Nov 11, 2020
COIN News Flash
Hey E-Den members!
With so many awesome initiatives in the queue, we wanted to take this time to update the E-Den community on all things COIN. These are just some of the many ways to COIN initiative is growing, a journey we invite any and all cypherpunk enthusiasts to get involved with!
We’ve got a lot to cover, so let’s dive right in.
New 1155 NFT Farms Ahead!
We’re excited to showcase a new NFT farming contract fresh out of the Seed Hack social token hackathon, winning the COIN bounty program we participated in with SEED.
The contract allows users to stake ERC20 tokens like COIN and earn ERC1155 NFTs in return. This means LPs in the COIN ecosystem will soon be able to farm ERC1155 NFTs, including Neon District NFTs and NFTs from the COIN blockchain game initiative — more details forthcoming!
The farming contract opens the gate for exclusive NFT sets that were produced specifically for deep community engagement and never released to the public. The new farming contract highlights one of the many ways that being an active member of the E-Den allows you to earn NFTs on top of our ongoing NFT Sharding Farms!
For those looking to learn more about the contracts, check out the Github here and the video demo here. Please note that the COIN team is currently working on a native front-end to support a more intuitive user experience, expected to roll out in the coming weeks!
COIN Blockchain Game Development
A new blockchain game is implementing COIN into their upcoming PvP ecosystem. Players will be able to mint COIN themed NFTs by staking their COIN, used to battle against other factions for prizes and fame. Game art assets are being created by batskystarman!
Introducing Interactive NFTs
Introducing anew NFT standard by COIN Dev @dievardump
Mini-games as NFTs! Play here
This is anew standard that allows NFTs to be defined by code (html+css+javascript) which is rendered in a sandbox when the NFT is shown to the user (instead of showing only an image). We’re excited for COIN to be supported in this development!
C.A.L.M Updates
We’re happy to field the community’s request to lower CRED rewards. For this month and next, we’re going to continue with the current CRED and COIN emission rate, but we will deploy a new LP farm in late December that will allow us to change the rate of CRED produced each month, and we’ll kick off the fourth month of farming with a lower rate of CRED created each month.
Keep in mind that the ONLY way to earn CRED today is through C.A.L.M mining, and so for existing holders, the drop in rewards makes the supply more scarce relative to the first three months of farming.
To offset the reduction of CRED rewards, we will be topping up the COIN incentives with 1.25x the amount of COIN, good for 12,500 in total rewards relative to the 10,000 COIN that has been allocated per month since launch.
NFT Farms
We’ve collected some exciting new pieces for the existing COIN NFT farms, allowing stakers to earn divisible ownership of top-tier NFTs in the form of shards. After seeing strong demand across the board for our first three farms, it’s been exciting to watch owners competing to own the entire NFTs alongside ETH payouts for when a buyout executes. Shoutout to NIFTEX for the creative, highly engaging auction system!
The second series of farms are now live, featuring Uniswap governance token — UNI — as our second partner farm of the week. In light of UNI’s upcoming reduction in liquidity mining rewards, we felt that getting our community familiarized with the UNI token at a timely point in its existence was a great way to bridge coveted DeFi tokens with the wonderful world of NFTs.
The Week 2 NFT Farms wrap up later tonight for the COIN and CRED NFT farms, and on Sunday at 17:00 UTC for the UNI farm. We will be opening up the Week 3 NFT farms on Saturday for deposits ahead of launch, and then launching the Week 3 farms on Sunday at 17:00 UTC. Also, starting next week, all three farms will last for 7 days.
Our COIN community manager put together some awesome tutorials on NFT Farming, including both a How to Farm video and a How to Buyout explainer for the deeper dynamics of NIFTEX.
Here’s a sneak peek at some of the upcoming NFTs!
Wake Sequence by Glitch_Black
Hypercore by Neurocolor
Treasury Update
In the spirit of transparency, we wanted to take this post to highlight that the COIN team has removed 20% of its liquidity from the COIN/ETH pool. Given how positive C.A.L.M. has been, we feel strongly that COIN’s liquidity is now sustainable enough for us to slightly reduce our position used to create the pool. The COIN removed from the pool will be added to future incentives, distributed to the community through campaigns like C.A.L.M. The ETH removed from the pool will be used to support future development of the project.
With ~$500k in total liquidity today, COIN is the second most liquid social token behind WHALE, a feat that speaks volumes to the strength and distribution of the E-Den community.
While COIN/ETH was the first pair to be incentivized through C.A.L.M we hope to roll up other experiences around LP staking (like NFT Farming) for participants to earn different ecosystem rewards based on their preferences.
This transaction can be found here, and consists of ~32k COIN and 49.4 ETH being removed from the pool. This decision is not one that we take lightly and invite the community to discuss future ways to fund development sustainability.
Coin_Artist Tackles Streaming
Last but not least, Coin_Artist is entering the streamer arena!
As someone who has long been passionate about gaming and the ecosystems that form around it, I’m excited to use this next chapter to establish a wider audience around both crypto and mainstream games.
Whether its Neon District or Among Us, streaming provides a great way to better interact with the community, and is a fantastic testing ground for COIN use cases around stream governance and playtime.
If you’ve got any good suggestions around gaming setups and must haves, please let me know!
The best way to stay ahead is to subscribe to the Coin_Artist Twitch channel and be on the lookout for the first stream coming soon!
Onwards and Upwards
Tying it all together, December is set to be the most exciting month yet for the E-Den. With the upcoming launch of Neon District, we’re excited to drop exclusive in-game NFTs through COIN farming, creating a unique paradigm for play to earn campaigns prior to the game being fully functional.
We’d like to thank the community for their ongoing support of the E-Den as we try new and unique experiments like NFT sharding, putting us on the cutting edge regarding web3 primitives and future of community ownership.
If you haven’t done so already, be sure to join the token-permissioned Discord and keep a close eye for early hints and clues about the Neon District launch shared exclusively with COIN & CRED holders.
Until next time!
