GM:FRENS | GM:Miner NFT Staking & Liquidity Pool

about 2 years ago (Edited)

leofinance.io

GM:FRENS

It's time for the GM:FRENS project to get a little more interesting. If you haven't heard of the project, it's a gamified social experiment on the Hive & WAX blockchains. You can mine it once per day by using the #GMFRENS tag on Threads, and all you need is a WAX wallet listed in your Hive profile. Check out the introduction post for more information. GM token was born 20 days ago and a lot has happened since then. Some brave soldier stepped up to help me with the project and I launched my first ever NFT collection on the WAX blockchain.

These GM:Miner v0.1 NFTs can be traded or staked in the GM:Miner staking pool to earn a share of 69,696 GM over the length of the pool. I sincerely hope you stocked up on GM:Miner NFTs because these drips are gunna be juicy! When I calculated the staking rate hourly, I accounted for a few more miners to be in the pool, but whatever. It's all good. That just means more rewards per NFT for everyone that supports the project. Now you're probably thinking to yourself... "Great, now I can farm more useless tokens". You're absolutely right. You spent 15 WAX or 1 HBD and now you can stake an NFT and earn magic internet money.

The fact of the matter is - there is no specific use case for GM tokens yet, but there is a liquidity pool that just got funded by the community. Through the sale of GM:Miner NFTs we raised 2,251.53 WAX between WAX and HBD sales. This is after fees from converting tokens and paying for the RAM to mint the NFTs. I think I'd call that a success. Where is this WAX going? See below.

And thus, the GM token now has real world value, determined by the market... With a starting price of 100 GM/1 WAX. I used 2,200 of the WAX to make it a nice easy number, and the remaining 51.53 WAX will remain in the contract to be used for WAX network resources such as CPU, NET, and RAM. Every transaction costs a little bit just like Hive Resource Credits, so it makes sense to keep some liquid WAX in the wallet. 220,000 GM tokens were minted and added to the pool to create the market. I'm a man of my word, all funds raised are being used to build out a super weird and fun project that encourages use of Threads.

The core mechanic of mining GM by saying #GMFRENS on Threads gives someone a reason to come back every single day even if they have nothing else to say. They can come to Threads and spend 10 seconds to send a Thread on the Hive blockchain and earn 6.9 GM. The GM:Miner NFTs for now only mine the GM that has been minted for that specific staking pool. More utility soon? Heh.

You can visit the GM/WAX market on Alcor.exchange to start trading your precious GM til you heart's content. You can also provide liquidity to the trading pair to support the project and earn from the trading fees. More to come on LP token staking. For now, though if you want to show your support for the GM:FRENS project, you can take some WAX and pair it up with the GM you're farming and add liquidity to the GM/WAX pool right on Alcor.exchange. Just click the + liquidity button, enter the amount of WAX you want to add and the appropriate amount of GM will be calculated automatically.

I don't need to lecture you here about impermanent loss. You should go some research before considering putting any funds into liquidity pools. This is not an investment. This is an experiment tied to a token and NFTs on the blockchain. There is no guarantee of profits or really anything at all. It's going to go how it goes, but based on the stats... I'd say the experiment is working. But wait! There's more...

GM:Miner NFT Staking

I know, there's a lot to unpack here and I intended to do separate articles for this but whatever. Read slow, have a beer, and relax. It's time to put those precious GM:Miner v0.1 NFTs to work in the farm and earn some passive GM for your bag. You can stake your NFTs now in the farm, and I'm going to show you how! I know you might be new to WAX, so my advice is to stake a few WAX to CPU and NET. Buy a few WAX worth of RAM. You'll eventually need the resources anyway.

How to stake your Miner NFTs

Visit the Genesis GM:Miner Farm page

Click the Wallet icon in the top right corner of the screen

Select your wallet, WAX Cloud Wallet or Anchor work very well.
Click Stake NFTs

Select Stake Now if you just want to stake 1 Miner NFT

Select the Multiple slider at the top right and add multiple Miner NFTs to stake

Select Stake X NFTs at the bottom left

Congrats! After confirming the transaction with your wallet, your NFTs are staked and now mining GM!

How to Claim your GM

GM can be claimed any times as much as you'd like by clicking the My Wallet button on the Farm Page. Your GM will accumulate here hourly and you can claim whenever you like by clicking Claim X GM in the Wallet tab.

Before you're able to start claiming your GM, you will need to approve the token rewards by clicking "Open GM ROW' button to the right of the claim button.

After approving, you can click the Claim button and your rewards will be sent straight to your wallet.

See, that wasn't so hard, now was it? I went ahead and staked my GM:Miner NFTs, which I purchased with my own funds. You can check my wallet if you want proof. I bought SWAP.WAX and sent it to my wallet then bought from the drop page like everyone else. Totally equal opportunity, and I had to have a way to test it anyway.

The minimum staking period for your miners is 15 days. You will not be able to unstake for a minimum of 15 days. The hourly reward will decrease as more NFTs get staked in the pool. The pool will last until March of 2023, so you might as well just keep those NFTs staked for now. Not financial advice... But you should probably build your GM stack and add it with WAX to the liquidity pool because I heard there's a staking pool for LP tokens coming soon too! Don't tell anyone though.

Thank you to everyone that minted a GM:Miner v0.1 NFT and thank you to everyone supporting the project in whatever ways! It means the world to me, and I think we are building something awesome. Now get to farming and I'll catch ya soon. I need to get some sleep now.

stay weird

Happy Farming fren!