LBE NFT Mechanism

*Disclaimer* The NFT bonus will apply only for the first 7 days since the start of Yield Farming on 16th of March 2022 3:00 AM EST/ 07:00 AM UTC, so until the 23rd of March 2022 3:00 AM EST/ 07:00 AM UTC

If you participated in our Liquidity Bootstrapping Event, you converted purrADA for MIN/ADA LP Tokens, and you also received an NFT. You can stake those MIN/ADA LPTs and the NFT will act as a booster for your MIN Yield Farming rewards. You will stake both the NFT and the LPTs, and the NFT will boost your rewards if used during the first seven days of Yield Farming (16th of March to 23rd of March).

The bonus works as a multiplier of 1.1x to 2x of the normal rewards (so rewards are calculated as LPTs amount * boosting multiple). The multiple you receive on the boost for the seven days is random, users will receive from 1.1x (essentially, 10% more rewards for the period than anyone who is staking LPTs without the NFT boost) up to 2x boost. This means that for instance, if base APR for staking MIN/ADA LPTs is 200% APR, by staking the NFT as well you will get 220-400% APR the first 7 days.

The bonuses on the NFT are uniformly distributed (across 1.1x, 1.2x, 1.3x, etc.) and you will be able to see the boost that got assigned to your NFT on our site. The booster rate is encoded in your NFT, you will be able to see it in our UI or you can calculate it using the following code snippet: https://gist.github.com/longngn/a9766049a978b7459d460f489ef0dc23

After those 7 days of boost, redeeming MIN rewards to your wallet will also redeem the NFT. The NFT can only be used once from the 16th of March to 23rd of March to boost MIN/ADA rewards.