Welcome back to the fortnightly update on NFTX product, protocol, and everything in between.
Protocol & Product updates
Merkle Eligibility Module Deployed
Twade finished the testing on the new merkle eligibility module on Goerli and has deployed the contracts onto mainnet. With the launch of the new module, FloorDAO created the first vault utilising the feature with the 10K ENS Club.
Any vaults that are using the module will have the merkle tree icon next to it on the https://yield.nftx.io app.
In addition to this new module being added, Twade has been working with another NFT collection on another onchain eligibility module. Without naming names, this new vault is going to be Hyped AF!
NFTX Graph Indexer
The Graph Indexer was upgraded this week and is running on version 0.27.0 which allows the source of blockchain transactions to be indexed in subgraphs. This means that NFTX can display the origin of each transaction.
As a result, additional development has begun on the NFTX V2 subgraph to include the source or the transactions on NFTX, this will allow the front end to show if the transactions took place on the NFTX Marketplace vs Gem vs Genie or any future integrator.
The core team is in the final stages of testing the new 0x integration and is looking to launch this update live in the next two weeks.
0x allows the aggregation of liquidity across a variety of different providers, meaning you get the best price on NFTX regardless of where the liquidity sits.
Current NFTX only supports liquidity on Sushi, but the rollout of the 0x integration will mean that you can also provide concentrated liquidity on UniSwap V3 and earn the AMM fees whenever your liquidity is aggregated (when you are in range).
The DAO will be moving the PUNK/WETH liquidity over to UniSwap and define a suitable liquidity range which should see the price spread tighten up. We’ve already tested this on the MoonCats vault with limited additional liquidity and see a 0.0158ETH difference in price per item.
The NFTX pools along with the Inventory and Liquidity yield earnings are now showing up on Defi Llama. The liquidity returns are the pools with Token-WETH, whereas the inventory pools are just the Token name.
The NFTX Token list was overhauled and resubmitted to Sushiswap, Uniswap, and https://tokenlists.org/. Now, whether you're looking to swap your token yield for ETH, or if you’re DCA your way into owning a bluechip NFT, the vault token will appear as part of the standard approved lists.
If you don’t see your token listed on your favourite AMM then check https://tokenlist.nftx.io and let us know it needs to be added.
Recent Vaults & Protocol Activity
There have been a few new vaults created over the past two weeks, and while you can see a full list of all the vaults here are a few select ones we’ve seen.
The Protocol currently has $38,785,156 in Total Value Locked, and over the past 30 days, NFTX has distributed approximately $357k in fees to our liquidity/inventory providers.
Despite a crypto bear market and bleak macro conditions,, the protocol is seeing 2,252 monthly active users.
The most popular vaults in terms of pure volume have changed in the past month with Crypto Marcs topping the charts. The Top 5 vaults for volume include:
Growing the team
NFTX is looking for an experienced Solidity Dev to join our growing team. If you’re looking for a new challenge and want to contribute your ideas and skills toward building the number one liquidity protocol then reach out to firstname.lastname@example.org.
Vault Insights - it’s Penguin Season
The past few weeks have seen a steady rise in the black and white flightless birds. The Pudgy Penguins picked up, and their Lil Pudgy friends came along for the ride as well. It’s not just them, but even the Party Penguins large returns for inventory stakers.
This week, however, a focus on the Pudgy.
There are currently 91 NFTs inside the PUDGY vault.
The TVL of the vault is sitting at $566,860 and has had almost 3.1k ETH in trading volume since the vault started in August 2021. You can see by the lifetime turnover, 1025 Pudgy, that is a lot of selling, buying and swapping.
Liquidity and Inventory providers have shared in more than 132ETH in fees — that’s a little over 43 Pudgy’s generated in fees for stakers.
The $PUDGY vault has had a few spikes in value and a big congrats to anyone that picked some up in June while they were under 1ETH and cresting the 4ETH mark a few days ago.
If you would like to learn more about how NFTX can be part of your NFT launch or provide an additional marketplace for your project and help secure a stable liquidity pool for the floor price then reach out at email@example.com.