NFTX D1 v2
IDEAS ONLY. STILL CHANGING BASED ON FEEDBACK.
Features:
Time-locked redeem-only mode
INO (Initial NFT Offering) functionality
Content creators can put an entire series of NFTs into a vault and then distribute the ERC20s however they choose (merkle drops, uniswap listing, token sale contract) and start a time period where the ERC20 holders can burn 1 ERC20 token to redeem 1 random NFT from the vault. After the time-locked redeem-only mode has finished, users can begin depositing and redeeming NFTs as normal.
Fee Parameters
The DAO can set a withdrawal and deposit fee parameter for all NFTX D1 vaults, as well as a targeted withdrawal fee (to redeem a specific item from the vault). The fee is assessed in vault ERC20 tokens.
A deposit fee of 1% means that NFT depositors will receive 0.99 ERC20 tokens per NFT deposited
A withdrawal fee of 1% (can be set higher or lower for each vault, 0% is default) means that NFT depositors must spend 1.01 ERC20 tokens per NFT redeemed (we expect the generic withdrawal fee to be set to zero in the majority of cases).
A target withdrawal fee of 10% means that NFT depositors must spend 1.10 ERC20 tokens to redeem a specific NFT.
These fees are minted for deposits and collected from users for withdrawals.
Fee Breakdown
NFT Issuers or Bootstrappers
For issuers (or Bootstrappers adding 100 NFTs or 5% of supply) that use the NFTX protocol for their initial distribution, they will be able to choose which address to receive 40% of fees.
DAO Treasury
For issuer launched vaults, the DAO will receive 20% of fees.
Liquidity Providers
Liquidity Providers that have staked NFTX/D1 LP tokens in a DAO-specified staking contract will be eligible to claim the remaining 40% of fees.
Allocating fees to NFTX/D1 LP tokenholders simultaneously:
In conjunction with a deep NFTX/ETH pool, this allows deep multi-hop liquidity and additional utility for NFTX holders.