NFTX Weekly Round-up #25

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

NFTX Weekly Round-up #25

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

This week we’ve seen the action on the V2 app continue to increase as a number of new vaults are being created, and the fees on those vaults are slowly but surely accumulating.

V1 & V2 Vault Action

We also saw another two vault creations this week, however we recommend for any new vaults you are much better off creating them on V2 as discoverability for V1 vaults will gradually become harder and you will not benefit from fees and staking rewards.

  • 2,864 unique wallets connected
  • 122 mint events
  • 86 redeem events
  • 2 vault creations

There was still movement on the V1 vaults this week, mainly due to the migration of the DAO inventory from V1 to V2 which has seen KITTY, Avastar Basic+Rank-30 and the Punk vaults move 20-50% of the holdings across.

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

There were some new vaults added this week as well including

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).

A reminder that by replacing /redeem/ with /vault/ you see things like fees, holding IDs, 24 hour activity and the lifetime fees.  The example below is for SPUNKS, and despite only being active for less than a week has already generated 24+ tokens in fees.

Product Development

This week the team has been working hard on getting the Zaps working to allow you to mint and provide liquidity in one step (and thus bypassing the mint fees). These have been activated and are currently being tested by the team before being rolled into the V2 interface.

Once this has happened, the fee distribution can be enabled and we will look to update the minting fees on the DAO vaults (PUNK, AVASTR, GLYPH, KITTIES).

Kitty Vault Redemptions

The V2 Kitty vault is currently unable to provide redemptions due to the way in which the contract was written (similar to Crypto Punks, the Kitty contract was written prior to the standardisation of 721 so requires some custom updates).

These updates have been staged and awaiting the DAO approval process through Aragon before they are able to be used again for redemptions.

You can follow along with the issue progress on our page which is up-to-date with all our uptime and issue metrics.

Switch to The Graph’s new decentralised infrastructure

A big shoutout for 0xadam on the Discord server this week who flagged to the team that we could move the $NFTX subgraph across to the new decentralised infrastructure. Improvements include

  • No downtime by relying on a network of Indexers to serve data
  • Reduced central point of failure in infrastructure and service providers
  • Innovate faster by building on open source APIs
  • Paying query fees only for data that you consume
  • Ensure your dapp is built on fully decentralized infrastructure
  • Save on engineering costs, less redundant back-end and indexing work

Once we have this tested we will be moving the frontend to look at these new endpoints and look forward to faster requests and better up time.

If you want to get started with the graph you should definitely check out The Graph Academy for step by step tutorials for the very beginners up to the experts.

NFT News

Cool Cats Explode

Last week we mentioned that Cool cats had launched and that there were 54 Cats available around the 0.09 mark.

Since then there has been a huge run on these little blue furry guys and goals, and the former heavy weight champion and Hangover start Mike Tyson has even added one as his Twitter profile picture.

The Cats reached a floor of just over 0.6ETH late last week and it has dropped down to a respectable ~0.5ETH at the moment, a nice little bump for anyone who minted them originally at 0.02ETH each.

The best bit is that anyone providing liquidity on that COOL vault will take their share in at least 8.25 Cool tokens once distribution has been enabled.

Numbers check

The 7d price for NFTX is up by 7.5%, sitting at $66.09 mark as of Tuesday afternoon.

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