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project screenshot
project screenshot
project screenshot
project screenshot
project screenshot

YIELD BEARING STABLECOIN BACKED BY LAND&ETH

NFTD STABLECOIN - YIELD BEARING STABLECOIN BACKED BY VIRTUAL LAND AND STAKED ETH .

YIELD BEARING STABLECOIN BACKED BY LAND&ETH

Created At

ETHOnline 2022

Winner of

trophy

🍷 APWine —Wine Connoisseur

Project Description

NFTD – YIELD BEARING STABLECOIN BACKED BY VIRTUAL WORLD ASSET AND STAKED ETH

We intend to build our own stablecoin NFTD as form of payment for the virtual land in our Metaverse E(AR)RTH .This is a separate project however both projects are linked via the NFTD stablecoin .

After freely claiming the land in our Metaverse based on real geo location of the user in the real world, land is stored on IPFS as Land NFT with user as the owner. Land owner can list its Land NFTs on the Open Sea or our own NFT Marketplace called VIRTUAL ESTATE for either fixed price or as timed auction . When other user as buyer interested in the NFT Land meets the price demand of the seller the buyer makes the payment in USDT or USDC . The amount paid for the Land NFT is passed onto our minting smart contract, the same amount of our NFTD stablecoin is minted and seller of the Land NFT receives the payment in our own stablecoin . The stablecoin can be used within our Virtual Estate to buy another virtual assets but we would intend to push the use of the stablecoin into the DEFI jungle .

When our platform receives the payment in USDT ( USDC ) , it will swap USDT ( USDC ) for equivalent amount of ETH using Uniswap API or 1 INCH API to receive ETH for the amount of USDT(USDC) paid . Upon receiving ETH to our smart contract, the smart contract sends the ETH into the staking contract of Rocket Pool ( or LIDO). (Our intention would be to develop our own staking contract and spin up nodes & validators for users to help decentralization of the validators as crucial point to solve . ) Our smart contract then receives the Liquid staking derivate rETH along with the staking rewards, bind both with the Land NFT and sends all to the buyer`s wallet .

To summarize this part : buyer of the Land NFT receives the ownership of the virtual land plus on the top of it receives the rETH ( LSD of Rocket Pool ) and the rewards from staked ETH . The seller is rewarded with tour NFT stablecoin in the same dollar valuation as the payment in centralized stablecoins from buyer .

Next part is about solving the problem when new owner of the land decides to sell the land to another user. As transferring the ownership of the Land NFT is obvious, transferring the rETH linked with Land NFT is also straightforward, however due to withdrawing rewards from staked ETH are not being enabled seller of the land would lose any rewards already acquired until the moment of trade and those would be all collected by the new owner of the Land NFT and the rETH when withdrawing rewards would be enabled after the Shanghai fork. We sorting this out as follows:

After receiving the Liquid staking derivate from Rocket Pool, or smart contract deposits the rETH into the APWINE protocol and receives Principal token PT on our rETH as well as Future Yield Token FYT representing rewards of the staked ETH in time . We then wrap FYT of rETH as Supertoken on Superfluid protocol , receiving rETH-FYTx and stream the rewards to the owner of the Land NFT and LSD rETH . When the owner of the Land NFT decides to sell the land with underlying rETH, the streaming rewards will change the direction flowing into new buyer of the Land NFT and the new owner of the rETH . This way each user is assured of getting his fair part of the rewards from underlying asset ETH .

The intention is to have a widely used stablecoin, decentralized and backed by ETH and virtual land and giving holders the yield from staked ET we would like to support decentralization of validation of the Ethereum protocol . We would also add swapping functionality for holders of the centralized stablecoins to be able to swap over to our decentralized fully backed NFTD without going through the necessity of buying the virtual land, however staking and locking ETH as well as receiving the rewards from staked ETH would be the same. Redemptions and peg mechanism is the development .

