Announcing the VIMworld x Vexchange Liquidity mining bonus for Venix holders
Communities and collaboration are at the heart of decentralized technologies. As part of our Partnership Series collaborations, we have been working with leading projects to develop ways to enhance community engagement through fun and unique implementations of our Smart NFTs.
Our recent collaboration with Vexchange.io was no exception - today, we are excited to share the details of the next stages of our ongoing collaboration.
Holders of Venix VIMs will shortly be able to access a special pool for liquidity mining purposes to reward those who persevered through the initial requirements.
Liquidity mining bonus for Venix holders
Known for its unique ability to find treasures and fortunes, the Venix is a source of untold wealth. Like the rising and setting sun, a Venix can similarly die and be reborn; But if they are cared for and fed the Venix can reward its owners for centuries to come.
In collaboration with our partners at Vexchange, we are proud to announce the launch of VEX liquidity mining for VEED/VET liquidity providers, with a special bonus for holders of the Vexchange partnership VIM, the Venix.
How it works
Liquidity providers in the Vexchange VEED/VET pool will be able to stake their liquidity provider (LP) tokens in order to mine VEX tokens from a pool determined by Vexchange at https://farm.vexchange.io/.
At the end of each calendar month, the total amount of VEX earned by each participating address will be calculated. At the same time, a snapshot will be taken to determine the ownership and tier of Venix VIMs. Those addresses staking LP tokens AND holding a Venix will be blessed with airdropped VEED tokens based on the dollar value of the month’s mined VEX, as determined by the monthly closing prices of both tokens in US dollars. The amount of VEED will vary according to the following schedule:
If the highest tier Venix in the wallet is:
F- to A-tier: 50% of the value of mined $VEX
S- to S5-tier: 100% of the value of mined $VEX
S6- to SX-tier 300% of the value of mined $VEX
Feeding Venix in the VIMventory of VIMworld will increase its tier to unlock higher rewards.
The Staking VEED/VET liquidity tokens will begin on 7th April 2022 at around 11pm UTC+0. VEED bonuses will be calculated according to calendar months, with the first snapshot occurring at end of day UTC+0 on April 30th 2022.
At this time there is no specific end date envisioned for VEX LP staking rewards and the special VEED bonus for Venix holders. However, participants should note that the reward rates and mechanism will be adjusted over time. For example, in order to ensure sustainability, a VEED reward pool system may be adopted in place of the multiplier schedule described above. Vexchange or VIMworld may decide to adjust or suspend provision of these rewards at any time as they see fit.
Please note: Liquidity provision can sometimes mean users withdraw fewer tokens than initially staked. Please read up on impermanent loss to ensure you are able to manage this potential outcome accordingly.
A preview of things to come
VIMworld and our Vexchange partners hope that VIM holders enjoy this special utility for a unique new VIM. This is a preview of the partnership-specific utility that VIMs can bring, and of how we are working to ensure they bring benefit to their dedicated custodians.
Access VIMworld Now
VIMworld is a revolutionary non-fungible token (NFT) ecosystem that creates a space where entrepreneurship and play combine and thrive. At the core of VIMworld are VIMs themselves, each one unique and permanent. VIMs are Smart NFTs that will deliver an immutable system of authentication, allowing their owners to both store and build value through play whilst building meaningful connections with others.
VIMworld can be accessed through VIMworld.com using a VeChain-enabled browser such as the VeChain Sync browser or Google Chrome + Comet Extension. It is also accessible on mobile devices through the VeChainThor Mobile Wallet on iOS and Android.
For more information about VIMworld, please follow our social media channels:
