Playground Partnership with Bridgesplit
Playground announced a partnership with Bridgesplit to bring a unique staking program to the Solana Ecosystem.
Bridgesplit is pleased to announce that holders of Playground NFTs will now be able to stake Waves and Epochs NFTs to earn PLAYA. However, PLAYA is the token representing the NFTs in the Playground Curated Index.
Bridgesplit takes a novel approach to stake and integrates it into their Floor Index.
Users can earn Double Yield by depositing a Waves or Epochs NFT into the Floor Index, providing liquidity to gain +25% APY in WAVES Floor Index Tokens and automatically having the NFT staked earn PLAYA Curated Index Tokens.
Moreover, Bridgesplit and Playground partnership will continue to push the boundaries of the NFT-Fi space to bring increasing value to holders by way of liquidity, rewards, and ease of use.
Playground Staking Program
On the other hand, there are currently two ways to utilize staking on Bridgesplit, manual and automatic. Both options use the same staking contract with multiple ways to get there. Let’s look at the first option, manual staking.
Manual Staking
Therefore, if users wanted to stake their NFT like a typical staking platform, they would use the manual staking option. The user’s NFT locked into the smart contract and accumulates rewards.
Furthermore, you can retrieve your rewards and your NFT at any time. Hence, rewards from staking are emitted as the PLAYA token. PLAYA token represents the curated index that the Playground team has established. Learn more about the Playground Curated Index.
The manual method is suitable for users who do not want to fractionalize their NFTs. The NFT is deposited into the smart contract, rewards are accumulated, and the NFT, along with rewards, can be withdrawn from the agreement.
Automatic Staking
Bridgesplit has automatically incorporated the staking contract into the Floor Index. Here is how it works.
Hence, a user deposits a whole NFT into the floor index. This NFT is locked into a smart contract, fractionalized, and 1000 Index Tokens are minted, representing fractions of any NFTs in the Index Pool. The NFT and the fractions stay locked in the smart contract, and the Index Tokens are transferred to the user’s wallet, finally.
Specifically, instead of the NFT sitting idle in the smart contract, it has been coded to take advantage of the staking contract. Hence, the NFT deposited into the Floor Index is now accumulating staking rewards just as if it were manually staked. Initially, the staking rewards accumulate with the specific NFT.
Note that the user no longer has the NFT. It has been deposited, fractionalized, and replaced with 1000 Index Tokens.
Double Yield Strategy
Particularly, to take advantage of Double Yield rewards, users would do the following. In short, they will use a Playground Epoch as an example.
- First, deposit Epoch NFT into the Epoch Floor Index. This NFT instantly accumulates PLAYA tokens while it resides in the Floor Index.
- Receive 1000 Index Tokens.
- Take all or some of the 1000 Index Tokens and pair them with an equal amount of SOL. Deposit them into the liquidity pool to receive LP (Liquidity Provider) tokens.
- Deposit LP tokens into the intelligent farming contract.
- There are now two yield streams from the initial deposit into the Floor Index. The deposited NFT is accumulating PLAYA rewards, and the LP tokens are earning WAVES rewards.
- At any time, users can claim WAVES rewards.
- Since, users would take 1000 Index Tokens and fuse an NFT in the Floor Index to claim PLAYA rewards.
- Lastly, this recombines the NFT and transfers it along with any accumulated PLAYA tokens to the user’s wallet.
About Playground
Playground is a new experiential platform focused on generative works of art stored immutably on the Solana blockchain.
About Bridgesplit
Bridgesplit is enabling participation through derivative creation, accelerating price discovery and liquidity with unique financial mechanisms, and broadening the design space of projects through new mediums of discovery.
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