NFTs meet DeFi! Algomint & Humble NFT Reward Event

Hello my friends,

We are excited to announce that we are participating in an LP rewards program known as X-NFT thanks to our inclusion by the Algomint Team. This program presents a unique fusion of Decentralized Finance (DeFi) and NFTs, empowering users to earn X-NFT rewards through participating in selected Humble LPs. With participation, you will receive X-NFT tokens airdropped on a weekly basis with which you can then manage for rewards via Hone.

Specifics

To participate, be sure to opt in to 1164556102 and then simply add to one of the below eligible pairs and hold that LP token. Each Monday when we send out DeFi rewards, we will also send out these. Your rewards will be weighted proportional to the amount of LP you hold.

Program Start date: Recording August 21st, 2023 with first distribution August 28th.

End date: September 30th, 2023.

Total Rewards: 130 X-NFT Tokens

Eligible LP Distributions:

GOLD$/goUSD 735PJ77RM5BWCIIAX3WNIIRID4PNKPK5K2FJBE2LSPQVNWBSVW4VYGVBEE X-NFT Total = 50

SILVER$/goUSD QMG44VYFDBD2X7TOCMESMIN2JIO4PCTSTPTDPQUPMKKPBWRFUOHBNSRUHY XNFT Total = 50

xNFT/goMINT PJ52XBXA5FJFJD5BA3IGJB7VHUSA2ZSR5FA6QCYEZJ3JWHANAQNE3FOZZQ
X-NFT Total = 30

A short introduction to Hone and the Token Mechanics can be found below, which was pulled from Algomints article here, in which you can also find additional information around the entirety of the program.

Claiming NFTs with Hone: A Seamless Experience

Ensuring a seamless and user-friendly experience for claiming NFT rewards is a top priority for Algomint. This is where Hone comes into play. Hone.fi, with its intuitive interface and secure asset management capabilities, serves as the gateway for users to claim, view, and manage their earned X-NFTs.

With a simple and efficient claim process, users that earn or purchase X-NFT when desired can mint their NFT’s at Hone (1 X-NFT token = 1 NFT). We are also launching a burn mechanism whereby users can swap a total of 500 unwanted NFTs in the series through Hone and the receiver will receive X-NFT token in return (1 burnt NFT = 0.5 X-NFT tokens).

The burn mechanism further enhances the value of X-NFTs in circulation. As users burn unwanted NFTs to hold, reshuffle or sell X-NFT tokens, this also provides a liquid floor to the NFT’s themselves (anchored by Algomint seeded protocol owned liquidity in the X-NFT / goMINT pool). The NFTs that are burnt are periodically removed from the ecosystem, increasing the rarity and desirability of the remaining X-NFTs. As well as dynamically changing individual attribute rarity, i.e by burning NFT’s users can increase the rarity of different attributes. This scarcity-driven approach adds an exciting element to the X-NFT project, promoting a dynamic and thriving NFT marketplace.

It is also important to note, that Hone has developed the shuffles themselves so they fully executed onchain utilising the Algorand randomness beacon to safely, securely and randomly shuffle from the pool of available NFT’s. The smart contracts and functionality being utilised for the X-NFT program will be publicly available for other projects and the community to use via Hone.

Mechanics

Want to join our community and have a chance to win our next contest or get the Alpha before it drops? Check us out:

Website: https://humble.sh

Telegram: https://t.me/humblesh

Twitter: https://twitter.com/HumbleDefi

Reddit: https://reddit.com/r/HumbleDefi/

Discord: https://discord.gg/HumbleDefi