DeFi Land Debuts New Staking After Gen-0 NFTs Sell Out in 80 Seconds
The GameFi protocol has also enabled a token burn mechanism with their NFT seeds feature, which has led to the burn of 500,000 DFL by now.
Solana Hackathon winner DeFi Land announced its next major developmental step for the GameFi agriculture simulator.
With this, the protocol has introduced two major features for its players, the first being the new staking method and the other being NFT seeds.
The Solana Spawn
As the project continues in its effort of advancing the project, DeFi Land introduced single side staking to the game which enables users to earn immediately available rewards for their staked DFL.
The native token of the game DFL is also used for the generation of NFTs in-game.
Firstly talking about the staking feature, the protocol offers flexible and locked staking options to its users which allows them to stake their tokens for a duration of their choosing between 0 to 104 weeks.
In the case of flexible staking, staked tokens can be removed as and when the user wants whereas locked staking doesn’t allow that.
However, locked staking compensates for the lack by providing higher APY to long-term DFL who stake in the protocol.
Another interesting aspect of this staking is that rewards are generated every second. This means that for every stake, a fixed emission of 1 DFL per second begins which DeFi Land stated would adjust with time through in-game mechanisms and market fees to ensure sustainability.
Long-term stakers also qualify for free NFTs and white list access which came in handy during the Gen-0 NFT launch.
The NFT Seeds
DeFi Land brought a new method of mining NFTs in-game with its Gen-0 NFTs launch. As stated by DeFi Land themselves:
“A total of 7,500 NFT seeds were available to whitelisted users through an eight-hour interval. The team sold the rest of the NFTs through a public sale, which concluded within 80 seconds due to overwhelming demand.”
The trading volume for these NFTs in secondary marketplaces also ended up crossing $1.43 million in a single day.
The way these minting works is that users can purchase seeds for 2 SOL and plant and lock them in their garden for a period of 30 days.
During this period users can continue “watering” them with their DFL tokens once every day.
The distribution of rewards based on total DFL showered on the seeds | Source: DeFi Land
The team clarified that the DFL used to “water” these plants would be completely burned after the 30-day period. As per the team within the first 5 hours over 500,00 DFL tokens ended up burnt by users.
The uniqueness of these NFTs and the increasing demand have led to the price of these NFTs to rise to as much as 229 SOL ($21,922) on secondary marketplaces of Solana and Magic Eden.
Furthermore, the team plans on integrating the GameFi protocol to other chains as well and also establishing an NFT marketplace by the end of 2022.
Published By : FXEmpire