Sharkpunks 2.0

First NFT project to adopt VE tokenomics

Sharkpunks was a project that started with a pure hope that ‘The Suicide Squad’ film hit the box office so that everyone would be interested in the man-shark character. But as you know, it didn’t happen 😅

What I realized was creating hypes with only NFTs is such a hard achievement, especially in a bear market like these days. So I’m about to revamping Sharkpunks project into a combination of yield farming+ VE tokenomics. Probably this will be the first attempt.

What is VE tokenomics?

If you haven’t heard of VE yet, read this: https://avgjoescrypto.substack.com/p/ve33-an-introduction-into-the-new

TD;DR

• Token is liquid and easily transferable. BUT, owning token alone does not give you the right to two crucial things: 1) Fee revenues generated by the protocol. 2) Governance over Curve Finance.
• How do you gain access to those things? This is where ve comes in. When you have token, you have the option to vote lock it. By vote locking token, you receive ve token in return. ve token gains you a share of revenues and governance rights.
• The longer you lock your token, the more ve token you receive. Once you lock your token for ve token, it cannot be reversed before the expiration date, and it cannot be transferred.

How is it going to be integrated?

The project now will have its native token, SPX (ERC-20) and a particular amount will be minted every block just like any yield farming protocols.

But this is an NFT project so it doesn’t have any pools. Thus, each Sharkpunks holder gets distributed SPX every block in proportional to the power(teeth) of each NFT.

How to increase the teeth? You need to vote for your Sharkpunks using veSPX. You can get veSPX by staking your SPX.

What’s the emission of SPX?

Its emission is based on how many existing SPX tokens are locked as veSPX, just like Solidly.

Let’s say a maximum of 69,420 SPX is designated to be distributed over the next week. If no existing SPX is locked as veSPX, all 69,420 allocated SPX will be emitted. If all existing SPX is locked as veSPX, none of the allocated 69,420 SPX will be emitted. So if 50% of SPX is locked as veSPX, we would expect emissions to be 34,710 SPX.

(Probably) this will go indefinitely.

WEN does it start?

Another two projects are still in queue so I believe in Q3, you’ll be able to see SPX token and VE contracts with a beautiful UI. I know that it’ll be boring to wait for it so, here’s a news you’ll be excited for.

Initial supply of 69,420 SPX token will be distributed to those who have been and will be contributing for the project. There are 3 categories that you can be eligible.

1. Be a price-increaser of Sharkpunks NFTs (60%): if you trade Sharkpunks and contribute for increasing the price of NFTs, you’ll receive SPX. (If you sell it to your second account for the same price as you bought, it doesn’t count.)
2. Be a contributor in discord (25%): come to discord and find or create tasks/chores to expose the project to the world.
3. Be a noisemaker in twitter (15%): tweet with @SharkpunkNFT and get likes & RTs on it. The more you get, the more SPX you’ll receive.

Initial SPX for three categories will be divided into 60%, 25%, 15% so the easiest way to get more SPX would be to increase the price of your sharks.

BTW, sharks will no more die(gets transparent) from now on.