Real art, NFTs, Defi all together. We bring you Nostalgia.
TL;DR:
The PAINT token is burnt proportional to the amount of NFT sales on Nostalgia. (Total supply decrease)
PAINT is used to purchase limited edition governance NFTs. (Governance NFTs are more rare and they drop governance token CANVAS when staked)
Sushiswap PAINT-ETH liquidity providers will be ranked from 1~10 and they will be rewarded a special governance NFT.
Nostalgia is planning its utility token PAINT’s first snapshot and reward drop. We’d like to clear two main things in this post!
- PAINT utility
- PAINT LP event
- Utility of the PAINT token
Those who are receiving PAINT drop might be curious: what’s the role of PAINT and where can you use PAINT.
i) PAINT rewards holders through the burning mechanism.
PAINT is architectured to capture the value of nostalgia and hep it grow. 30 % equivalent value of all NFT sales made on Nostalgia will be burnt out of the PAINT token supply. Thus, PAINT total supply is going to decrease over time proportional to the sale amounts.
As you might have noticed from the recent EIP 1559 upgrade in ethereum and it would affect the long term supply and price of ETH, Nostalgia’s PAINT token burn can have a similar effect. Thus, Nostalgia’s protocol revenue and growth is going to be represented by the PAINT token value and give positive benefits to the holders.
ii) PAINT liquidity provision event
With the first drop of the PAINT token and to stabilize the token ecosystem, we would like to motivate and encourage rank 1 to 10 among liquidity providers. According to your rank you will receive a Governance NFT which you can stake and receive governance tokens CANVAS.
Snapshots will be taken for Sushiswap PAINT-ETH pair.
Reward amount depending on rank is:
1st place — 5
2nd place — 4
3rd place — 3
4th place — 2
5th to 10th place — 1
The snapshot date will not be shared until done to facilitate the event and we will be preparing future LP reward systems to encourage and motivate liquidity provision! (The team’s lp will not affect the rankings)
*Token Address
Paint Token : 0x83e031005ecb771b7ff900b3c7b0bdde7f521c08
Canvas Token : 0x863ad391091ae0e87b850c2bb7bfc7597c79c93f
Learn more about Nostalgia through:
Visit our website: https://ngfinance.io/
Twitter: https://twitter.com/nostalgia_fi
Telegram: https://t.me/official_nostalgia
