Potluck Labs Staking Trinity are proud to offer three different staking models for their NFTs. Whenever you hold any of the projects’ NFTs you can count on utility in the form of staking. Run-down of each of the three models.

1. Hold NFTS, Earn $LABS

I’m going to passively write about their passive model of staking by directing you to an entire post I recently made just about $LABS utility. You can read about it here: https://link.medium.com/6wqRULAECsb

2. The Coffin: Stake NFTs to earn $FANG/$FTM LP

Potluck Labs meet Potluck Protocol. They wanted to blend the DeFi and NFT ecosystems together and did this through “The Coffin”. This innovative staking model allows for them to allocate a portion of their mint proceeds after they sell out to a 30-day staking pool. they load the pool with $FANG/$FTM LP and you are easily able to see how much you are earning for your share of the pool. When you unstake your NFTs it harvests automatically. Or you can activate “Grave Raiding Mode” and harvest at any point. You are then able to move your earned LP into our auto-compounder and currently earning around 75% APR. This is a virtuous cycle for us as we integrate their communities and also provide use-case and buying pressure for $FANG (our DeFi token on $FTM).

The Coffin may be used by any NFT project on Fantom looking to provide utility to their holders. The project must provide a minimum of 2,000 $FTM for a 30-day staking pool and we will turn that into LP and emit the full amount to their stakers (we don’t charge a fee). We also look forward to adapting and bringing this model to HBAR and IOTA.

3. The Rewarder

Or as the people like to say: The Rewardooooooor. This is an extremely fun staking innovation that we modeled after the Moonbirds on Eth and the Chikn project on Avax. The Rewarder is a way that any project of ours can provide value to its holders. This staking method will take into account the rarity of your NFTs. The more rare- the more points you will earn. These points will level up your personal staking pool. The level you attain each week will serve as a multiplier for the number of entries you have into the NFT prize drawing for the week. Quantity will also be a factor- so the more NFTs and better rarity you have staked, the faster you will level up and the better your odds of winning.

Two examples of application of the Rewarder Model:

1. The Reward Wallet Model: The Doodle Lanterns and the Oni Retribution projects each boast a massive reward wallet full on NFTs which will be given away to stakers. We did this by allocating 50% of their mint and secondary royalties to buy NFTs to re-distribute to stakers. Each week 5 winning wallets will be picked via a verifiably randomized picker. These 5 wallets will each win one of the 5 highly sought-after NFTs from the reward wallet that was picked for that week’s distribution. Each of these reward wallets has over 300 quality NFTs and we expect to be able to offer the weekly staking reward prizes for over a year at a minimum.
2. The Artist Imagination Model: Many of our projects including Creameow, Paint Huffing Degenerates 2, Evil Beanz, and Evil Family, will feature utilize the Rewarder model but without a reward wallet full of NFTs. So how will it work? I call it the Artist Imagination Model because it really is only limited by the artist’s creativity. The artist can do weekly giveaways of 1/1 pieces, limited edition pieces, merch packs, artist experiences, custom piece giveaways, free future mints, and more. I’m very excited to see how much value our artists can dream up for their holders.

The Rewarder model is undergoing final testing and will be available on Fantom very shortly.

In summary, Potluck Labs offers a robust ecosystem of staking options and continues to push the envelope on innovation and value creation for our holders in this area. They are working to bring all of the staking models to Hedera and IOTA in the very near future.

About Potluck Labs

They help artists build out generative projects that are focused on the art first & foremost. Beyond the art, they then provide an ecosystem of value. This includes: NFT staking, $LABS utility token, GameFi partnerships & much more. Potluck also on the forefront of cross-chain & technical innovation. Many of the collections are traversable between multiple chains.

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The Potluck Labs Integrates Chainlink Price Feeds and VRF. Potluck Labs initially referencing the AVAX/USD Price Feed on Avalanche & the FTM/USD Price Feed. On Fantom to help NFT buyers make informed decisions by displaying accurate price conversions. In addition, Potluck Labs has integrated Chainlink VRF to help ensure NFT projects launching on the platform have full access to a source of tamper-proof randomness, giving them the ability to fairly distribute rare NFTs to their community members in a seamless manner.

Potluck Labs was launched by Potluck Protocol in December 2021. Since that time, Potluck Labs has seen over 30 unique NFT mints, from projects Astrokids, Bot Squad Chickens, & Swol Chads. A unique aspect of the NFT incubator is that wallets holding NFTs from Potluck Labs-approved collections gain a small number of LABS — Potluck Labs’ native token — on a second-by-second basis. Currently, Potluck Labs live across Avalanche, Fantom, & Polygon, there are plans to expand to additional blockchains in the future.

Integration

The Potluck Labs team decided to integrate Chainlink Price Feeds for pricing conversions because they are hyper-resistant to data manipulation attacks and single points of failure, helping ensure NFT prices reflect globally accurate fair market rates with a high level of reliability.

Additionally, being an NFT incubator, one of the requests coming from users was that they needed a verifiably random way to distribute rare NFTs when launching collections on Potluck Labs. Thus, they decided to integrate VRF because it is the fairest, most transparent randomness solution available in the blockchain space.

Chainlink VRF works by combining block data that is still unknown when the request made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The Potluck Labs smart contract will only accept the random number input if it has a valid cryptographic proof. The cryptographic proof can only be generate if the VRF process tamper-proof. This helps users with automated & publicly verifiable proof directly on-chain that NFT drops using VRF for randomness provably fair.

About Chainlink

Chainlink the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.

Website | Twitter |

About Potluck Labs

They help artists build out generative projects that are focused on the art first & foremost. Beyond the art, they then provide an ecosystem of value. This includes: NFT staking, $LABS utility token, GameFi partnerships & much more. Potluck also on the forefront of cross-chain & technical innovation. Many of the collections are traversable between multiple chains.

Website | Twitter |

Source

The post Potluck Labs Integrates Chainlink Price Feeds and VRF appeared first on Smart Liquidity Research.