LGE and NFT guide for phase 1A
Thank you all for your patience as we worked towards rolling out phase 1A of YGY. This is to be our initial liquidity event that will roll out an introduction to some of the basic concepts of YGY such as BOOST, Staking, our Governance approach and a bit of NFT functionality. This is fundamentally a staking pool modeled after CORE with quite a few extra features placed in. This will serve as an introductory guide towards using this part of the platform and understanding how it works.
Please note: YGY is still in active development and many aspects of the interface and functionality will change. New features will be added as the system matures so always stay informed by joining our Discord
With that said let’s get straight to the guide.
Visit the platform page. Firstly you must understand and accept the risks of using this experimental platform.
After you accept you will enter our phase 1A interface page
Now this is a lot of information and the YGY platform contains a few novel ideas at this stage but also some familiar concepts and interfaces.
We’ll start with the Approve and Deposit interface, marked on the interface as “GET YGY/RAM LIQUIDITY” . This is where you can deposit YGY or ETH to Generate the wrapped & locked, YGY/RAM LP which stakes (auto stake is selected by default) to our platform to generated YGY + RAM returns. Please note!! these returns are modeled after CORE mechanics and thus are dependent upon volume of the RAM token. This includes transfers, buys and sells. This is only our initial pool and you should expect alternative pools with different reward mechanisms to appear next.
Also In the Approve and Deposit interface you can view your current ETH value equivalent contribution to the LP and also your current Level.
Level correspond to NFT rewards so lets get a bit into how that works and talk more about the NFT functionality.
What is my Level?
Level is a factor used to determine RAM NFT rewards.
There are 7 level thresholds based on your ETH value equivalent contribution and 5 levels of RAM NFTs.
The Eth Equivalent Thresholds are 1, 5, 10, 20, 30, 40, and 50 ETH.
You can see in the above picture that the user only has 0 eth total ETH equivalent contribution… thus not reaching the level 1 threshold and cannot obtain a ticket in the NFT reward rounds.
Each threshold increases your chance to win an NFT of the corresponding level by 50% and the levels below by 25%…
So if you are level 1 threshold then you will have a 50% chance to receive a level 1 RAM NFT.
At level 2 threshold (5 eth) you have a 50% chance to win a level 2 NFT and a 75% chance to win a level 1 RAM NFT.
At level 3 Threshold (10 eth) you have 100% chance for level 1, 75% chance for level 2 and 50% chance for level 3…
and so on….
When you enter into a “level” by depositing YGY or ETH you will automatically be placed into a que for determining your NFT rewards. This “que” is processed whenever anyone calls the global Random Number Generator function on the platform. Once someone calls the function the que is processed.
Vaults, Pools, Claim Rewards, Boost and Pool Info:
Above you see the center panel containing information about the vault and your user statistics. This contains information about the total global staked YGY/RAM, the rewards information (globally, and this is an average), your user stats including your YGY and RAM rewards, your staked YGY/RAM (and % of the global total), your boost level…. Clicking “boost with ram” Will take you to the boost section of the panel where you can spend RAM to increase your yield (as outlined in our medium article).
Above, you can see our 2 current pools, the RAM and YGY pools. here you can use your wrapped LP tokens to generate returns in either asset. Both pools are currently in a fair launch, with prestaking open now to ensure an equal opportunity for all to share it the returns.
You can also withdraw your YGY/RAM wrap from the vault/pools if you wish.
Note that the wrap is permanently locked. Renote: phase 1A vault rewards are based on RAM volume for buys, sells and transfers.
NFT lottery and more information:
There is a lot of functionality we plan on adding via NFTs. Where we are currently is really only just a taste of where we are going, the top left of the interface shows you your currently owned NFTs. There are two category of NFTs: RAM NFTs and Other NFTs.
RAM NFTs are tiered and will provide massive bonuses and advantages to all aspects of our ecosystem; from governance, our upcoming honeypot, and of course yield farming (and as whisper, dare I mention pvp?). You can see the RAM NFTs have the YGY logo along with some art which indicates their tier (1,2,3,4,5). Currently RAM NFTs do not have functionality in the initial vault and pools.
Other NFTs, which currently DO have functionality, are burnable NFTs that represent integration with two outside ecosystems, LINK and XIOTRI. These NFTs are “useable” which burns them and provides you with a temporary increase in your YGY/RAM vault yield. Each of these NFTs is rewarded though it’s own unique route. For LINK you are rewarded an NFT when you call the random number generator which determines the winnings for ticket holders in the NFTs reward round. For the XIOTRI based NFT you must hold at least 20 dXIOT in your wallet when your deposit level reaches 3.
This is only the very beginning of our NFT functionality and as we progress you will see the NFT technology integrated at many levels beyond simply boosting pool returns.
As always, we really appreciate you being here with us as we develop and deploy the YGY vision, and hope that you will continue to use and love our ecosystem well into the future!
- The YGY team