Pear is building an NFT Farming Protocol using NFTX + Pear’s Social Tokens. This proposal is for funding the development of Pear .
We think NFT Farming is a natural progression to build on top of a protocol like NFTX and will help boost TVL. We’ve created a new way fractionalised NFTs can be put to use, apart from speculative trading. As Alex Gausman mentioned in this tweet, there has been less demand for NFT index funds than expected. We think this is one of the ways we can take NFTX TVL to the next level, while building a more democratic way to collect NFTs.
We’re inviting the NFTX Dao to be a part of Pear .
NFT Artists are crypto-native celebrities and social tokens are the future of communities. There has never been a more obvious cross-over. As NFT artists are garnering strong social communities, Pear is a social token protocol built for them.
There’s a reason social tokens haven’t gained the mass adoption they deserve. Social tokens are cumbersome to maintain and hard to bootstrap for smaller creators.
Creators need to sell them.
Creator owns less and less of their own token. This diminishes creator’s incentives as tokens are sold to the market over-time.
Liquidity is expensive.
Creates a financial barrier to creating and maintaining social tokens. Incentives for LPs aren’t sustainable - in fact, it can lead to mercenary capital chasing yield.
Artists aren’t token founders. Pear protocol introduces a standard.
Tokens are priced on a bonding curve.
Collectors can buy or sell to the curve at any time and no one has to worry about sufficient liquidity. No liquidity providers are needed.
Capital deposited to buy the token earns yield.
in yearn.finance. This yield is continuously streamed to the artist. This is their income. Artists never have to sell their own token.
Pear isn’t for creating pet rocks, NFT collectors can productivize their tokens by Farming NFTs. NFTs are farmed by staking the artist’s social token.
- Stake Artist Tokens.
Earn fractionalised NFTs
- As ERC-20, trade-able.
- Fractionalised using NFTX.
When an artist launches an NFT for collectors to farm, they’re creating an NFTX vault. The ERC-20 token representing the NFT is then distributed to collectors as they stake the artist’s token. The more artist tokens in circulation, the more yield artists earn, so they’re incentivised to create as many Farming Pools as possible, and keep TVL in their pools locked for as long as possible.
In return, collectors receive ERC-20 that represent their ownership in the NFT, and can be redeemed from the NFTX Vault anytime.
We want to form a coalition with NFTX DAO and benefit from synergies over a long-term horizon.
- Each NFT that is put up for Farming will be fractionalized using NFTX, increasing NFTX TVL.
- A gift of Pear tokens to the NFTX DAO, vested over 3 years.
- NFTX DAO Members whitelisted for NFT Farming Rewards.
- An airdrop to NFTX Governance participants, snapshot April 16.
We will release the protocol and its token at the same time. One of our primary objectives is aggressive DAO-fication of the protocol, and the distribution of the token will reflect this.
We have had 0 funding as of now. We’re working towards a fair launch and we’re working at no cost to the DAO as of now. The funds from this grant will be primarily used to hire a Frontend Developer, other dev work, operational expenses and an audit.
We’re currently working on the smart contracts and plan to finish in June 2020. We’ll be taking some time for audits from PeckShield and Peer Reviewers. In parralel, we’re continuing work on the designs for the Dapp. We plan to launch the token and the protocol together, and we’ve established a token distribution that is fair to artists, and to the initial collectors who’ll be participating in the platform.
This following distribution strategy may change, but reflects our current plans.
- 25% Artists
- 5% Other airdrops
- 20% Treasury
- 15% Incentizing NFT Farming
- 24% Liquidity Providers, over a long term.
- 11% Team
The DAO could use all the help we can get, both from non-technical and technical contributors. This is a public out-reach to those who’re interested in joining the DAO, early. Contributors will be rewarded with governance tokens. For the role of a Frontend Developer, we will also provide remuneration in DAI. For other roles, the DAO can onboard you with a DAI remuneration once there is additional funding. All DAO communication currently happens in a telegram group.
- Solidity Developers (help with contracts or a peer review)
- Designers (contribute to our Figma)
Moreover, we also need the following to be advisors and join the dialogue:
- NFT Artists.
- NFT Collectors.
- Social Token connoisseurs.
- DAO OGs
If one of these describes you, please reach out to us here.
If neither of these words describe you, but you’re interested in the protocol, you can make an open application to the DAO in how you can contribute, reach out to us by joining the group mentioned above.
- 0xCelsius: Design, Ops, Growth
- 0xYagami: Product Manager, Protocol Architecture, Solidity Dev
- ryuk0x: Solidity Dev
- 0xPunk: Designer