The Lab Finance: Profit-Generating NFT’s Coupled With Community Centered Yield Farming

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

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 Lab Finance Single Stake Pool

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.

LP Farms

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.

Peek of the extremely rare LabDao NFT collection

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

Sneak peek preview of the claim process

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

Token Smart Contract

DevFeeProcessor

GovernanceNFT

NFTSplitter

NFTSale

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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