OpenX-OP Reserve
Initial Collection Mint featuring the OpenX-OP Reserve
OpenX Governance will commence upon the deployment and official release of the OpenX-OP Reserve NFT Collection on 3/14/23. The inaugural OpenX Governance that forms after the mint epoch will propose new pools, partnerships, and emissions allocations for OpenXSwap. The design of the OpenX-OP Collection is but one of countless arrangements made possible by Reserve NFTs, but serves demonstrate the possibilities of upgradability, token-escrow, and LP management.
50 OP tokens are required to mint an OpenX-OP Reserve NFT.
-12.5 OP tokens will be used to purchase OpenX
-12.5 OP tokens will be paired with OpenX and staked in the OpenX-OP pool
-25 OP tokens are collected by the project to fund initial developement and audit expenses.
(Please note: Reserve NFTs must be burned to retrieve all deposited LP and Governance tokens)
Disclaimer: Please consider these NFTs as experimental blockchain infrastructure. Manage risk accordingly. These NFTs simply represent a complex position on a blockchain, and their custody is the sole responsibility of the user.
Upgrades boosting governance weight for the OpenX Project are based on an OpenX Reserve NFT's lifetime accumulation of OpenX. Each upgrade boosts the NFT's vote weight by .04%. There are twenty-five possible upgrades for the OpenX-OP Collection, each represented by a different material. The commodities represented become more precious as the levels pass, symbolizing the rarer and rarer levels of decentralized coalition building required for a DEX's longevity.
Block-by-block emissions rewarded to underlying staked OpenX-OP LP tokens will be claimable in real time. Additional OpenX and OP tokens can be deposited into the NFT. These will be converted into LP tokens and staked, hastening the accumulation of emissions needed for an upgrade.
Upgrades cannot be purchased. OpenX is a currency distributed for actions beneficial to the protocol. Similarly, upgrades are issued for cooperative action, not sold to the highest bidder.
xOpenX will be used as the "ve" token. Governance weight is (in part) determined by the locked xOpenX amount and lock duration. Vote-escrowing xOpenX locks all deposited tokens for the lock duration. Locked NFTs cannot be burned until all underlying vote-escrowed tokens are fully vested.
Vote-escrowing xOpenX generates a vexOpenX Value, the voting weight of an individual NFT.
From the "Manage" interface the following information and interactions are available:
"Manage" Interface for OpenX-OP Reserve NFTs
Select NFT ID: Selects an NFT. Please note that users can deposit tokens into any NFT, even if they do not own it. All remaining functions are available only to the owner of the particular NFT. Please do not deposit tokens into an NFT without ensuring the correct NFT has been selected.
Upgrade: Boosts user's vexOpenX value (voting weight) by 4%
Burn: Burns the NFT, breaks the LP tokens, and transfers all underlying tokens to user's wallet.
Paired: Shows the underlying OpenX and OP tokens constituting the staked LP tokens. (Depositing OpenX or OP in this section creates a swap: it sells half of the deposit to create staked LP tokens.)
Vote Tokens: Shows escrowed or deposited tokens separate from the staked LP tokens. (Depositing xOpenX or other vote tokens creates an escrow, locking the NFT for the duration. Users can also deposit OP tokens into their OpenXReserve NFTs and delegate them from the NFT's Manage interface; only note these tokens are again only retrievable by burning an unlocked NFT.
Pending Rewards: OpenX emissions due to the underlying LP tokens. (The Collect function claims the OpenX tokens and transfers them to the user's wallet; the Compound function claims OpenX and sells half for OP tokens to create more staked LP tokens; the Convert function claims OpenX, wraps it into xOpenX via the SushiBar contract, and escrows it into the user's NFT.)
Last modified 16d ago