We are excited to release the utility, minting, and launch date details of the Teddy Bears Club Initial NFT Offering. The Teddy Bears Club NFTs will launch this Friday, February 17th, 2023 at 5:00 PM UTC. The rest of this article will explain how to get involved with our community and become an inaugural member of the Teddy Bears Club.
Introduction
Last week, we announced the initial details of the Teddy Bears Club (TBC). Holding Teddy Bears Club NFTs comes with earning TEDY tokens, which means being part owner of the open-source TeddySwap DEX focused on stablecoins. Revenue from the TeddySwap protocol goes to buying-back TEDY tokens on the open market, and we are planning to launch on mainnet this March.
Previously, we explained there will be a total of 10,000 Teddy Bears Club NFTs.
Whitelist
We also announced that all delegators to the TeddySwap FISO will be whitelisted for an opportunity to mint Teddy Bears Club NFTs.
There are currently more than 8,000 whitelisted addresses, and the final snapshot to qualify for the whitelist will take place 24 hours from now.
To qualify for the whitelist, delegate to one of the TeddySwap FISO stake pools which can be found here.
The list of whitelisted addresses will be released prior to Friday’s launch along with the official minting website.
Utility
There will be at least 4 different types of utility for members of the Teddy Bears Club:
- Earn between 10,500–28,000 TEDY tokens, based on rarity, for each TBC NFT over the next 6 months starting from the launch of the protocol. More details are explained in the Minting section below.
- 5% Bonus on FISO rewards per TBC NFT (effective up to 30 NFTs per wallet).
- A minimum 1% boost per TBC NFT for our liquidity bootstrapping event (effective up to 30 NFTs per wallet).
- A minimum 1% long term added bonus per TBC NFT on providing liquidity to certain pairs on TeddySwap (effective up to 30 NFTs per wallet).
Minting
The cost of each Teddy Bears Club NFT will be 350 ADA on the day of mint.
Over the next 6 months, each Teddy Bears Club NFT will be eligible to claim a minimum of 10,500 TEDY tokens following the launch of our mainnet protocol along with the 3 additional utility features mentioned above.
However, for higher tiered NFTs, additional TEDY will be earned.
The 5 different tiers of rarity are:
- Tier 1 — Rarity 1–100 → (28,000 TEDY)
- Tier 2 — Rarity 101–999 → (17,500 TEDY)
- Tier 3 — Rarity 1,000–2,999 → (12,600 TEDY)
- Tier 4 — Rarity 3,000–5,999 → (11,200 TEDY)
- Tier 5 — Rarity 6,000–10,000 → (10,500 TEDY)
Minting TBC NFTs from rarity ranked 6,000–10,000 will earn 10,500 TEDY over 6 months while minting a TBC NFTs ranked 1–100 will be eligible to claim 28,000 TEDY over 6 months.
Holders may elect to hold the Teddy Bears Club NFTs during the next 6 months and be eligible for all claims during this time period; or, they may elect to receive some of the airdrops, and thereafter, transfer the NFT to another wallet that will then be eligible to claim to any and all additional TEDY token claims, and any and all utility initiatives that the Teddy Bears Club may embark on in the future to facilitate the growth of the TeddySwap protocol such as additional liquidity programs.
Launch Date
At launch, the Teddy Bears Club NFTs will be available only to whitelisted addresses.
Minting will begin Friday, February 17th, 2023 at 5:00 PM UTC for whitelisted members.
Each whitelisted address will be able to mint a maximum of 2 Teddy Bears Club NFTs during the whitelist period, which is scheduled to last 4 hours. Public minting will begin shortly after this 4-hour window.
For public minting, wallets will be able to acquire 1–3 Teddy Bears Club NFTs per transaction.
Royalties
Royalties will go towards development and provide the ability to create long term value for the Teddy Bears Club and its members.
Final Remarks
We are excited to launch the Teddy Bears Club NFT collection later this week which serves as an avenue to provide long-term funding to our team and ensure the best security audits for our open source DEX focused on stablecoins.
We believe the Teddy Bears Club NFTs provide long term value and will enhance the experience of being a part of the TeddySwap community. We hope you will join our mission to provide open-source and decentralized infrastructure for the Cardano community with highest levels of security and the best possible user experience.
Following the completion of our Initial NFT Offering, we will announce and launch our public testnet, where anyone in the world with an internet connection will have the ability to swap, add liquidity, and become a TeddySwap badger, where community members with the necessary technical expertise can run a batcher (node) and earn ADA by processing transactions in a censorship-resistant, distributed network across the globe.
For more information on TeddySwap:
Website | Twitter | Telegram | Discord | Docs | Github | Linktree
TeddySwap is an open-source decentralized exchange AMM protocol focusing on stablecoins in the Cardano ecosystem. Our protocol is developed by former Cardano Foundation developers and the creators of plu-ts, a smart contract framework built to efficiently deploy Cardano dApps.
Disclaimer: The content of this article is for informational purposes only, you should not construe any such information or any material on the TeddySwap site as legal, investment, financial, or other advice.
