NFTX Round-up #35
It’s been a while since we last posted an official update on the blog about what we’ve been working on and the direction of NFTX as a marketplace and a protocol. A a lot That happened at the time so let’s take a quick run through some changes.
NFTX 2022 Update
January
In the new year NFTX revealed the ability for users to share their NFT on NFTX without needing to link it to ETH. We call this inventory staking (as opposed to liquidity staking) and it enables yield to be generated without the risk of temporary losses. Like liquidity stackers, inventory stackers collect fees in vault tokens (eg PUNK). During the staking process, inventory stakers may end up with different NFTs from the Vault than they started with, but their balance of redeemable NFTs (i.e. Vault tokens) will only increase, regardless of the price action against ETH. Think of it like accumulating NFTs and earning interest on that collection.
February
In February we saw the launch of FloorDAO that NFTX provided a 500 ETH loan to get started (it has already been paid back in full). FloorDAO cleans the floor of NFT projects through governance voting provided NFTX has an existing vault or will create one. Those NFTs are then added to the vault along with the relevant ETH and locked in liquidity, with FloorDAO earning valuable yield as income for their DAO. As part of the loan, NFTX received a pFloor token allocation.
march
In March we expanded across the chain (except for our RingB testnet) and deployed NFTX contracts to the Arbitram One chain and added support to the NFTX Marketplace app.
Along with the deployment we added support for Arbitram across our NFTX subgraph.
One of the knock-on effects of expansion across the chain is increased efforts to bring new protocols and features to market. For the most part the same contracts work across the board, but deployment, testing and EdgeCase bug fixing takes longer as more chains are supported.
A recent example of a multichain challenge is that Arbitram-One RPC endpoints are not set up to handle the requirements of the EIP721 subgraph when viewing Univ3 locations, and this results in responses from the subgraph timing out.
NFTX is still developing the protocol and features in the marketplace so we have temporarily paused additional rollouts to other EVM chains (such as Optimism and Polygon). Meanwhile, the most recent Solidity dev hire, Twade, is advancing advanced tooling to track similar contract deployments and settings across multiple chains.
Product/Core Team Extension – Has it been 12 months already? The team that worked on the main gallery immediately after the launch of NFTX have been busy over the past 12 months positioning NFTX as one of the biggest players in the MetaFi community. To continue the upward trend of NFTX products, the core team renewed their work contract for another 12 months. Along with the extension, we welcome Tweed to the team as a part-time Solidity developer to support Kiwi and Gauss.
April
Suspicious activity alert — As NFTs become more mainstream and more valuable, we see an increase in the number of users accidentally handing over control of their NFTs to scammers.
OpenSea is addressing this challenge by maintaining a centralized list of NFTs that have been reported stolen and flagged as “suspicious activity”. NFTX is following the precedent of other marketplaces by visually flagging assets within the vault that cannot be sold on OpenSea, while still maintaining an open protocol on-chain.
Bypass fees on Unstake — A new feature in NFTX now enables inventory stakers to bypass random redemption fees when unstaking their Vault tokens, with the option to unstake NFTs or Vault tokens or a combination of both. This means that inventory stakers can always recover at least as many NFTs as they staked even if their position yields no yield. The new unstacking zap also accounts for small rounding errors that have occasionally been a problem for stackers in the past.
Social sharing — As Twitter is the place for crypto and NFT, the NFTX team has updated the preview image for the Vault URL to be more attractive. Now when you share a vault URL you will see the vault icon, name, $ticker, holdings, TVL, 30D volume and lifetime reward, as well as images of some of the assets currently in the vault. Preview data is cached hourly so statistics are fairly accurate when sharing
Vault snapshot — To help NFT projects understand who is holding (or providing inventory and liquidity) vTokens for their project, the team has developed a snapshot tool to view token balances at https://ift.tt/SQIhq81. This tool allows anyone to input a vault name, ID, or contract address along with a block number to turn on the base balance. The snapshot provides a table of each holder’s and staker’s address, token type, and balance, with the option to download it in CSV format for additional processing.
A huge shout out to Quantamly who created the token holding subgraph that allows us to maintain this data for use.
May, June
In addition to updates to the Marketplace app, most of May and June were dedicated to protocol work and development of the new Yield app.
New default fee — The DAO made an update to default fees as part of a governance proposal. The change is based on a review of Vault usage over the past six months which generated the highest fees for Target Redemption (Buy), Mint (Sell) and Target Swap.
Target swaps have been increased from 6% to 10% and this has resulted in an increase in fees generated across the entire vault.
