Welcome to the fortnightly update of all things NFTX, along with a sprinkling of NFT news as well.
Let’s take a look at what has been happening over the past two weeks.
New 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.
MANA - The Genesis Mana vault was created a little over a week ago and has changed from the regular 5/0/5 fee structure. We delve further into this vault in our vault insight sections below, but let’s just say the fee structure has been lucrative for liquidity providers.
RPC - Forget Ready Play One, this is Ready Player Cat. This vault started 26th September with the team seeding the pool with 50 cats plus ETH to get it started. In just over a week the pool has generated 1.5 tokens going through to the liquidity providers.
Chibi Dinos - The Chibi Dino team created a vault for their community and have seeded 30 NFTs to get it started. They also reached out over discord to get a community icon added to the vault and we’ll be joining their community in an AMA style session to answer any NFTX/liquidity pools questions the community might have.
AfroDroids - After creating their pool they have done a wonderful job promoting the utility on their own discord. The Droids have set up a #liquidity-pool channel for anyone to ask questions and we have joined to help answer anything that relates to NFTX. The Droids team also reached out to ask us to join Twitter Spaces with their community to answer any questions about buying, selling, or staking. One of their community members also created this great video that provides an overview of staking using NFTX.
With regards to the protocol itself, we’ve seen good steady growth since our last update.
The steady use of the vaults has continued with approximately 200 NFTs minted each day, along with a combined random/target redeems around the same numbers.
Over the past 30 days there have been more than 1,151 users who have minted/redeemed at least 1 NFT, and this has gone on to generate $1.16M in fees distributed in vault tokens to all our liquidity providers.
Our most popular vault in terms of pure volume has changed this fortnight with MANA leading the list with more than $PURR (Purrnelope’s Country Club) with almost 500 mint/redeems in the past 7 days. The Top 5 vaults for volume include:
Vault Insight - MANA
Last week we looked at how PUNK was going as an overall vault through the data available on NFTX Dune Analytics, so this week we wanted to take a look at a new vault which has generated a record number of fees for the staked liquidity providers.
The $MANA vault was created a week ago and was initially seeded with 60 NFTs liquidity by the project team. They decided to move away from the standard vault fees of 5% 0% 5% and went with 10% 15% 5% on Mints, Target Redeems and Random Redeems respectively.
This has resulted in a huge number of fees generated for the liquidity providers as users rushed to pick up Genesis Mana to complete their Order sets.
There are currently 120 NFTs inside the Genesis Mana vault.
The TVL of the vault is sitting at just about $250k and has had more than 383 ETH in trading volume in just over one week.
The vault has been great for Liquidity Providers as well as we mentioned earlier, generating 61.65 vault tokens in fees which has been distributed to users staking their SLP.
The $MANA vault has been steadily growing in value over the past week (ignoring the 1 ETH price which happened while the team were testing the liquidity pool before publishing the vault), starting off around 0.2eth and reaching 0.65 at the time this was written.
If you would like to learn more about how NFTX can be part of your NFT launch and help secure you a stable liquidity pool for the floor price then reach out at [email protected].
In the trenches
Each week we’re going to provide you with a quick update from each area of the team so that you can gain some insight into the work that is going on for the product.
- Made an update to not do 1559 base/max fees on initial pool creation as it is not a time-sensitive transaction like adding liquidity to existing pools is.
- Working on PALM integration (Hirst Currency etc)
- Brought in a super coder to help with front-end workload
- Infinite scroll now only happens twice, and then you can either click to load more or show all (this means footer is now visible on large vaults)
- capping the height of the basket items container so the basket fits onto the screen without needing to scroll.
- Developed the UI for filters on the vault views…. Sneak preview below….
- Made the basket mobile friendly (coming with the filters launch)
- Updated vault swap and marketplace zap.
- Implemented simpleFeeDistributor, the first step for single-sided staking.
- Removed airdrop rejections, discussed possibilities for airdrop distribution going forward.
- Added support for Palm, including deploy scripts.
- Launched the Punk Attr-5 and Punk Zombie token/ETH distribution contract.
- Brand new Staking view on the way that should give a better representation of your positions as well as added discoverability for what else is available
- Some early discussions with protocols that would like to use the PUNK vault for their product.
- Signed up officially with Algolia as our search partner for the next 12 months
- Added chain options to the Metadata API and split requests between OpenSea and Covalent
- Integrated our existing 9,001 NFTs and metadata traits into the search engine and set up ongoing adding/removing of new NFTs on a 10 minute cadence.
- Next steps will be to automate any new NFT collections being created on the site, but for now these will need to be manually configured as new vaults are created. This has a knock on impact to create an internal tool to notify of new vaults being finalised as an alert on Discord, as well as including an interface to see new vaults on the app itself.
The 14d price for NFTX is up by 34.2%, sitting at the $166.91 mark as of Tuesday afternoon.
That's all for this week. If you have any questions, come and join in on the Discord channel.