We would like to keep developing the rewards mechanism using combination of APWINE and Superfluid protocol to offer the solution for not only staked ETH, but for any vested tokens . We would like to also take this to OBOL team to help the Ethereum in the mission of truly decentralized staking and validating .

How it's Made

NFTD – YIELD BEARING STABLECOIN BACKED BY VIRTUAL WORLD ASSET AND STAKED ETH

We intend to build our own stablecoin NFTD as form of payment for the virtual land in our Metaverse E(AR)RTH .This is a separate project however both projects are linked via the NFTD stablecoin .

After freely claiming the land in our Metaverse based on real geo location of the user in the real world, land is stored on IPFS as Land NFT with user as the owner. Land owner can list its Land NFTs on the Open Sea or our own NFT Marketplace called VIRTUAL ESTATE for either fixed price or as timed auction . When other user as buyer interested in the NFT Land meets the price demand of the seller the buyer makes the payment in USDT or USDC . The amount paid for the Land NFT is passed onto our minting smart contract, the same amount of our NFTD stablecoin is minted and seller of the Land NFT receives the payment in our own stablecoin . The stablecoin can be used within our Virtual Estate to buy another virtual assets but we would intend to push the use of the stablecoin into the DEFI jungle .

When our platform receives the payment in USDT ( USDC ) , it will swap USDT ( USDC ) for equivalent amount of ETH using Uniswap API or 1 INCH API to receive ETH for the amount of USDT(USDC) paid . Upon receiving ETH to our smart contract, the smart contract sends the ETH into the staking contract of Rocket Pool ( or LIDO). (Our intention would be to develop our own staking contract and spin up nodes & validators for users to help decentralization of the validators as crucial point to solve . ) Our smart contract then receives the Liquid staking derivate rETH along with the staking rewards, bind both with the Land NFT and sends all to the buyer`s wallet .

To summarize this part : buyer of the Land NFT receives the ownership of the virtual land plus on the top of it receives the rETH ( LSD of Rocket Pool ) and the rewards from staked ETH . The seller is rewarded with tour NFT stablecoin in the same dollar valuation as the payment in centralized stablecoins from buyer .

Next part is about solving the problem when new owner of the land decides to sell the land to another user. As transferring the ownership of the Land NFT is obvious, transferring the rETH linked with Land NFT is also straightforward, however due to withdrawing rewards from staked ETH are not being enabled seller of the land would lose any rewards already acquired until the moment of trade and those would be all collected by the new owner of the Land NFT and the rETH when withdrawing rewards would be enabled after the Shanghai fork. We sorting this out as follows:

After receiving the Liquid staking derivate from Rocket Pool, or smart contract deposits the rETH into the APWINE protocol and receives Principal token PT on our rETH as well as Future Yield Token FYT representing rewards of the staked ETH in time . We then wrap FYT of rETH as Supertoken on Superfluid protocol , receiving rETH-FYTx and stream the rewards to the owner of the Land NFT and LSD rETH . When the owner of the Land NFT decides to sell the land with underlying rETH, the streaming rewards will change the direction flowing into new buyer of the Land NFT and the new owner of the rETH . This way each user is assured of getting his fair part of the rewards from underlying asset ETH .

The intention is to have a widely used stablecoin, decentralized and backed by ETH and virtual land and giving holders the yield from staked ET we would like to support decentralization of validation of the Ethereum protocol . We would also add swapping functionality for holders of the centralized stablecoins to be able to swap over to our decentralized fully backed NFTD without going through the necessity of buying the virtual land, however staking and locking ETH as well as receiving the rewards from staked ETH would be the same. Redemptions and peg mechanism is the development .

We would like to keep developing the rewards mechanism using combination of APWINE and Superfluid protocol to offer the solution for not only staked ETH, but for any vested tokens . We would like to also take this to OBOL team to help the Ethereum in the mission of truly decentralized staking and validating .

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