New website, new v2 token, new rewards!
Our new WAIFU site is here at https://nft.waifutoken.io!
And you can view our first DAO proposal here: https://snapshot.org/#/hinatadao.eth/proposal/QmPKc95tkxnixN3V2FWFm7YS5rsPJ8uAm4spRmmiTsBWro
UPDATE: IF YOU HAVE ALREADY MIGRATED, PLEASE DO THE FOLLOWING:
- Unstake your WAIFv2 tokens from the old vault, which initiates a 24 hour unbonding period
- Wait 24 hours for the unbonding period to end
- Submit another Unstake transaction, which will withdraw your WAIFv2 tokens into your wallet
- Migrate & Stake your tokens to deposit them into the WAIFv2 farming contract
Current WAIFv2 farming contract: 0x73C148406a907ac0741061985E6E892d38470043
Apologies for the extra transactions! Once your balance is deposited into the new contract you will be earning WAIFU at a faster rate. There is also a snapshot planned for all addresses who have staked in the original WAIFv2 farming contract. We will be sending out a pretty sweet proof of attendance NFT to commemorate this!
Thanks for your support and patience. Please direct any questions you have to our telegram channel at t.me/waifutoken
After some necessary last minute fixes to EIP-1559 related errors we are happy to release our rework of the nft.waifutoken.io website with several improvements as well as a migration widget to convert all of your current balances to the WAIFv2 token. The biggest reason for the changes to our NFT website is our need for a smoother drop process for our upcoming NFT releases (which there are many!). The migration widget is also your gateway to continue earning new rewards, and grabbing a token allocation for our upcoming NFT ecosystem that features a wide range of original artist content, a secondary marketplace, programmable artist royalties, and so much more. By migrating your current WAIF or WAIF-ETH LP stake to WAIFv2 you are securing your spot in this new project while continuing to earn your way towards upcoming NFT releases. Most importantly, however, is our transition from the HAREM token to a new non-transferrable governance and reward token named WAIFU.
The new WAIFv2 token
If you are currently staking your WAIF or WAIF-ETH LP tokens in our original deposit contract you will continue to earn HAREM rewards for one more week. After that, the emissions rate will be effectively zero.
WAIF v1 HAREM rewards will be ending next week. The HAREM emissions rate will be changed to 0 on Monday, October 4th at 9 AM PST.
Looking to keep earning rewards and claim the next batch of NFTs? Here is what you need to do:
Users will be able to migrate to WAIFv2 using our widget under the V1 farming section at nft.waifutoken.io. Tokens are converted on a 1:1 basis if you are depositing WAIF, and ALL tokens are burned in the process! This is verified on-chain and all WAIF will be automatically sent to the 0x00…dead address. The team has no way to retrieve these tokens, so make sure you are committed to this transition!
There is a 10% bonus for users who wish to migrate their liquidity stake with WAIF-ETH LP tokens (UNI-V2) instead. We have decided those who are committing their liquidity stake should receive a thank you for helping us continue to fund this endeavor. All WAIF tokens will eventually be unbonded and burned, while 100% of ETH goes towards development and deployment costs.
Please note you are sending LP tokens to our custodial multi-signature wallet where they will be held for the next few months. For those who wish to simply sell their WAIF for ETH on Uniswap and opt out of this process we are committed to keeping enough liquidity in our pool to make swaps less slippy! Although we have no immediate plans to remove pool liquidity from our Uniswap WAIF-ETH pair, we will begin cycling out liquidity after a few months and begin supplying ETH for the pool on our upcoming project which we are excited to announce later this week.
Our migration widget from WAIF to WAIFv2 will ALWAYS be available to users and there is no pool liquidity needed to make this swap. Even if you cannot sell your WAIF tokens, you are guaranteed an allocation of our future [REDACTED] marketplace token to be released in the coming month.
Please also note that WAIFv2 is NON-TRANSFERRABLE, meaning you cannot trade or transfer it between accounts. We have decided to use this limited token type for a few important reasons. First, we want to prevent arbitrage traders from siphoning value (read: the ETH in our current WAIF pool) in the migration process. Between sandwich bots and other sophisticated methods for front-running slippage and liquidity removal/addition, the conversion process presents an unavoidable vulnerability from would-be vampires. Another benefit of the non-transferrable design of WAIFv2 is that the tokens have a cost basis of $0 going in and out. To extrapolate a bit further, you are *unlikely* to create a taxable event in the conversion process depending on your jurisdiction. Although we are not lawyers or tax accountants, we’ve pondered the situation and hopefully this is a more efficient and tax friendly design for the majority of users.
