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 The NFT is deposited into the smart contract, rewards are accumulated, and the NFT, along with rewards, can be withdrawn from the agreement.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.

Website ♦ Twitter 

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.

Website ♦ Twitter

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Bridgesplit is thrilled to announce its partnership with Jupiter to offer a better swapping experience for their holders.

With this partnership of Bridgesplit and Jupiter, their users will find that swapping tokens is seamless, and they will rest assured that they are receiving the best value for their swap.

Jupiter is the premier Solana DEX aggregator. An aggregator gathers information from various sources and compiles that information into one single endpoint. Specifically, Jupiter is an aggregator for trading tokens on Solana.

Jupiter works by looking at multiple DEXes and AMMs and finding the best value for your swap.

It utilizes ‘Smart Routing,’ which comprises two main components:

• Multi-Hop Routing – It means that it not only looks for direct swaps between tokens but may find that it is beneficial to route through an intermediary token.
• Trade Splitting is where Jupiter may break up your swap between different DEXes to offset the price impact of large trades or low liquidity.

Bridgesplit Benefits

Jupiter has a dedicated site for swapping tokens, but it can also integrate seamlessly into other platforms like Bridgesplit. They can design its front-end UX while utilizing the Jupiter engine under the hood.

• Users will not need to perform extra steps or leave the Bridgesplit site to take advantage of Jupiter’s robust system.
• As Bridgepslit grows, more tokens will be added to the platform through floor index tokens, curated index tokens, and future product offerings. Jupiter automatically recognizes any token that will list in the Solana token registry. It means that vault creators, index pool creators, and users can rest assured that the token they interact with is tradeable and legitimate.
• Utilizing Jupiter is a way to future-proof swapping on Bridgesplit. As the composability within the ecosystem grows, and the expansion of product offerings branches out into the more extensive Solana network, Jupiter will be able to handle the best routes possible for the swapping of tokens.
• Since Jupiter works with top cross-chain products, it ensures that users who are branching from other chains, Eth, Polygon, Terra, etc., can easily swap any token for any token on Solana. As Bridgesplit expands and sets its sights on the larger NFT-Fi space, this functionality will be crucial in onboarding new users from other chains.
• Single transaction swaps. Suppose you want to swap the Portals Floor Index Token (IVRY) with the Waves Floor Index Token (WAVES). There is no direct liquidity between the two tokens, but with Jupiter, it would find that you could use IVRY to SOL to WAVES and do this in one transaction.

As the NFT Finance space continues to grow, the role of aggregators like Jupiter will fill a crucial role in helping to keep token swaps running smoothly. Partnerships like Bridgesplit and Jupiter will help mature and evolve NFT Finance into a flourishing ecosystem.

About Jupiter

Jupiter is the key liquidity aggregator for Solana, offering the broadest range of tokens and best route discovery between any token pair. Jupiter aims to provide the most friendly UX for users and the most powerful tools for developers to allow them to easily access the best-in-class swap in their application, interface, or on-chain programs.

Website ♦ Twitter

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.

Website ♦ Twitter

⏩ SOURCE

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