Launch of NIX Bridge Token & Introduction of NBT Dock.
We thank everyone for your support during our successful token sale and prompt launch of the NIX Bridge Token on Uniswap. Over 955 ETH was raised, of which 1/3rd has been permanently locked as liquidity via Unicrypt.
NBT Dock — Staking System / Liquidity Farming
The NBT Dock is a staking mechanism for incentivizing participants of the ecosystem who provide liquidity on Uniswap V2. The NBT Dock distributes NBT tokens from the Liquidity Incentive Fund to stakers (also known as liquidity farmers) in a structured manner — those committing to a larger time frame for liquidity provision receive a greater share of the NBT pool.
Once locked in, NBT Dock participants then receive their NBT from the incentive pool over a period of time, which unlocks NBT on the predetermined schedule.
1. Deposit equal amounts of NBT and ETH liquidity into Uniswap (V2). There are general guides all over YouTube if you get stuck here.
2. You’ll receive equivalent UNI-V2 LP Tokens. You can view these by adding the LP contract address as a custom token, which is:
3. These UNI-v2 LP tokens can then be staked in the NBT Dock interface. Connect the wallet containing your LP tokens to the Dock.
4. First you need to click ‘Approve’ and confirm the transaction to allow your wallet to interact with the Dock staking contract.
5. After that you need to actually stake your LP tokens — enter the amount you want to stake and then confirm the transaction.
It’s that simple! The NBT Dock interface displays your rewards and current stake commitment as soon as you’ve deposited some LP tokens.
The NBT Dock is compatible with Metamask and WalletConnect. Although it’s not built natively for mobile, it is still accessible on them, however desktop users will have the best user experience of the Dock.
The NBT Dock back-end works on a multiplier scheme, per-contract. Rewards are earned off all contracts but at different rates depending on how long they have been active for*, capped at a multiplier of 3x.
- 1x multiplier — initial stake
- 2x multiplier — on 30 days
- 3x multiplier — on 60 days, capped.
*This is a linear increase rather than stepped, so for example, after 15 days the multiplier is 1.5x.
Bob stake 100 LP tokens and leaves in the Dock for 2 months, meaning his multiple is 3x. Bob unstakes 50, it keeps 50 in there, but his multiplier does not change as he hasn’t emptied the balance. So Bob can keep staking the remaining 50 tokens while still earning 3x multiplier. If Bob stakes a further 100 NBT and leaves it in for 1 day, there will be a 1x multiplier on those tokens until that multiplier increases. However once he pulls out all the original stake, that forfeits his multiplier which will then reset, and Bob will have to start from scratch.
The system will also preserve the most mature contract automatically. So say Bob has 2 contracts, each of 5 LP tokens — the oldest has a 3x multiplier and the other is brand new, so a 1x. Bob decides to withdraw 1 LP token. The system will select the newest contract to deduct this from, preserving the 3x multiplier entirely. If Bob then wanted to withdraw a further 6 LP tokens, this would again remove the rest of them from the newest contract, leaving 3 LP tokens in the oldest contract. Since this contract isn’t drained completely, he’ll still earn the 3x multiplier on these tokens until that’s drained completely. New LP tokens however can’t be added to previous contracts so that example would remain at 3 tokens on a 3x multiplier and any future additions will start a new contract once more, building up the multiplier from the 1x base.
The more LP tokens you stake the more NBT you’ll receive as rewards and there’s no minimum commitment for locking up your capital — you can unlock at any time to receive your share of the NBT Dock pool. The only stipulation is the 1% fee upon unlocking, which drives the deflationary aspect of the token. Unlike the transaction tax that funds the treasury, this fee is automatically and permanently locked back up into the liquidity pool which will create a steady, constantly increasing price floor due to the increasing liquidity.
The contract has been deployed and will be available to interact with at launch on 26th Oct, 5PM UTC. We’re looking forward to it — see you there!