Overall, NyanSwop has displayed great innovation by a team that sets targets and makes them happen! As the BSC continues its parabolic growth, keep an eye on this project as they continue to further developments.
NyanSwop Project Review
After the success of the Automated Market Making (AMM) Unicorn (UniSwap) on the Ethereum Network, the NyanSwop team decided they would try to become the BSC’s unicorn – or cat. They offer many features revolving around Decentralized Exchange (DEX) technology, Yield Farming, NFT Oracles, a Fortune Shrine, and Nya Cash.
NyanSwop started October 15, 2020, as an anonymous team. They chose the Binance Smart Chain (BSC) because of the speed and super low gas fees, which benefit their users. Since its inception, NyanSwop has made several innovations alongside its AMM which provides yield farms and staking.
Nya Fortune was launched to bring some positivity into the crypto scene; while fud, rug-pulls, and scammers are negative vibes, the shrine tends to bring some positivity in the style of traditional Japanese Omikuji fortune-telling. Users can buy a NyanSwop Shrine Token $NST (BEP-20) on the platform; once acquired, depositing the $NST token allows users to claim a $NFT (ERC-721), the fortune. These NFT’s (non-fungible token) contain artwork and a poem or horoscope-like predictions about life. Since the $NFT is an actual NFT it can be freely transferred and gifted to someone who could use a good fortune.
Did you get a bad fortune? Don’t worry, you can simply “dispose” it, and it will go to the shrine fund. The shrine fund will perform burns and buybacks for the $NYA token, integrating a unique deflationary mechanism.
NyanSwop’s NFT Oracle allows for ease of finding the original NFT creator. This information is typically not stored in the NFT; once sold, the owner changes with no trace to the creator of the NFT, meaning that Creators cannot get rewards/fees if the NFT art is sold again. The Oracle fixes this as it interacts with smart contracts, retrieving the Artist’s information that created the NFT. Other projects can also implement the oracle by utilizing $NYA to power the integration.
What better than to reward NFT Artists with a portion of the fees generated? This system dramatically benefits artists, allowing them to earn royalties forever, and the oracle makes it possible.
Shortly, the team plans to release a “Flea Market,” a native NyanSwop NFT marketplace that is promised to be one of the most innovative marketplaces.
Nya-Cash $NYAC is NyanSwop’s algorithmic stable coin making use of the NyanSwop AMM.
Just like the Basis.Cash of which the Nya-Cash is forked, Nya-Cash uses a three token structure:
Nya-Cash $NYAC the algorithmic stablecoin
Nyahare $NYAS, is an ownership token that receives inflationary rewards
NyaBond $NYAB, which can be purchased at a discounted rate during network contraction)
Token distribution started February 7, 2021, and will take ten days; after that, the Bonds and Boardroom will open on February 17, 2021. Twenty-four hours after the boardroom has opened, the first seigniorage will happen, ideally pegging the price at the desired one Dollar.
The $NYAS and $NYAB tokens are designed to move the price of $NYAC towards the desired one-dollar valuation. This is achieved by leveraging seigniorage, an economic agent, in this case, performed every six hours to enforce equilibrium (after the distribution phase). The process uses the following mechanics:
If the price of $NYAC is above $1,- users will be able to redeem $NYAB 1:1 for $NYAC, causing an increase in demand for $NYAC, which triggers the minting of new $NYAC that is distributed to $NYAS holders. This is called the expansionaryphase and it is the main mechanic that leverages seigniorage.
In the contractionary phase, $NYAC is trading below $1,- now users will be offered to buy $NYAB with $NYAC at a discounted price, the used $NYAC will be burnt to reduce supply and stabilize the price. Once the peg is back above a dollar, users will be able to redeem $NYAB 1:1.
Currently, you can earn $NYAS or $NYAC by pooling or staking;
Earn $NYAS by pooling:
Earn $NYAC by staking:
Users can also earn $NYAC by pooling NYA/BNB LP. These yield farming opportunities currently offer tremendous APY’s (annual percentage yield) ranging from 400% to 4700%!
Of course, you can still use the yield farm options on NyanSwop; you can do so by providing liquidity on NyanSwop’s AMM. Currently, the AMM supports the following six pairs:
Once liquidity is provided, users will begin earning liquidity incentives by depositing the LP tokens in the corresponding “farming: pool” These pools offer exceptional yields ranging from 24% to 469%, distributed in $NYA tokens.
For those who are unfamiliar with yield farming and liquidity provision, check out the following sources:
NyanSwop’s innovative mechanics have brought new features to the BSC and its users; the NFT oracle could well be a perfect way to reward the artists granting life long royalties. The new algorithmic stable coin looks promising and could prove to be a game-changer for the project. But that’s not all; the fortune shrine is an excellent way to spread positivity, whether as a gift or just for yourself. More importantly, this system creates a deflationary mechanism for burning $NYA tokens and creating buy pressure to increase the token price.
Source : bsc.news
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