NOTE: NOTHING IN THIS ARTICLE CONSTRUES LEGAL OR FINANCIAL ADVICE. PLEASE UNDERSTAND YOUR LOCAL LAWS AND CONSULT WITH AN ACCOUNTANT. WE ARE NOT RESPONSIBLE FOR YOUR TAX OBLIGATIONS AND CANNOT BE HELD LIABLE.
Farming WAIFU
All HAREM balances can be converted to the new, non-transferrable WAIFU token. The function will be exactly the same — if you are staking WAIFv2, you will receive WAIFU which is used to claim NFT releases. Now that the new website is here we will be releasing new content more regularly! But there’s more!
Simply put, WAIFU is a governance/reward token hybrid that has utility beyond just claiming drops. We have set up a snapshot page which allows WAIFU token holders to propose and vote on new measures that the core team will add to our workflow. Is there a certain token that you would like us to create a waifu NFT for? Do you have an idea on how we could improve emissions or the distribution of rewards more fairly? How about a completely new feature on the website, such as unlockable content? We will leave these ideas and feedback up to the community! Our snapshot page is live right here: https://snapshot.org/#/hinatadao.eth
We favor this type of governance because 1) it prevents hostile actions due to the economic costs associated with farming a ton of WAIFU, and 2) it incentivizes and promotes involvement from the ‘true believers’ who have been farming HAREM until now. WAIFU can still be spent on new NFTs, of course, but your wallet balance will always have utility with our governance page. Please do practice good opsec and key management, because it cannot be transferred or bought from any liquidity pool! If you lose access to your wallet which has been farming HAREM/WAIFU, you will lose your rights to governance!
Here are the curved emissions rates for WAIFU, which are undiluted by new pool participants. Note that we have bumped the rates in favor of smaller balances so the little wallets have a greater chance of earning NFTs in the future, and making their voices heard through our governance page.
100k WAIFv2 = 1 WAIFU/day (base rate)
1M WAIFv2 = 7 WAIFU/day
5M WAIFv2 = 25 WAIFU/day
10M WAIFv2 = 50 WAIFU/day
50M WAIFv2 = 250 WAIFU/day
100M WAIFv2 = 500 WAIFU/day
There is no cap on how much you can stake. WAIFU rewards can be claimed at any time. Your WAIFv2 balance may be unstaked only once per 24 hours.
What’s the migration process?
1. UNSTAKE
You can withdraw your current WAIF or WAIF-ETH LP tokens from our deposit contract. This can be done under the V1 tab, and if you have both types staked this button will prompt two separate transactions to return your token balance.
2. MIGRATE to WAIFv2.
You have the option to either migrate both your WAIF and WAIF-ETH LP tokens. Your balance will be automatically deposited into the new staking contract and can be unstaked at any time.
Note: You must first send an Approve transaction before you can Migrate & Stake. You can withdraw your v2 tokens from the contract at any time, but you may only withdraw tokens once every 24 hours.
3. CONVERT HAREM.
There will be no future releases purchasable with the HAREM reward You can swap to the WAIFU reward token on a 1:1 basis using this conversion page.
Note: You must first send an Approve transaction before you can Swap.
But wait, there’s more! For everybody who is interested in participating in UNIC.LY staking and community governance of our collection on their platform, we have created a uToken swap widget under the v2 tab.
33% of the entire uWAIFU supply (333,333 tokens) is available for current WAIF holders at a 1000:1 ratio. For example, 1,000,000 WAIF will net you 1,000 uWAIFU tokens, a proportional share of the total supply. This is a one way swap, and while uWAIFU does have *some* liquidity the real function is voting to unlock the dozen NFTs held in escrow. Once the majority of uWAIFU is used to vote “Yes” on our collection page, the items will all go to the highest bidder and ETH will be distributed among voters.
Please note that this is not an airdrop, it is a one-way conversion and your WAIF tokens are also burned in the process.
How will drops work from now on?
There is now a separate section for NFT drops. This is where you can grab fresh WAIFU NFTs (while supplies last!). Of course, we will give the community plenty of notice before new items are minted and presented on this page, but it is our hope this process will be less cumbersome than our v1 webpage which forced your browser to load all content before submitting a claim transaction. In addition to a much lighter burden on your computer and internet connection, we think this interface is a lot cleaner.
Look out for our notices of upcoming content, there is a lot we have been sitting on and just waiting to share with the community. Now that our new website is deployed this process should be much smoother (and drops will be more frequent!).
Just as before, our main page is a market of all existing WAIFU content with a link to listings on the OpenSea marketplace. After all remaining items are claimed from the “DROPS” tab they are featured on the main “MARKET” page. In the near future we will be redirecting users to our upcoming marketplace. Pay attention to our Twitter over the next week to see the big news!
xoxo,
The WAIFU Project
