NFTX Weekly Round-up #24

Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.

NFTX Weekly Round-up #24

Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.

What a week this has been! The V2 frontend was launched alongside the new contracts and we ran into our first (and so far only) issue with the V2 contracts — more details on that below.

We are seeing a large number of users jumping across to start using V2 already which means that some of the V1 stats are down from last week.

The homepage now links directly to the V2 app to encourage more users to head over and start using the new protocol, and while we saw a further six vaults created on version 1 we encourage users to look at using V2 for new vaults to avoid having to migrate over at a later date.

V1 Vault Action

We also saw another five vault creations this week.

  • 2,904 unique wallets connected
  • 155 mint events
  • 103 redeem events
  • 5 vault creations

There was still movement on the V1 vaults this week, but what is more interesting was the increasing usage of the V2 vaults. This week you will continue to see the V1 vault sizes decreasing as the DAO migrates their inventory from V1 to the V2 vaults. This will see the numbers in the Kitty Gen 0; Punk Basic, Punk Attribute 4, Punk Female; Avastar Basic & Rank-30; and Glyph vaults slowly move from V1 to V2 inventory.

Let’s take a look at the new vault numbers in V2.

Clicking on any of the links in the list above will take you through to the V2 explore page for you to see all of the different NFTs inside of each of the vaults.  If you see one that you like then there are links to go to SushiSwap to buy a token to redeem one, and remember that you can now target redeem a specific NFT from the vault for a 5% premium (1.05 tokens).

As a little bonus for those of you that are keen to see some daily initial stats on the vaults themselves, if you swap out /redeem/ for /vault/ on any of those links above you can get some insight into the last 24 hours of mint/redeems as well as a look at the lifetime fees (which will be distributed across all the liquidity providers once enabled later this month).

Here’s an example with the Cool Cats vault:

Product Development

After the soft launch things were looking good until we discovered an issue on the CryptoPunks vault contract.

Due to the way in which the CryptoPunks contract is written, it was possible for someone (a front-running contract) to claim the tokens from Punks minted by someone else. We quickly noticed the issue and paused the vault meaning that the hacker was only able to make $6,000 rather than claiming back two CryptoPunks. The issue was patched a few hours later, and once governance passed through Aragon the vault was unpaused and everything was back to normal. You can read all about the details of the exploit and the timeline on our blog thanks to our Developer Lead Kiwi.

For those of you that are interested in moving your tokens/NFTs from V1 over to V2, or would like to set up a vault for a new project: we’ve got you covered.

There are two video tutorials, one that goes through the process of creating a vault and all the different options and considerations; and another that takes you through the process from holding tokens on V1, moving across to V2 and staking your liquidity.

There is also detailed written documentation for each area of the V2 app:

We have more updates coming up this week around the UI and improvements to the mobile experience, and from a product point of view we’re going to be introducing zaps that allow you to buy NFTs with ETH as well as become an instant liquidity provider to bypass minting fees.

NFT News

NFT Drops

More profile picture projects launched again this week, here are two that the team gathered around to take part in.

Forgotten Runes — Wizards Cult

There are 10,000 unique Wizard NFTs. The Summoning began on Ethereum block 12736300, which was approximately Jun 30th 2021. The Wizards are encoded fully on-chain.

The image of each Wizard is 50x50 pixels, scaled to 400x400. Each Wizard has a unique name and configuration of traits.

Each wizard was summoned for 0.07 ETH, and we currently have seventy wizards in the vault.

Cool Cats NFT

Cool Cats are a collection of programmatically, randomly generated NFTs on the Ethereum blockchain. The 1st generation consists of 10,000 randomly assembled cats from over 300k total options. Cool Cats that have a variety of outfits, faces and colors - all cats are cool, but completed outfit cats are the coolest. Each Cool Cat is comprised of a unique body, hat, face and outfit - the possibilities are endless!

There are now 54 Cats in the NFTX Vault with the floor price around 0.09.

Numbers check

The 7d price for NFTX is up by 35.4%, sitting at $62.14 mark as of Monday afternoon.

That's all for this week. If you have any questions, come and join in on the Discord channel.