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/biz/ - Business & Finance

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22626284 No.22626284 [Reply] [Original]

Once I stake my tokens what happens? I’m trying to learn be mean or be nice it’s biz I know what I’m expecting.

>> No.22626895
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22626895

>>22626284
Once you've bought Nyan tokens, you can stake them via the website. Staking Nyan rewards you with Nip. It's roughly 15 Nyan to get 1 Nip per day.

You can also stake your LP tokens on the website. The way that works is - you deposit equal values of Eth and Nip into the Uniswap pool, and when you do that you get LP tokens from Uniswap. Those LP tokens are what you give back to Uniswap to get back the Eth and Nip you added to the pool. Think of it as your proof of ownership of part of the liquidity pool. Staking LP tokens on another platform is referred to as liquidity mining. Mining Nip-Eth LP tokens on the Nyan website rewards you with Dark Nyan, the Polkadot bridge token.

Staking Nyan for Nip is just basic staking. The Nip-Eth LP staking (liquidity mining) is another level of abstraction, but it's worth wrapping your head around the concept - it's a big part of the DeFi craze.

>> No.22626953

>>22626895
Also worth mentioning you don't have to wait to gain Nip via staking - you can just buy some and pool it to start mining Dark Nyan. You can also just buy Dark Nyan. They're all undervalued; it just depends on whether you'd prefer to buy & hold (farm) or buy to flip (speculate).

>> No.22626954
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22626954

>>22626895
The most easy to understand explanation I've read about this project so far. Already staking CATNIP but wasn't sure how DarkNyan fit in to all of this. Thanks!

>> No.22627005

>>22626954
Thanks. The design of this project is fascinating; feel free to ask anything else and hopefully I can shed some light. Happy to spread the word for curious anons as I really feel like it's the most undervalued gem in crypto currently.

>> No.22627006

>>22626895
based, there should be more ppl like you, understood more from your post than lurking /biz/ for past month

>> No.22627058

Can someone explain how the voting will work? I assume there'll be some sort of portal we can cast our votes, but will there be preset options? Also will rewards be distributed constantly? Or after the voting period?

>> No.22627241

>>22627058
There isn't a lot of info on the governance yet, but I think it's safe to assume it will begin as a basic forum that connects to your wallet (to check your Nyan balance) allowing stakeholders to vote on proposals. Nyan holders can also create proposals to be voted on by the community.

According to the dev, each vote requires 0.1 nip to cast, and the nip tallied by the votes will be used to market buy Dark Nyan and burn it, to maintain deflationary pressure on Dark Nyan. The idea is to keep it scarce, below 600 total tokens.

As for dividends, that will be voted on once daily by Nyan holders. They can vote to distribute dividends in Nip or in any asset held by the fund (in the case that members want to hold an investment for varying amounts of time).

All of these are subject to change via community governance afaik

>> No.22627303

>>22627241
>According to the dev, each vote requires 0.1 nip to cast
Hmm, hadn't heard about this before. A bit worrying. Basically makes the vote just come down to whichever option the biggest whale wants.

>> No.22627414

>>22627303
It’s a bit of a double edge sword. I would like a say in community matters but in terms of investing I feel like the people who got in early here are primarily savvy investors, and might make better calls than I could.

>> No.22627453

>>22627241
>Dark Nyan. The idea is to keep it scarce, below 600 total tokens.
im gonna farm 1 of these bad boys. only 600 people can ever hold 1.

>> No.22627455

>>22627303
Governance is tricky like that. If it were free to cast votes, it would be cheaper for someone to hijack the fund for their own means. If it's too expensive to vote, you risk pricing most of your community out of the governance process.

In the end it's a hedge fund; even though it's a community project, it's not really meant for poors. There's a limit of 33k possible members - and that's only if nobody holds more than one.

It's a hedge fund run by crypto members going into a crypto bull cycle. It might end up being the greatest golden goose of all time. Silly to think tickets to entry will stay affordable...

>> No.22627486

>>22627453
If you think scarcity will drive up the price, you should just buy them directly (that's what I've been doing). Almost all of the Dark Nyan currently available for purchase was mined at an exponentially faster rate than is possible now. I feel like the difficulty adjustment isn't priced in yet.

>> No.22627525

>>22627455
Hate to be that guy but your estimated make it stack?

>> No.22627527

>>22627486
To illustrate my point - the first 500 Dark Nyan took about two weeks to mine. The next 500 would take many years (and we'd never get to 1000 due to the token burn)

>> No.22627557
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22627557

>Buying meme tokens with no use-case

>> No.22627670

>>22627525
Your make it number might be different than mine, but if it is as successful as I think it should be based on the groundbreaking use case and tokenomics, 100-300M market cap should be easy, which would be $3000-9000 per Nyan. If the fund is profitable and we're really entering the golden bull run, 1B is definitely on the table, putting each Nyan at about $30k.

>>22627557
>no use-case
Do yourself a favor and look into it for a few minutes. I almost missed it because I don't buy meme coins. This is a gem hidden behind a meme.

>> No.22627767

>>22627670
Thanks for the honest break down. I’m doing 3.2 nip daily and feel like it should be doubled.

