Nyan for dummies
If you are here, then you are a dummy, but a super one, after all you are already part of DEFI, years before mainstream :) so let’s get started:
I will not explain what is NYAN, you can check here for over all introduction. I will describe new features and dummy stuff needed to interact with NYAN. Let’s get started :
A) Nyan Fund rewards Nyan-2 Holders and LP’s
Since inception, Nyan was a community managed fund, this new update starting Feb 2021 gives new features as fund managers, voters or even individual funds to be managed. But you don’t care, you are not managing a fund aren’t you? So how to participate in this dynamic? The gains from the fund will be allocated to Nyan-2 holders and Nyan-2 LP holder.
- Nyan-2 Holders
If you hold Nyan-2 in your wallet, you are eligible to X% of the Ethereum generated by Nyan Fund. To get Nyan, simply head to the uniswap https://app.uniswap.org/#/swap?inputCurrency=0xbf4a9a37ecfc21825011285222c36ab35de51f14
Prepare the amount of Eth you would like to swap to Nyan-2 and click on the swap button.
You will recieve your Nyan-2 token in your wallet. If you can’t see it, go to metamask and click “add custom” token and enter the adress below:
To claim your Eth rewards from the fund, head to https://fund.nyan.finance/dashboard/rewards , and click the Claim button, then approve on your wallet.
2. Nyan-2 LP Holders
Nyan-2 LP Holders will be eligible to X% of the Ethereum generated by Nyan Fund. to get the LP token, you need to add liquidity to the ETH-Nyan-2 pool on uniswap. the idea behind liquidity providing for AMM( automated market makers) is to create pairs that could be traded! Why would you provide liquidity? well, they will give you part of trading fees, 0,3% precisely.
To add liquidity you need same amount of a pair, here Nyan-2 and ETH. head to uniswap on the link below for this pair:
Once you enter the amount, click on supply. Normally it will appear on your metamask, otherwise, in metamask click on add custom token, and enter its address below: 0x944fd50276599807625786fb8edc9876c54565e8
Again for claiming rewards, this should be the same process above.
B) The arbitrage bot
New also to the Nyan-2 ecosystem is the arbitrage bot. This is an entirely free and automated bot that scans liquidity pools for descrepencies in prices and makes sure to profit from them. The only thing it does is to buy some token from a pool where the price is lower than another and sell in the latter. The great innovation in this bot is that it can be run by anyone, the person keeps 60% of the rewards and the rest goes to Nyan-2 holders as follow: Nyan-2 holders 5% and Nyan-2 LP 15%.
Full details here .
C) The price prediction market platform and Versus token
Nyan-2 has now a new price prediction market here: https://versus.cx/ in this platform you can place long/short calls on many tokens. Overall, a part of the Versus token supply has been distributed on Nyan-2 holders, 0,1 by 1. 60% of the fees generated by the versus platform will rewarded to Versus holders (50% of the 60% = 30%), Nyan-2 holders (10% of the 60%= 6%) and Nyan-2 LP holders (30% of 60% = 18%) .
Full details here .
D) Overall incentives for Nyan-2
The table below gives overall incentives of Nyan-2 :
Finally, providing liquidity is more lucrative than only holding, overall 9:1 ratio is accounted for when distributing rewards.
Thank you for reading.