2021-11-25 18:00 |
Cyclos, the first concentrated liquidity AMM on Solana (SOL/USD), entered into a partnership with Solatars to launch the one of a kind Le Cougar Clique, an NFT drop tied to the CycloSwap DeFi platform, Invezz learned from a press release.
Mechanism deflates NFT supply to drive demandLe Cougar Clique builds a bridge between DeFi and NFTs through a “culling” mechanic that deflates NFT supply, thereby driving demand. Cougarnomics, a deflation mechanism, uses CycloSwap platform funds to burn the existing supply of Cougars. After the NFTs are minted, a quarter of CycloSwap platform fees and 15% of Cougar sale royalties ‘cull’ the weakest NFTs twice a month.
A quarter of royalties used to buy native tokenCyclos buys the NFTs back from the market and destroy them, thus increasing demand. The liquidity connection is bidirectional. 25% of the proceeds from Cougar royalties will be used to buy the CYS token and stake it in liquidity pools. This will give the Cougar Clique DAO control over a portion of token supply.
Jason O’Brian, cofounder of Cyclos, commented:
By linking the supply of Cougars with Cyclos, our aim is to create a virtuous cycle between the two products and their communities. As the Cyclos ecosystem continues to expand, so too will the utility cases for the Cougars. Our intent behind founding the Cougar Den (the DAO behind the project) will be for the community to collaborate on developing future use cases together with the Cyclos team.
NFTs released in batches of 10,000Le Cougar Clique NFTs will be issued in a batch of 10,000 Cougars, all hand drawn in partnership with the Solatars team. A minting event, to take place on cyclos.io, will facilitate the release, which is planned for early December.
Cyclos can support any trading pairAs the first concentrated liquidity automated market maker on Solana, Cyclos uses a powerful concept pioneered by Uniswap (UNI/USD) V3, rendering it capable of supporting any trading pair, from basic stablecoin-to-stablecoin exchanges to the most exotic of coins.
CycloSwap liquidity providers can use the highly-scalable Solana platform to fine-tune their positions, offering much more affordable active management and precision compared to Uniswap V3.
The post Cyclos and Solatars partner to launch unique NFT collection on Solana appeared first on Invezz.
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