FrictionFinance — End of March Update
Another crazy week, we have seen growth on social channels by upwards of 100% on twitter and telegram along with more activity happening in our community telegram channel. There is lots of exciting news and updates below that is broken up into sections: NFT lottery, lootboxes, dApps, and upcoming events.
After only a few days of being live, over 5000 lootboxes have been opened which has resulted in an instant burn of nearly 13,000 TAO! The jackpot is worth over $6000 right now and steadily climbing upwards.
Once this NFT lottery cycle ends we have some exciting updates and additions for cycle two. We will share a few sneak peaks here, but the rest will be a surprise.
- Gas savings and optimizations with buying / opening boxes
- Adding in “bonus” NFTs outside of the regular 6 that allow people early access to exclusive new partner farms (4–6+ hours of high APY farming).
- Allowing users to forge their commons and rares for a low chance at receiving a higher tier.
- Incentivizing trading and marketplace activity. Our marketplace will be ready for the next cycle so we are still incorporating unique ways to get users trading.
- Adding in exclusive partner NFTs to the lootboxes
We believe that lootboxes are a fantastic way for creators to have more control over the minting of their NFTs and also how much revenue they can earn per NFT.
How it works
Creators can put between 2–100 NFTs inside of a lootbox and set the rarity of each NFT inside. The creator can then decide the cost per box along with how long the lootboxes will be available for, the creator can withdraw their earnings via the contract directly in a decentralized manner. Each lootbox created by community members will have its own unique URL that the creator can share and use, this URL will allow people to purchase and open boxes while also seeing all the different NFTs inside.
Benefits for Creators
- Earn more on their creations
- Create verifiable tiers of rarity
- Automatic, decentralised payouts
- Extremely low fees (< 2%) and no listing fee
Benefits for TAO
- Lootboxes are bought with TAO (or BNB that is used as a buyback for TAO)
- Exposure to a larger audience
- >1% of all TAO spent on community lootboxes will be burnt
We will be launching our first set of community made boxes first week of April so keep an eye out!
Friction.Finance and the future of dApps
FrictionFinance currently operates “4” dApps within its main application. We have an AMM, NFT lottery, Farms, and Analytics. We are also working on a NFT marketplace and a FrictionFinance dashboard that will show users in-depth stats on their yield, burn rate on TAO, fee distribution rates, etc. We have decided to split the analytics, NFT marketplace, and new upcoming dashboard on their own subdomains to not only help with performance, but also allow us to add much more features and functionality to them individually.
Here is a list of dApps we will be adding over the next few weeks:
- https://nft.friction.finance (NFT Marketplace)
- https://analytics.friction.finance (Analytics, price charts, recent trades, etc)
- https://dashboard.friction.finance (Stats on TAO, users yield over time, burn rate, fee distributions, etc)
Upcoming on Friction Finance
Here are some upcoming events and features coming to FrictionFinance:
- New partnerships with more single sided farms (stake TAO earn token x)
- Articles on popular BSC news sites, AMAs, and more outreach from partners
- Building out more dApps (like analytics) to help attract partners by offering value
- Looking into more ways for aggregating yield farms and vaults including compounding
- A landing page for FrictionFinance where users can select the dApp they want to access (main farming app, analytics, TAO dashboard, or NFT marketplace)
- Certik audit
- Working with community members to launch custom NFT lootboxes
- Adding exclusive NFTs from partners to our marketplace
As always, we look forward to seeing you all in our community telegram and happy farming!