Introducing NFT rewards earned by staking your BUND/ETH LP tokens or simply BUND.
Here at Bundles HQ it has been a very busy month with working on partnerships, a cross chain solution and launching our first NFT rewards! We will be releasing lot’s of news in the coming weeks but first of all, let’s talk about the NFTS!
As we have a fixed supply of $BUND, providing liquidity rewards requires an innovative thought process as we simply can’t emit tokens to pay rewards. For the last 3 months, we have used some of the $BUND allocated for community rewards to reward LP providers but that is not sustainable in the medium or long term. So we are introducing a new token that liquidity providers can earn and then exchange for NFT art specially created for Bundles by leading crypto artists.
In addition, we understand that some users are worried about providing liquidity because of the high gas fees and impermanent loss. Therefore, you can just stake your BUND in a different pool, although the rewards will be at a lower rate.
The core concept of the Bundles staking pools is choosing which of 10 cryptocurrencies will perform best in the coming days. As those 10 currencies (DOT, ETH, BTC, CORE, YFI, TETHER, LINK, XRP, BNB, UNI) are an integral part of our platform, we decided to make each of those (even XRP??) the focus of our first NFT series. Whether this will be pitting coins against their rivals or focusing on some of their key features, we aim to engage with other coin communities and the wider crypto space to generate real interest and excitement!
You can see one of our initial pieces in the article above which focuses on the battle between Ethereum and Polkadot over smart contract dominance.
When will the staking start? 3rd March 2021
Where do you need to stake? bundles.finance
What token will people earn from staking? We are creating a new token that can be redeemed for our NFTs. This token is transferable but we won’t provide any liquidity for the token to be traded, it’s sole use is to purchase the NFTs created and available on our platform. We will emit 3200 tokens per month for the staking rewards initially for the LP pool and 2400 for the BUND pool. For the first month, we will double the rewards for each pool, giving you the chance to earn NFTs quicker!
What levels of rarity will the NFTs have? We will have three levels of rarity.
Legend- 1 copy- 800 tokens
Rare- 6 copies- 400 tokens
Special- 12 copies- 200 tokens
What can I do with the NFTs I earn? We are working with artists who already have recognised art and are selling their work on Opensea and Rarible so you can choose to sell them on those platforms or keep them growing value in your collection!
We are also looking at working with an exciting new platform called NFT20 which is a permissionless protocol to trade, swap and sell NFTs. It will enable our NFT holders to be able to tokenise their NFTs, create dutch auctions or swap their NFTs to other NFTs. The more liquidity you can provide for your NFT holders to obtain value from their NFT assets, the more valuable they become.
We have a really busy few weeks ahead with plenty of news so keep following and supporting us! Thanks Bundlers!
Best wishes, Simon and Sid
Website: bundles.finance
Telegram Announcements: t.me/BundlesFinanceDefi
Telegram Discussion: t.me/BundlesFinanceDiscussion
Twitter: twitter.com/BundlesFinance
