boosting your buff-rate precisely 24 hours from the moment that you activate them. The buff-rates are listed below regarding the respective rune grades.
Rank Rune Grades & Effects:
Common: Initial buff-rate increased to 1.2
Rare: Initial buff-rate increased to 1.5
Epic: Initial buff-rate increased to 1.9
Legendary: Initial buff-rate increased to 2.4
Transcendent: Initial buff-rate increased to 3.0
When a Rank rune is removed, the initial increased buff-rate remains until you add to your stake or harvest it; resulting in a buff-rate reset to one. When a Rank rune is removed, it isn’t lost, it can be reused in the future; exactly how is not clear, but I’m sure it involves a future phase of the project.
The NAR bazaar is the new NarwhalSwap marketplace. It will launch on November 18th 2020. Users can quickly sell or buy their phase 1 NFT’s using $BNB or $NAR tokens. Sellers must input their reservation values for $NAR and $BNB tokens when selling NFT’s as it is an open marketplace. When buying, the bazaar will put a taxation fee on the price, 5% for $NAR payments and 15% for BNB payments. This system incentives users to hold NarwhalSwaps native token, creating a further use case for the exchanges $NAR token. The revenue generated from taxes will be used for $NAR buy-backs and burns, which ultimately benefits the holders. Who doesn’t love a good airline stock buy-back? According to rumors, there also might be a possibility that users can spend their gold tokens in the marketplace shortly. More good things are coming down the pipeline from the NarwhalSwap team, and I can’t wait to see what more they have in store for us.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.