Introduction to SwapOne
Epoch Zero is dedicated to enhancing utility within the realm of Non-Fungible Tokens (NFTs) and their associated markets. We proudly introduce a new feature for our users called SwapOne. This utility is designed to facilitate on-chain swaps of NFTs within supported collections.
Functionality
SwapOne allows users to Pool or Exchange a NFT asset in a supported collection.
- Pooling: Holding NFTs long term? why not add them to the pool and start sharing protocol fee’s.
- Swapping: Exchange an NFT for another, chosen randomly from the collection pool.
To encourage users to participate in pooling their NFTs, a fee is levied on swappers. This fee is only a small portion of the collection floor value and is charged in FUEL. This FUEL is distributed as follows:
- 70% to the poolers
- 25% to the Protocol/Pharaoh holders
- 5% to the distributor
Interface and Usage
SwapOne currently supports a couple collections (The Blobs and Wasteland Sirens) but we will be adding many more EVM collections in the next week.
To utilize this feature, users need to navigate to the collection’s page and select the ‘SwapOne’ tab. Here, they’ll find a selection of pooled items available for swapping.
Users can initiate the swapping process by clicking on the ‘inventory’ button located at the top right corner of the interface. This action reveals a slide-out pane where users can choose to either add NFTs to the pool or swap an and NFT for a randomly selected NFT from the pool.
Pool: To add an NFT to the pool, click the Pool button. You can choose to leave a Swapped NFT in the pool by selecting the Recycle option. This will ensure you continue to earn protocol fees even if your NFT is swapped.
Swap: To exchange one of your NFTs for a randomly selected NFT from the pool, click the Swap button. Ensure your wallet holds sufficient FUEL to cover the swap fee.
Unpool: If you would like to remove an NFT from the pool, click the unpool button and this will remove it.
With the implementation of SwapOne, we provide users with a convenient and decentralized mechanism for NFT assets within the ShimmerEVM protocol. This feature adds a new layer of engagement and utility to our Epoch Zero platform, offering users an exciting opportunity to earn while you hold or simply swap for something more appealing (Rarity/Attribute upgrades).
We extend special thanks to Pathin for his Random-Number-Generator package (RNG). This package plays a crucial role in ensuring fairness and randomness in the swapping mechanism implemented by the Epoch Zero team.
