NYAN V2: Building a stronger ecosystem
Nyan.finance holders have chosen to move towards a restructuring of the ecosystem’s tokenomics to reflect those pioneered by the CORE ecosystem. This shift would require those that wish to participate in Nyan rewards(Nyan + Catnip) to lock their NYAN/ETH liquidity pool tokens in the Nyan V2 contract. The result of this shift will create a stronger floor for Nyan’s liquidity and greatly boost the Nyan fund’s buying power.
How will NYAN holders be rewarded?
When the contracts are released, Nyan holders will be able to migrate from the Nyan.finance site with the click of a button. This will trigger a 1–1 swap from V1 to V2. This process will be available for all three tokens( Nyan, Catnip, dNyan) and will remove the V1 tokens from circulation. Although V1 will no longer be supported, there will be no deadline to swap your tokens to V2.
As migrations occur, a % of holders will choose to lock their Nyan/Eth LP tokens in order to begin mining Catnip V2. These holders will also be rewarded with a daily distribution of Nyan V2. These distributions will occur indefinitely through continuous buybacks of Nyan V2 with profits generated from the Fund’s activities. The Nyan V2 that is rewarded to LP stakers will not be locked and will be freely transferrable.
Nyan V2 LP stakers will also receive a placeholder token that can be used to vote within the Nyan V2 contracts. This will allow participants to be able to generate rewards while continuing to use the main voting system.
Although the Nyan V2 LP will be locked, there will be a function available that will allow the LP owner to transfer ownership of the rewards to a different wallet. That way, an LP staker won’t be locked to one address, indefinitely.
The role dNyan will play before DOT integration
dNyan’s role in the V2 ecosystem will be to act as a reward for Catnip holders that choose to provide liquidity(This liquidity is not locked) and as a way for Nyan V2 stakers to boost their Catnip mining rate. This means that dNyan holders that wish to put their dNyan to work will be able to provide liquidity for dNyan and lock those dNyan LP tokens in order to generate more Nyan rewards.
When DOT integration is ready, dNyan will still be swapped 1–1 between chains and used as a way for the Nyan fund to freely trade non-ERC20 assets.
Will the bidding system be simplified?
The Bidding system will continue to be improved and simplified. More documentation and media resources are being created to help Bidders understand each function and what the parameters are. As the ecosystem progresses, the goal is to easily familiarize new users with how different contracts can be interacted with.
As time progresses however, we will continue to see new interface integrations that will introduce new functions that users will have to become comfortable with. Within the next week, we will be integrating more platform contracts like AAVE, Compound, Kyber and Core. Over time, Nyan V2 holders will be able to interact with any requested smart contract.
When will the V2 contracts be ready?
Next week, at the latest. Follow us on Twitter or hop in our discord to stay updated and join the conversation.
