The Lab Finance brings the concept of DeFi into NFTs in a way we have never seen it.
What is The Lab Finance?
The Lab Finance is a community-centered Binance Smart Chain (BSC) farming protocol incorporating profit-generating Non-Fungible Tokens (NFTs) with governance utilities. This protocol innovates concepts of DeFi into NFTs.
The Lab Finance demonstrates the additional use case of NFTs as not only a scarce asset, but an asset that has increasing value through characteristics embedded in the NFT. Holders of the LABDAO NFTs, a standard ERC721 token, are entitled to claim functions that reward them for holding. This is the best of both worlds as users can farm with their unique collectible items.
Key Features
Staking Farm and Pools
NFTs
Governance
Project Components
Staking Farm and Pools:
The LabFinance, like the typical Decentralized Finance (DeFi) themed project, has yield farms and pools, featuring industry-standard APRs. These yields are available across both single staking and Liquidity Pools (LP) that offer incentives to users.
The pools audited by Solid Group, have a 1-year liquidity lock and a 24hr time lock on the MasterChef contract. There is a deposit fee of 4% (except its LABO-based pools that are 0% deposit fee) that is allocated to NFTs holders, project development, and a deflationary burn mechanism.
Similar to the staking pools, the farm also features APRs for listed coins/tokens. This includes the most prominent coins such as BTC, ETH and stable coins among its expansive LP list. There is also a standard rate of 4% deposit fees for all other LPs except for the LABO LPs. This is used in rewarding NFT holders, the team, and burning tokens.
LABDAO NFTs:
The NFT industry is innovating with incredible speed, appreciated for the digital scarcity and recent valuations. The team at The Lab Finance has decided to add an extra layer of utility to the token.
Ony 50 LABDAO NFTs will ever be created. This initial scarcity is aside from its unique rarity and design made possible by the inclusion of other designers and contracts. Holders are enabled to earn passive rewards while holding, reducing the selling pressure on the token. The NFTs are connected to the MasterChef from where the rewards are generated.
The benefit of holding any of the NFTs include the following:
Each NFT gets around 34.5 LABO daily
The designs are unique as 10+ designers participated in its creation
Users can trade the NFTs on the Lab Finance platform and any ERC721 NFTs marketplace
35% of the deposit fees are distributed among the 50 NFT holders
Voting privileges to finetune the variables in the farm
Rewards for the NFT’s will come from 2 sources, Dev Minting Rewards and Deposit Fees from farms and pools distributed by the DevFeeProcessor through the MasterChef.
There are only three ways to obtain the NFTs:
Accept the sellers’ asking price
Purchase from the team
Place a bid
Holders of the NFT can claim tokens distributed on the claim portal. To do so, users have to call the function and claim manually. It is not an automatic distribution as rewards are distributed evenly no matter the value of the NFT. LABDAO members can claim their rewards anytime they want; however, if the tokens are not claimed and the user sells the NFT he will lose rewards. The rewards are completely lost when they sell the tokens; the rewards are given to the new holder when they trigger the claim button.
To gain access to these rare NFTs, connect to the website portal and check out this Medium guide.
Governance Function:
As part of the NFTe integrated function, a voting contract is in the works among five new smart contracts for the NFT process. The released contracts also include the GovernanceNFT, enabling the 50 holders will earn rewards.
The Governance function will also be the major decision-maker in fine tuning the protocols variables. Users will guide the future of the project, such as the emission rate of LABO/Block or multipliers on Pools and Farms. With the successful launch of the Governance protocol, The Lab Finance becomes a fully community-driven protocol.
Tokenomics
Total Supply – Unlimited
Total Burned – 46,268 LABO
New LABO/Block – 1
Deflationary mechanism of token via Dev Minting Address and Deposit Fees
9,09% will be sent to the team address for marketing and dev expenses
After the implementation of the NFT’s, 60% of that amount will be for NFT holders
All revenues generated by the sales of LABO NFTs will be used for buyback and burn off the tokens.
Smart Contracts
Voting Contract (coming soon)
Roadmap
March 2021
Launch the platform and the main dApp for Pools & Farms
Complete the Presale
Initial Audit to secure the platform
CoinGecko, CoinMarketCap & DappRadar Listing
April 2021
NFT Artist competition with a $15,000 prize
Multiple Language Communities (French, Chinese, Spanish, etc.)
An audit from a top-tier company
NFT front-end implementation
Distribution of the NFT’s to the community
NFT’s Governance Model & Revenues Go Live
May 2021
- Governance Decision with NFT’s Holders on Next Feature Implementation
A significant portion of the roadmap has been achieved already. Next to go live is the Governance protocol which will see the possible implementation of other valuable features on the platform.
These possible future Implementations include:
LABO IDO Launchpad
Layered Farming
Synthetic Stable Coin (could be used to increase APY)
New Farms & Pools
Strategic Partnerships
Lottery Games
Prediction Market
Source : bsc.news
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