What happens when you cross NFTs and social tokens? You get COIN.
Now, it’s time to add some DeFi into the mix.
Today, we’re happy to announce the COIN yield farming campaign for COIN/ETH Uniswap liquidity. COIN LPs will share a monthly allocation of 10,000 COIN and 1,000,000 CRED distributed pro-rata relative to the total amount of liquidity provided over the duration of the 30 day intervals. This will be the only way to obtain CRED, a token with exclusive privileges to the coin_artist NFT ecosystem explained further below.
With over $400k worth of liquidity today, COIN is currently one of the most liquid social tokens on the market. The ability to join the E-Den ranks with little to no slippage is one our team has prided ourselves on designing, and a foundation we want to grow with support from the community.
The Bigger Vision
The launch of COIN Farming marks the start of a suite of exciting rollouts for coin_artist’s ecosystem. In the near future this ecosystem will include farming with NFTs according to rarity, farming with Neon District game characters, and farming for NFT shards of highly sought art NFTs and ND character sets exclusively with CRED. Farming will also utilize Chainlink VRF for on-chain randomness of distributed rewards. Coin_artist has also acquired collaborative partnerships for rare cyberpunk themed art and game asset NFTs for the COIN farms.
Where this gets interesting is adding in staking mechanics to earn limited editions wearables, exclusive sets and lottery prizes. Using COIN as a catalyst, Neon District enthusiasts will be able to farm unique NFTs earned exclusively through COIN staking.
Neon District is putting the final touches on character crafting set to ship Sept 30th. This major milestone introduces a way to customize your avatar with varying rarities of NFTs that offer in-game benefits and social status. (Think VOLTRON but with NFTs). Each character consists of 6 unique NFTs (head, core, legs, arms, character body, and weapon item) which can be fused together to create a unique Neon District Cyberpunk character. In Neon District, a player groups 4 of these unique characters to form their “party” for PvP and PvE combat.
In the future, character crafting will take on all forms of incentives, from set multipliers to in-game drops and loot boxes for completing quests. Stake a wrapped Neon District Character and earn COIN. Stake COIN and earn NFTs. CRED holders will also have access to an exclusive in-game store. CRED holders will be treated as COIN loyalists with exclusive perks for providing liquidity to the COIN ecosystem.
How’s it Work?
Depending on the amount of COIN/ETH liquidity provided, farmers receive COIN and CRED directly proportional to their share of the pool and the duration of liquidity added. Please note that only staked LP tokens are eligible for rewards. If your contribution to the COIN-ETH pool is equivalent to 1% of all liquidity provided, BUT your LP tokens account for 50% of the total amount staked in the Liquidity Mining contract, you get 50% of the rewards until more people join.
The amount of rewards you get are directly proportional to the amount of LP staked in the farm contract.
For those unfamiliar with Uniswap liquidity, farmers will need to provide 50% COIN and 50% ETH to the COIN/ETH pool. In doing so, you receive a tokenized representation of that liquidity position. This tokenized position is what is staked for COIN rewards directly through the COIN Farming site.
Rewards earned from the program are claimable in real-time, with future rewards subject to approval from COIN governance.
For questions, comments and concerns, join the ranks of the COIN E-Den by holding COIN and interacting with the CollabLand bot by using the “!join” command in the Neon District Discord.
Please note that when providing liquidity, COIN used to access the E-Den could be locked via the pool, revoking access to the group. If you plan on farming, please be sure to leave enough COIN outside of the program to retain your rank in Discord. You’ll want to leave at least 5 coin to maintain basic rank to the discord channels. We are currently developing a new bot a new bot to include LP tokens in rank calculation.
When providing liquidity to Unsiwap, users may incur impermanent loss, or having less of a token than what was entered in the event that token outperforms the other in the pair. For example, if you enter the pool with 100 COIN and the price of COIN rises, you will be left with less COIN and more ETH when exiting. However, with COIN rewards, these losses are largely mitigated and in many cases made up entirely.
If you find this interesting, just wait until you see the dozens of other partnerships in the queue for the E-Den.
Until then, be sure to keep up on all things COIN by following me on Twitter, or by joining the E-Den to hang out with our community.
Easy Guide on HOW TO FARM
- Start on Uniswap here: https://uniswap.info/token/0x87b008e57f640d94ee44fd893f0323af933f9195
2. Click on “+ Add Liquidity”
3. Add liquidity to the COIN+ETH pool
It’ll have to be equal in value on both sides at the current trading rate, so if you put in 219.054 COIN (as in the picture), you’ll match it with 1 ETH
4. Once you've added liquidity, you'll get back an LP token, which is a special Uniswap contract token that represents how much stake you have of the liquidity pool. You will need to add this contract token to your wallet as a custom token if you haven’t previously been a liquidity provider: 0xcce852e473ecfdebfd6d3fd5bae9e964fd2a3fa7
(Note: by returning those tokens, it will let you exit the pool)
5. Liquidity Mining is the process of depositing those LP tokens into a contract, which proves that you’re actively providing liquidity for the desired pool.
So you’re basically staking the LP tokens, but those LP tokens have more meaning than just a regular ERC-20 — they’re proof of providing liquidity, which is the real valuable thing here for everyone.
6. Once you’ve joined the Farm at coinartist.io, you’ll start accruing rewards based on the proportion of LP tokens you’ve provided compared to what everyone else has provided to the farm.
7. You’re all set to earn $COIN and $CRED rewards