NFT20 The Very Nifty Groundbreaking NFT Protocol & Staking Platform –
It has been one hell of a journey for many of us since we first started writing up NFT Projects. Very Nifty instantly caught my eye after seeing them mentioned on a DokiDoki Finance write up that we were doing. The fun, addictive nature of the game itself, was only slightly marred by the issues with gas prices that have been the bane of the current Ethereum Network since this current bull run began. But, we are so glad that we persisted with the model. Not only did we get to know, albeit digitally some of the amazing, talented personalities that are behind the intricate Solidity (Eth smart contract) coding that supports the game, had a fantastic laugh at some of the brutal humour that is deployed in the projects Telegram Group (I have added several of their GIF and sticker sets in my personal collection), but the $Muse token (formerly utility, now governance token of the Very Nifty ecosystem) has performed outstandingly over the past few weeks. To add to this already amazing offering, the team have put together a new (ish) staking platform to take advantage of Uniswaps layer 2 Liquidity Provider (LP) token system. The platform is so, so very deep that I am only writing up a guide to this staking function. If you are prepared for your mind to be blown, please do visit the Very Nifty site and read their documentation. I only ever write from personal experience, and although I plan to migrate my beloved pet over to the platform, sadly I did not accrue enough points to do so in stage 1 of the game. If you have not done so already, it may be of benefit to read our earlier article on the 1st stage of the platform to get some reference.
In order to partake in the system, you will need to have both ETH and one of the platforms other NFT20 token standard currencies. Being an opensource platform, community members are able to create their own tokens, on top of the standard, hence giving a list would be futile as it would become out of date very quickly, as this is a rapidly increasing platform. Once you have connected your mainnet wallet to the site, you can find the contract references to add the tokens to your wallet by clicking “Assets” then click anywhere on the pool you are interested in providing liquidity for, then finally click the Ether Scan logo next to the NFT20 pools name.
Input the amount of $Muse and Eth that you wish to stake, confirm the translation in your wallet, then wait for it to confirm. I have stakes in a couple of the pools. The $Muse/Eth has the highest reward ratio, but it also has the most USD value locked up in it. You will receive a reward proportional to the USD value held in the pool. It gives out 250 $Muse in any 24 hour period. So for example, if the pool has $100K in and you have $1k of combined $Muse/Eth liquidity in the pool, you will receive 1% of the rewards, in this case that would be 2.5 $Muse per 24 hour period. The screenshot below is from the $Doki20/Eth pool. As previously stated there are multiple pools, which the NFT20 community can set up on the platform, and I have seen new pools be added on almost a weekly basis.
Again, this transaction will need to be confirmed in your ERC20 wallet. This process can be rather gas heavy, but as this is not really a time-critical transaction (such as moving in and out of stable coins on a dip or rise), I do not see the need to pay through the nose for it. If this is your sentiment, when the transaction comes up for confirmation, click the edit option above the gas fee and consider reducing the gas by no more than ⅔ to a ½. More than this and you risk racing your time. In the current climate, the miners can afford to be picky about the transactions they verify. As such, it may either not be picked up at all, or be picked up and then dropped in favour of a higher reward. If this happens, you risk getting voided transactions blocking up your wallet. If this happens you will need to either amend the “Nonce” value (the order in which transactions go through in your wallet) or reset the wallet altogether. If you do the latter, all pending and/or stuck transactions will be cleared. This will not cost you any gas, ergo your eth will not reduce. But you will lose much of your transaction history with it, so this scenario is best to avoid altogether.
Once the Uniswap pooling transaction has been confirmed, you will have liquidity tokens available, which you can place in the pool on the NFT20 site. To do this, go to the site, click “Farm” at the top of the screen, connect your wallet (if this is for the first time you will have to sign your wallet to give permission for it to link up to the site). You will now be able to see the LP tokens “IN YOUR WALLET”. If you have already staked you will see the amount you have in the pool, as well as the new tokens that Uniswap has converted for you, as well as the $Muse you have earned so far as incentives. If not, you just see the LP amount that you are able to stake. To put them in the pool, click stake, confirm the transaction, tinker with the gas if you will and await the transaction confirmation. If you already have earned some $Muse, and it has not been claimed, it will be included with the LP tokens and reinvested in the pool and will serve to increase your yield.
I was fortunate enough to get involved in this project early, when I started they were worth circa 30 cents, now, a little over 10 weeks later they are at $30 and have been as high as nearly $60. I am certainly not a coder, I need to extend the kindest thanks to Adam on the dev team. He has helped to make this whole article possible, by kindly and patiently answering all my queries on the matter. More than that. I would like to say, that although I cannot play the piano, I am a fan of Rachmaninoff, on the same terms, I cannot code, but I can appreciate what an ingenious piece of Solidity coding this whole offering is, and have been amazed at the speed at which the platform is progressing. The second version of the game should be released soon enough, and I am sure that I am not alone amongst the Very Nifty fan club, who cannot wait to see what he and his colleagues come up with and am very excited for the future of the project. On a final note, if you want to retrieve your liquidity from the pool, just unstake and then remove the funds from the Uniswap pool.
Written by : Benny Steele