>> No.22627853

>>22627670
Use case: Buy useless token to earn more useless tokens that you can then pool to receive even more useless tokens

>> No.22627983
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22627983

>>22627853
Unlike most useless tokens, the idea behind this is to run a business via public governance - that business is a fund, and as long as savvy crypto investors are part of the board that makes up the funds governance, it can make tons of money by leveraging economy of scale.

And anyone can get in on the action just by buying the tokens. It's going to be huge so educate yourself or cry later

>> No.22628094

>>22627983
Has there been discussion about reward distribution? How much per token?

>> No.22628268

>>22628094
I'm not sure on the exact details, but ideally proportional to both holders and liquidity providers. It would also be in proportion to the size of the fund and the profits. It's still small, so it's pretty cheap to buy up a decent %

>> No.22628409

>>22627767
there's no difference if it were doubled, everyone would just get double, dumbass

>> No.22628510

>>22628409
I meant doubling my stack, faggot.

>> No.22629223

Is the voting for the new logo already live?

>> No.22629493

>>22629223
Tomorrow I believe

>> No.22630262

IM SHAMELESS AS FUCK

Here's a better summary:

RottenSwap, a deflationary SushiSwap fork, with no dev fund so no Chef Nami rug pull.

>The main differences are:

1. no dev fund
2. The SUSHI is rotten. Every transfer, 2.5% of the amount is burnt and transformed into MAGGOT tokens. The MAGGOT tokens are valueless since they are highly inflationary, but the rotten sushi (ROT) is expected to go up in value as the supply is highly deflationary.

>What is the governance?

Once enough rotten sushi (ROT) have been farmed so that a cheap attack is no longer possible, the ZombieChef contract ownership will be transferred to the governance contract. There is no ROT dev fund (no rug pull).

>What does the MAGGOT token do?

Nothing. It will be up to the governance to decide its purpose. RottenSwap is a random experiment with no purpose.

>When does the staking start?
it literally just started 30 mins ago. GET IN HERE.

https://twitter.com/TheTimTempleton/status/1307043687554314240

www.dextools.io/app/uniswap/pair-explorer/0x5a265315520696299fa1ece0701c3a1ba961b888

app.uniswap.org/#/swap?inputCurrency=0xd04785c4d8195e4a54d9dec3a9043872875ae9e2

rottenswap.org/#/

t.me/rottenswap

Only 35 holder and 200k+ APY and 20k marketcap. A few eth is worth a gamble of an easy 10x if it pops off like any other foodswap.

>> No.22630946

I've noticed nyan has been quiet on here the last few days, not many threads, so I joined telegram.

Feels pretty good so far. I've figured out staking for NIP and dNyan.

Whats your stacks at boys? Any whales here?

>> No.22631390

>>22628094

This is one of the things I'm concerned about.

Nyaners should be the big swinging dicks of the ecosystem

But Nip's value is backed in part by those who provide Nip/Eth liquidity - this will be where the Nip is sold into Eth for the fund to enter markets.

I hate to think that freeloaders could get on a share of the funds profits just by providing Nip/Eth on the open market, but then there needs to be some sort of incentive for them to provide that liquidity

Of course by providing the liquidity they gain exposure to dNyan mining and then potential benefits that brings

Ultimately though I believe the majority of profits should be going to Nyan holders as that is where the value chain begins.

>> No.22631461

>>22626895
>It's roughly 15 Nyan to get 1 Nip per day.
whats the rate for dark nyan?

>> No.22631493

>>22627983

>Use Cases

So wait, is the business side up and running yet? I don't see any hedge fund listings or anything to denote a possible future list of viable token or whatever they plan hold.

>> No.22631600

>>22631493

How about you do your own fucking research you lazy cunt

Do you want me to lay next to your wife for you too?

>> No.22631617

>>22631600
Check’d

>> No.22631675

>>22631600

shut the fuck up you dumb shit, quoting research. Such a dumb ass

>> No.22631752

>>22631675

I'll buy your whore wife as my 4th wife using my Nip dividends. You indecisive, impressionable, late the the party no-Nyaner

>> No.22631887

>>22631675

>Sounds like a scam, thanks for the heads up

>> No.22631935

Do you have to unstake before you stake more?

>> No.22631936

Great staking explanation! I also recommend the Telegram. There are great people there willing to help.

>> No.22632109

>>22631935
No

>> No.22632454

Can it overtake the current valuation of yfi? Hard to say. Yfii? Definitely possible.

>> No.22632459

>>22627453
These were 7.5 eth last night...

>> No.22632469

Hey it’s OP here thank you all to provided information this is the first time I’ve seen a good conversation executed on biz. I’m stunned and very thankful

>> No.22632493

>>22631493
Not yet, they are saying voting starts Monday. Im in no hurry.

>> No.22632556

>>22632493
Obviously needs some time to get to the desired 50k NIP anyway. So there needed to be some setup time. Just like with yfi and every project ever, really.

>> No.22632824

>>22632556
Yeah, it will be ready when its ready. I need a real 100x, i have gotten killed on all these things.
8.8 nyan baglet, 2.5 nip mined so far

>> No.22633087

>>22632824
based baglet. brainlets go hard on the nip but nyan is the true chad of this ecosystem

>> No.22633178

>>22632109
do you need to claim nip before staking more nyan