Introducing NFT Staking to boost your maturity vault multiplier
Happy 2023 Tectonians! Thank you fam for all the support so far. We would like to kickstart this year with NFT Staking, which will allow you to boost your xTONIC Vault earnings.
What is NFT Staking and how does it work?
Going forward, users will be able to stake NFTs (from approved partners) onto their maturity vaults. A key incentive for staking your NFT is to boost your vault multiplier so as to receive more rewards!
Here’s how NFT staking on Tectonic works:
- Stake a maximum of 5 NFTs on any 1 maturity (e.g. you can stake 5 NFTs on your 6 month xTONIC vault)
- Each NFT can only boost 1 maturity (this means a user can stake a maximum of 20 NFTs across all 4 maturities)
- The maximum NFT boost multiplier will be 1.5x
We use this formula to determine your boosted rewards based on the number of NFTs staked:
Final Boost Multiplier = Vault Multiplier * (1 + min(1.5x, sum(NFT Boost Multiplier)))
Ultimately, the more NFTs you stake and the longer the vault maturity (vault maturity determines vault multiplier), the higher your final boost multiplier will be.
In order to utilise this new feature, you will need to fulfill the following prerequisites:
- Have xTONIC tokens of any amount locked in a vault of any maturity
- Be an NFT holder of any of our approved partners
Our first NFT partnership is with the Cronos Cruisers collection. We will be looking to add more approved partners in the future, so stay tuned for more updates!
More details on the Cronos Cruiser collection
Cronos Cruisers is a collection of 8,000 algorithmically-generated NFTs. The collection has 4 tiers of rarities, and these rarities help determine the amount of NFT boost multiplier you will receive on Tectonic — The rarer the NFT is, the higher the reward booster will be. Each rarity tier has its own boost multiplier and they are listed below:
For example, if you stake one “Legendary”, one “Epic” and two “Rare” NFT onto your 12 Months Vault, the total Cronos Cruisers boost multiplier equals to: 0.2625x + 0.1575x + (2 * 0.1050x) = 0.63x. Since the Vault Multiplier of 12 Months Vault is 6x, the final boost multiplier will be: 6 * (1 + 0.63) = 9.78x.
To learn more about the Cronos Cruisers roadmap, keep a lookout for updates on their social media platforms!
Interested in getting your NFT collection whitelisted on Tectonic?
Please fill in this collaboration form to provide more details and our team will review your application.
Appendix: How to lock your xTONIC into vaults?
Before staking your NFTs into Vault, you would have to deposit your xTONIC into the Vault first. In order to do that, users can stake their TONIC in Earn Page to convert TONIC to xTONIC, which xTONIC is a yield bearing receipt token. With that, they could go to Vaults and deposit their xTONIC based on their preferences.
You may refer to this tutorial guide to learn how to lock your xTONIC into vaults.
Lastly, there are more things coming so remember to follow our socials and stay tuned! Stake your NFTs now to earn juicy rewards!
There will be more things to come so remember to follow our socials and stay tuned.
Website: https://tectonic.finance/
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