ChainBinders: The Mutant Children of Doki

Since we were first lucky enough to discover Doki Doki Finance just before Christmas 2020 we have been continually surprised, not only by the performance of the $Doki (Governance) and $Azuki  (utility) token, the amazing APYs available in their ERC20 staking pools, but most of all we have been impressed with the speed and quality of development, and their ability to stick to the roadmaps that they set themselves. Since the Degacha platform was first launched they have launched a further 8 machines with a variety of artists including NFT heavyweight Pranksy, have initiated a layer 2 partnership with Polygon Matic and a new set of LP pools with Cometh DeFi powered game with yield generating NFTs, which has some of the most eye-watering, attractive APY yields I have seen.

The new venture is an NFT adventure game called Chainbinders that is straight out of a Manga Comic or Anime production. It is based in a post-apocalyptic world where the only survivors are either adolescents who have gained special powers, being the Chainbinders and Collectors, who have no special power, except the ability to bond with the Chainbinders. “Collectors and Binders could form a bond – and when such a bond was formed, it halted the fading, prevented further damage, and restored us to our former health. All it required was a deep level of compatibility between the two and the willingness to consent to that contract”.

I will leave the finer details of the plot for you to enjoy reading as I have. It can be found under the “Lore” tab at the top of the main page, or just click the hyperlink. This new project has some pretty special and ground-breaking tokenomics. The coding is genius, the talent of the devs is undeniable. The intricacy and dynamics are honestly quite mind-blowing. The $BND token is central to the game, it will be the only token that can be utilised to play the Gacha machines from which one obtains the NFTs. If you are unfamiliar with this please have a quick read of our earlier article on how the system works. There is currently a one-time Liquidity Generation Event that ends on sat 1st May. There is no hard cap, but after the sale ends, no more will ever be minted. Used tokens will be burned, as such the numbers will be “hyper-deflationary” and that should make for decent gains. In the words of the team “We expect the circulating supply of BND to quickly approach zero following the activation of the Gacha machine”. Considering the success of $Doki and $Azuki, with such an amazing concept and tokenomics this really, at least in the writers view is a no brainer to get involved in.

As displayed in the graphic above there is also a $Doki buyback mechanism to reward those of us who stake the currency in one of their pools. $Azuki also plays a role in the game. We will cover this shortly. The game element of the platform comes in that after the NFTs are purchased with $BND, they are also wrapped in it. This makes the asset more valuable than an unwrapped, say artwork NFT. Where the fun begins, is that we the “collectors” can burn/unwrap/unbind their NFT after purchase. “A user who Unbinds an NFT will relinquish all future rights to the Reserve Pool for that NFT (as it is burned) and their previous percentage ownership is now split up among the remaining Collectors. Additionally, they pay a 15% Unbinding cost with 10% going back to the Reserve Pool, which further bolsters the Reserve Pool and long term value proposition. The other 5% will be used for $DOKI buybacks. The user then receives 85% of the redeemable value in Ethereum, thus granting instant exit liquidity to any Chainbinders NFT”.

For the mathematically minded out there, please find an exert, again from the medium post to explain the logistics behind the “unbinding” process. Please bear in mind that as with other Degacha machines, the NFT one obtains are pieces of varying rarity. This is no different with Chainbinders.

For simplicity’s sake, let’s assume just 1 rarity tier, which means that each NFT is worth an equal % of the reserve pool:

Let R = Initial reserve Pool

Let N = total number of NFTs in the set

Let Xn = nth NFT unbound, n = {1,2,3,…,N}

Let Rn = Amount in reserve pool when Xn is unbound

Let T = Total unbind fee, in %

Let P = % which goes back to the Reserve Pool (a % of T)

Let D = Doki Buyback (a % of T)

Let A = Azuki Required to UnbindLet F(Xn) be the function to compute the redeemed value for the nth NFT Unbound

Thus, we have:

F(Xn) = Rn*(1/(N-n+1))*(1-T)

Where Rn = Rn-₁ — (F(Xn-₁))

Let B(Xn) be the function to compute the $DOKI buyback value for the nth NFT unbound

Thus, we have:

B(Xn) = Rn*(1/(N-n+1))*(D)

As there is only one rarity tier in this simplified example, the amount of Azuki burned is a linear function. A*n.

Let’s run through a basic example (excluding Doki Buyback aspect) using real numbers:

Assumptions: R=$40, N=4, P=10%

1st Unbind = 40 x (1/4) x (0.9) = 9

2nd Unbind = (40–9) x (1/3) x 0.9 = 9.3

3rd Unbind = (40–9–9.3) x (1/2) x 0.9 = 9.76

Last Unbind = (40–9–9.3–9.76) x 1 = 11.94 (no unbind fee for the last NFT)

9 + 9.3 + 9.76 + 11.94 = $40 = R = Initial Reserve Pool

Next, let’s check out some graphs which help us visualize the relationship between the number of NFTs Unbound over time, their ever-increasing redemption value, as well as the added value to $DOKI and $AZUKI.

Assumptions: R= 20m USD, N=2000, T=15%, P=10%, D=5%, A=200

I have been a huge fan of the Doki brand, its tokens and especially the team since I was put onto them by a fortunate referral on Twitter. This promises to be their most exciting, and one would hope, fun and profitable release of theirs to date. I for one cannot wait to put my $BND to use and start spinning those Gachas. Time is short, please do take a look, they have yet to disappoint.

Written by : Benny Steele

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3 thoughts on “ChainBinders: The Mutant Children of Doki”

  1. Hi there! I could have sworn I’ve been to this blog before but after reading through some of the post I realized it’s new to me. Anyhow, I’m definitely glad I found it and I’ll be book-marking and checking back often!

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