Non-Fungible Yearn Platform

DeFi Better

4 min readNov 3, 2020

NFY

The crypto space has been an interesting one over the years, with no dull moment at any point in time. We have seen different phases of growth in this field ranging from ICO’s, STO’s, IEO’s amongst others. The trending phase at the moment is DeFi which has a buzz like no other.

In recent days a new approach to DeFi project has emerged. Exploring ERC721 NFTs! ERC20 has been the token model for DeFi project, given its ability to be sold in bits, but as you know the crypto space is on a rapid growth pace with new concepts and logics.

NFTs coming to play in the DeFi space gives way to endless possibilities, with this momentum Non-Fungible Yearn (NFY) present a unique way to interact with NFTs while staking your ERC20 tokens $NFY and $NFY/ETH LP, trading the stakes and earning rewards daily from the reward pool of 60,000 $NFY in the process.

NFT Interaction

When a user stake for the first time on the staking dApp a NFT is minted for that user, this NFT wraps your staked $NFY acting as the rights to that stake. When a user un-stakes his NFT is burned and his stake, after 5% un-staking fee, are sent back to his wallet address. This 5% gets redistributed back into the reward pool.

Users can only sell their $NFY or $NFY/ETH LP stakes in full? The answer is No, with our trading platform stakeholders will be able to trade any amount of their staked position.

NFY Trading Platform

Stakeholders of each pool can trade their stakes on our NFT trading platform, which is in the works at the moment of writing this.

This will allow a user to trade stakes directly. It has a 1% fee for each transaction: 0.90% reward pool, 0.05% community fund, 0.05% dev fund. The platform allows users to just delegate the amount they want to sell to the platform. The NFT will stay in their wallet!

Staking

Staking is done in two pools at the moment, $NFYs and $NFY/ETH LP. Before staking in each pool for the first time stakeholders will have to approve the staking smart contract, this is done with stake NFY and NFY/ETH LP buttons, after a successful approval, a second click on the buttons will allow you stake your tokens.

Once stakeholders do that for the first time an NFT will be minted with unique ID numbers and is sent to his wallet address, if a stockholder stakes after the first time his new stakes will be added to his existing stakes held by his NFT.

The $NFY staking pool is delegated 0.10% daily of the balance of the reward pool. This 0.10% is based on the assumption that there are 6,500 blocks minted in a day.

With our trading platform, stakeholders can trade their stakes without having to un-stake their positions, allowing stakeholders to get more of their un-staked amount than the amount left after the 5% un-staking fee.

Once staked, the $NFY/ETH LP staking pool does not offer an un-staking option. This pool is delegated 0.30% daily of the reward pool, this is then split proportionately between stakers.

Rewards

$NFY staking pool is delegated 0.10% of the reward pool daily while the $NFY/ETH LP pool is delegated 0.30% of the reward pool daily. These both are calculated assuming that there are 6,500 blocks mined per day. The starting reward pool is 60,000 $NFY.

A practical example:

Starting reward pool= 60,000 $NFY
% shared daily = 0.10 & 0.30
Current reward pool = reward pool — yesterday ( % shared daily ) reward

$NFY Staking:

Current reward pool $NFY * 0.10% = $NFY to share for the day.

$NFY/ETH LP Staking:

Current reward pool $NFY * 0.30% = $NFY to share for the day.

Compound & Claim Rewards:

Stakeholders of each pool can claim their reward at any time of their choosing by using the claim reward button. The $NFY staking pool provides stakeholders an option to automatically stake their earned rewards by using the compound reward button.

Benefits of Using NFY Platform:

Ownership of unique NFTs.
Well funded reward pool with strategies that prevent the pool from running dry.
Option to compound your rewards to stake.

Looking for your next DeFi project to explore? Non-Fungible Yearn (NFY) will be glad to have you aboard!

Disclaimer

Non-Fungible Yearn is a new experiment in DeFi. Just like any new experiment, risk is involved. Before using any features, it is advised to make sure one has a full working knowledge of liquidity pools and impermanent loss. APY numbers are variable, and depend on NFY trading platform volume. APY is based on NFY.

When using the NFY platform or interacting directly with smart contracts directly, you are in a default agreement that you do at your own at your own risk. All liability resides with the user.

NFY is an experiment in decentralized finance. No returns are guaranteed. Risk only what you are willing to lose.