Recent Developments and Community Growth

Our team has been diligently working to refine the leNFT platform and ensure the highest quality product. Concurrently, we have successfully expanded our community, with our Discord membership increasing from 200 to 500 members. These new users have played a crucial role in testing various features, including non-delta neutral (direction) LP'ing, a ve(3,3)-inspired tokenomics model incorporating rebates and bribes directly into the protocol, limit buy/sell orders, and numerous UI/UX improvements. We sincerely appreciate the time and effort our community members have dedicated to testing the leNFT protocol.
We are very excited and think these new features will bring leNFT even closer to achieving its objective of providing a good liquidity structure around NFT-based products. Let me share some of them and their implications:

Directional LP’ing - Inspired by innovations put forward by the Maverick Protocol, this feature allows the trading pools’ liquidity providers to make directional price bets on the underlying NFT, all on-chain without incurring gas fees.
By choosing the right price direction, LPs increase their fees and liquidity utilization.

LP Maturity Multiplier - This feature, inspired by Chronos's adaptation of the ve(3,3) model and their 'Maturity-Adjusted LP Returns,' aims to enhance leNFT's liquidity retention. By employing a maturity constant that linearly escalates from 0x upon deposit to 1x after six weeks, it strategically multiplies LP rewards to deter mercenary capital and reduce fluctuations in TVL.

ve(3,3)-inspired tokenomics - leNFT’s tokenomics are heavily inspired by the ve(3,3) model popularized by solidly. LE lockers receive a lock NFT for each time they lock LE tokens, meaning they can have multiple liquid locks. These locks have the power to direct inflation, receive a share of the protocol’s fees, collect bribes, and claim LE rebates that avoid reward dilution. LP rewards are a function of the percentage of locked LE; when everyone is locked emissions decrease by ~50%.

Limit Buy/Sell orders - Allows users to set collection-wide orders to easily buy or sell at predetermined prices. Trailing orders are coming next.

Composability - Trading pool positions, now in the form of NFTs, are more composable than ever, designed to be easily leveraged by other protocols. Please feel free to contact us for more information about this feature.

More details about all these features can be found in the documentation.

Preparing for the Mainnet Launch

The leNFT’s codebase is presently undergoing a thorough audit. Once this process is complete, we will be prepared for the mainnet launch, which we anticipate to occur sometime in June. We will announce the launch on our Discord channel 48 hours before promoting it on other platforms.

Genesis NFT Collection and Initial Launch Activities

Upon launch, the Genesis NFT collection will become available for minting. It is important to note that, as the minting progresses, there is a linear decay in the amount of LE received from each Genesis NFT, meaning that early minting will yield greater LE rewards. The Genesis NFT trading pool, along with its gauge, will be the first to be established. This arrangement allows Genesis NFT owners to be the inaugural liquidity providers in leNFT and to claim additional LP rewards. However, this exclusivity period will be limited, as we plan to introduce additional trading and lending gauges shortly thereafter.
The 80/20 Balancer LE/WETH pool, into which Genesis NFT minters provide liquidity, will be available at launch. As more Genesis NFTs are minted, the liquidity in the pool will increase, ensuring initial liquidity for LE holders.

It’s also important to note that before full reward distribution occurs, there is a 24-epoch (6-month) loading period during which rewards increase linearly until they reach their final value for the first inflation

Incentives for LE Holders

Starting from epoch 0, LE holders will have the opportunity to lock their tokens for a maximum of 4 years, granting them a share of the protocol's profits, the ability to direct rewards to their preferred gauges, and the ability to collect bribes and LE rebates.

NFT Collections and Liquidity Providers

We are eager to explore collaboration opportunities with NFT collections and liquidity providers to best serve your needs for liquidity. Please do not hesitate to reach out to us with your inquiries!

piggydev