How to Use the Chubbies NFT20 Pool

Chubbies Users can now deposit their NFTs and get $CHUBBIES20 Tokens (the ERC20 derivative of Chubbies NFTs), they can use CHUBBIES20 to trade on AMMs such as Uniswap, buy rare Chubbies, or buy commons from the NFTs available in the NFT20 pool.

If over $50k liquidity is bootstrapped by the Chubbies Community for the CHUBBIES20-ETH on Uniswap, and the pool is active. We could start offering $MUSE (our token) as farming rewards.

What is NFT20?

NFT20 is a permissionless NFT DEX with the objective of bringing liquidity to NFT projects and finding the right price for users, collectors and funds for investing into NFTs.

How does the $CHUBBIES20 pool work?

You can deposit any Chubbies NFTs into the pool and get 95 CHUBBIES20 back (an ERC20 token), you can use CHUBBIES20 to add liquidity on Uniswap and trade CHUBBIES20-ETH.

You can deposit 100 CHUBBIES20 back into the pool at any time and choose which MEME NFT to redeem. The 100 CHUBBIES20 you deposit gets burned.

How to Sell a rare Chubby?

It is advised to lock common NFTs into the general pool as you’ll get the same 95 CHUBBIES20 tokens for all NFTs, no distinction.

If you have a legendary NFT, you can create a dutch auction within the asset page and set your own price in CHUBBIES20.

How to Get Back an NFT from the Pool

To get back an NFT from the pool you can deposit 100 CHUBBIES20 at any time and get any of the Chubbies available in the NFT20 pool.

How To Swap Chubbies?

You can swap your Chubby for any of the chubbies on the pool at any time by paying only for the gas here’s a video on how to do it

Arbitrage with Uniswap and Opensea

Based on our past pools, there is a lot of arbitrage that can be had once liquidity is added to CHUBBIES20-ETH.

The goal of the NFT20 pools is to create a price floor for common NFTs and make them liquid on Uniswap.

Think creatively and you might find some nice arbitrage opportunities.

Are there any fees involved?

When you tokenize an NFT the pool contract mints 100 tokens, 95 go to you and 5 go to our factory to be distributed to $MUSE holders.

There are no fees for swapping, or getting back a Chubby NFT from the pool.

Disclaimer: NFT20 is a permission-less protocol for creating liquidity to NFTs, we are not related in anyway with the Chubbies team, our community members created the pool as a Chubbies fan.

PUBLISHED BY– Medium

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