This is the new default fee
- 6% Redeem
- 4% random redeem
- 10% mint
- 10% Swap
- 4% random swap
Bit audit trail — After conducting two Code Arena audits one audit of NFTX contracts has taken place Beats Trail. The devs are happy to report that no major flaws were found in the contract, with one notable discovery being something that was a feature of the protocol (where vault managers can change a vault’s fees that haven’t been published yet).
You can read more about the audit and all the findings here.
July
In July the yield section of the NFTX app was moved to its own product home, https://yield.nftx.io. This brand new web app creates a good bridge between DeFi and NFTs and targets those using NFTX to get yield through the NFT market instead of using a marketplace app to sell, buy or swap their NFTs. Users can explore pools by yield, TVL, spread and their inventory and liquidity position in a much more insightful and efficient manner. This release also includes ‘Real Time Fees’ which shows the exact amount of vTokens users have earned through recent Vault transactions.
Over the next few weeks we will be redirecting the existing dashboard/rewards page in the NFTX Marketplace to the new Yield app by default and focus our attention on the new and improved Marketplace experience (coming soon).
To help power this app we engaged Graphica to create a subgraph that tracks all users’ fee earnings over time (going back to when fees were first launched). This continues with our decentralized approach to providing our users with products powered directly from the blockchain (Web3 Call) or made available via decentralized subgraph requests (TheGraph).
August
Easy, we’re only eight days in.
Well, if you must know… This month Twade is working on a new eligibility module for ENS domains that will allow 10k to exist as a vault like the ENS Club. It uses a Merkle Tree to check the ENS domain name and regular eligibility module to ensure that it has at least 1 year left on its registration. How to renew expired domains within the Vault is not yet fixed, but one idea is to charge a 0.2/0.8% fee to the DAO for all ENS Vault transactions that will pay for the renewal of domains for 1 year when they reach a certain threshold (7 day).
Recent vault and protocol activity
A few new vaults have been created in the past two weeks, and while you can see a full list of all vaults here we’ve seen a select few.
The protocol currently exists $40,875,260 total value lockedAnd in the last 30 days NFTX has delivered approx $557k in fees to our liquidity providers.
NFTX celebrated 1k ETH in total fee distribution in our last newsletter, which has now increased 3,424 ETH Fees for our liquidity providers.
Despite a crypto bear market and gloomy macro conditions, the protocol is showing up 2,252 monthly active users.
Our most popular vaults in terms of pure volume changed last month and topped the All Starz chart. The top 5 vaults for volume include:
- Allstars
- Cryptomarks
- Bats
- LIL Pudgys
- In the buffet
The team is growing
A big welcome to the new member(s) of the NFTX team, @0xToes And @ Tweed.
In the last update in November we talked about Toze and Eto joining the NFTX crew, and a few months later Toze was promoted to Business Development Lead. After some great contributions by Aeto on NFTX governance calls he was instrumental in launching FloorDAO and is now one of the core team.
Twade came on board as a persistence dev to support Alex and Qi and is already doing an amazing job with improvements to the 0x integration, protocol documentation, and qualification modules.
Update to run our own graph nodes
Running our own nodes makes us less dependent on third-party nodes, improving the stability and performance of the nftx.io front-end, while also contributing to the decentralized principle that NFTX is built upon.
We are now contributing to the ecosystem by indexing the following subgraphs
- NFTX v2
- NFTX Token Holdings
- NFTX Fee Tracker
- Sushi Exchange
- EIP721
- EIP1155
- Artblocks
- FloorDAO
If you have a subgraph that you think should be indexed by DAO, or if you’d like to use some of your GRTs by assigning it to our index, contact Javery with a dispute.
Vault Insight – Milady Maker
Milady Flordao entered the NFTX vault after winning the governance vote and became one of the NFT projects.
There are currently over 1,658 NFTs inside Milady Vault
Vault’s TVL sits at $2,259,682 and has a trading volume of over 6.5k ETH since Vault’s launch in March. As you can see by Lifetime Turnover, 9251 Milady, that’s a lot of selling, buying and swapping.
The Vault has been great for liquidity and inventory providers, especially FloorDAO, generating 541.42 MILADY (that’s 387ETH!) fees distributed among stakers.
The price of $MILADY Vault has had a few spikes starting in mid-April and the price moved from 0.5 — 2+ ETH in a few days.
Contact hello@nftx.org if you would like to know more about how NFTX can be part of your NFT launch or provide an additional marketplace for your project and help secure a stable liquidity pool for floor pricing.
That’s all for this update. If you have any questions, come and join the Discord channel, or you can learn more by checking out the NFTX Academy.
https://ift.tt/aqldw8C
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