$gNFT Yield Farming
If you’re not already aware, NFThub has had our NFT farming live for quite some time now, but when last written about here on Medium (we primarily use our native blog), we had only deployed single-asset staking for our gamified collectible NFTs; which will be ready to use soon, as the gamification is high one the priority list and nearly polished enough to integrate.
More recently, we established an NFT farm to offer rewards to liquidity providers for the $gNFT / $MATIC pairing on Quickswap, Polygon’s leading DEX. By staking your LP tokens, you’ll earn points, which are purely a virtual ‘currency’ (meaning it doesn’t exist outside of the specific farm instance you’ve earned it in). As you may expect, the farming rewards for liquidity providers are of a lower quantity, and higher quality. Currently, the rewards offered are made up of high quality digital art NFT’s by some of the NFT ecosystems top artists, with more on the way. At the time of this writing, there’s two available NFT’s. One is an audiovisual work created as a collaboration between BruceTheGoose and DrawberryMilkTea; with the included music being released in its entirety for the first time ever through the NFT (it’s now also exclusively available to stream on Audius). The other is a limited edition created specifically for the purpose by Mr.Yuk. Several other artists have already confirmed that they’ll be creating (or have created) works to be released through the farm.
As of the evening of July 4th (Happy ‘Murica Day) the GYSR Team protocol is live on Polygon’s rapidly expanding network; having worked with GYSR in the past and being familiar with their yield farm format, we eagerly deployed a “Fountain” to reward $gNFT LP providers with more $gNFT as an alternative, or in many cases, as an additional reward option for staking their liquidity and supporting the stability and growth of our platform’s native token. In fact, we deployed a little too eagerly, and sent the reward funds twice! A small mistake on our side, a potentially huge gain on yours. Instead of the planned 1.5mm tokens to be rewarded over 90 days, there’s now 3mm, rewarded at the same rate and duration. The reward distribution begins on July 8th at 7pm EST, and runs for the full course of 90 days.
Enjoy it while it lasts; but be aware that with the apparent reluctance of the Polycat Finance community to research a token before dumping it, and this recent hiccup, we may (with ample warning and a approval vote by the Moloch DAO and greater community) deprecate $gNFT to re-launch with a new token, which would be airdropped to all holders of $gNFT at the time the decision is made. The current hope is that the high returns, and now the possibility of getting some auto-compounding vaults deployed, will incentivize more people to acquire the token in the interest of staking LP, which will be good for the token overall, while also helping us distribute more into circulation, and hopefully lead more people to NFThub.
**This has not yet been decided, and will depend on the performance of the more recent HODL’ing and LP incentives.**
As a bonus bit of alpha as thanks for reading our updates; we’re planning to deploy an NFT farm to reward LP providers of the newly created $gNFT / $FISH pair, with stakers able to earn official collectibles from Polycat, which has long reigned supreme among the yield farm platforms on Polygon.
As always; NFThub, the team and DAO that manage it, and the author(s) of this blog offer no financial, investment or legal advice. Always DYOR and never invest more than you can afford to lose.
Stay Safu and ape responsibly~ Enjoy the farms!
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WEBSITES FOR MENTIONED PROJECTS
| NFThub/$gNFT | GYSR | Polycat | Polygon | Quickswap | Audius |
About Polygon
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