Auto-Compounding, LP Staking, NFTs and the bright future of DeFi Land
Dear DeFi Landers,
In all forms of market turbulence, our team stays committed to delivering the best gamified DeFi experience to our users. These last few weeks have been challenging for the $DFL token and its holders, but we see every challenge as an opportunity to listen to our community and work harder than ever to build on this commitment. A few of our community highlights from the last two weeks include:
- Single-sided staking was launched and 175M+ $DFL has been staked (more than 20% of circulating supply)
- NFT billboards in your village allow you to flex any Solana NFT. While customizing your land in the improved Edit Mode, you can place a variety of billboards throughout your village.
- We launched the Ukrainian Support Balloon in DeFi Land, allowing you to contribute USDC, SOL, and USDT directly to Ukrainian relief efforts. Your donations directly go to Ukraine.sol domain, which is endorsed by Solana Team and Ukraine government.
- Our great farmers continued to water their seed NFTs. There are 6,200 seed NFTs planted and a total of 14.6 million $DFL have been burned through watering. Next up is the Gen-0 NFT harvest!
We are proud of our accomplishments and confident in our future. Still, we recognize there is still plenty of room to grow. Today, we are excited to announce new updates that will help us build healthy liquidity and utility for the $DFL token. In addition to some major staking updates, we have a few special previews for Play and Earn, NFTs, and the bright future of DeFi Land.
Auto-compounding is here!
We recently launched single-sided staking, where users can lock their $DFL tokens to earn yield and future NFT rewards. In the first ten days, DeFi Land staking attracted over 3300 users for a total of 175 million $DFL, with an average stake time of 21 weeks. Even though our stakers just claimed their first $DFL rewards last week, we are already adding new features. In new and existing staking accounts, users are now able to auto-compound their rewards. You can toggle auto-compounding on and off directly in the user interface. Auto compounding will be out in just coming days. As a bonus, your rewards will compound daily instead of weekly when you have auto-compounding turned on. With this in mind, it is important to note two details:
- You can only auto-compound in locked staking accounts that are greater than 7 days, simply because auto-compounding would give flexible stakers a sneaky way to claim their rewards early. Only stakers who turn auto-compound on will get to compound their rewards daily instead of weekly.
- As you compound for a while, you will notice that your weight in the pool decreases. This is because each compounding event adds tokens that are locked for a shorter time frame (thus have a lower weight). However, since you are adding more tokens over time, you will still be making more rewards when auto-compounding despite having a slightly lower weight.
New Incentives for LP Stakers
The goal of staking on the DeFi Land platform is to incentivize token holders to share in our long-term commitment to the project. When users lock their tokens for weeks or even years, this helps build a community of long-term token holders. However, we would also like to recognize our liquidity providers by introducing new LP staking on the DeFi Land platform. Liquidity providing is a vital component of a healthy token ecosystem. We will be decreasing the farming emissions a lot on Raydium and transferring it to our own platform. By hosting the LP staking on our own platform, we will be able to regulate the emissions and give liquidity providers the same bonus incentives (NFTs, land sales, and more) as our single-sided stakers. Increasing the incentives for liquidity providers, in other ways that just $DFL, is a step toward ensuring that the $DFL token has plenty of liquidity for future growth and price stability. Not having a huge APY on Raydium farms, will also cut off the risk of insane leverage farming positions, which sometimes might be dangerous.
NFTs, Play-To-Earn, and the Next Phase of DeFi Land
The next phase of DeFi Land will certainly be the most exciting one yet. We will be revealing the features and utility of our Gen-0 NFTs, introducing new minigames, adding cross-chain integration, and releasing our first Play and Earn features. We currently have 6,200 seed NFTs planted in-game, which will blossom into Gen-0 NFTs after March 18. These NFTs will be the keys to unlock Play and Earn in your DeFi Land minigames. This one-of-a-kind experience is coming so soon that we had to drop a few previews!
DeFi Land In-game Economy
As Play and Earn approaches, our team is addressing a variety of factors that will create a robust and sustainable in-game economy. We have studied how Play and Earn mechanics can succeed or fail in other projects, and we are confident our Play and Earn ecosystem will provide lasting rewards to our players. Play and Earn will introduce new ways to use and burn $DFL, but a healthy ecosystem requires more than that. This will be an opportunity to build a new economy that is strengthened by our secondary Gold token and NFTS. You will need Gold, NFTs, and other resources to craft, repair your NFTs, play minigames to earn income, and more! The DeFi Land gaming economy will be 100% community driven and free from private investors, giving you a fair chance to participate from day one. While we don’t manipulate or control the price of $DFL, we are doing everything in our power to build a game that is engaging and attracts new players and investors to DeFi Land. If you have not logged on yet, make sure to give our public beta a try before Play and Earn drops!
NFT Attributes Page
Each Gen-0 NFT comes with a specific set of attributes depending on its utility. In the picture below, you can see the attributes for the fishing rod, which include the Body, Reel, Float, and Hook. Each attribute will provide a specific advantage in the fishing minigame, such as increasing the likelihood of catching a larger or more valuable fish, increasing the number of times you can fish before needing to repair your fishing rod, and slowing down the target in the fishing game.
Gen-0 Pets vs. Gen-0 Harvester: Passive Income vs. Active Income
Pets will go down in history as perhaps the most adorable way to earn passive income. Cats and dogs in DeFi Land can be sent on adventures to collect various rewards. When they return to their village, they might bring home some gold, $DFL, or another secret reward. Man’s best friend? We think so.
In contrast to the passive investment generated by Gen-0 Pets, the Gen-0 Harvester introduces a brand new minigame to keep you active in DeFi Land. The new harvester minigame will be a brain-teasing race against time, where your task is to load up your harvester with randomly generated crops. Because your harvester’s space and fuel capacity will be based on the level of your NFT, it will be up to you to strategize how to most effectively gather your crops before the time runs out!
An Alpha for Crafting
Even as we drop these new features, our team is still building new tools for mining, woodcutting, car racing, quests, and PVP. The list goes on and on. As we roll out new tasks in DeFi Land, certain utility NFTs can be obtained through crafting. Instead of allowing everyone to easily craft whatever they want, we will drop a limited number of crafting building NFTs. Owners of a crafting building will not only be able to craft their own supplies, but they will also be able to invite other users to their land to use their crafting table. The owner of the crafting table will receive a tax on the crafting fee paid by their guest. By limiting the supply of these crafting buildings, we are encouraging players to invite people to their land and compete for resources. Players will get another way to optimize the yield and come up with their strategies. Something like that will be later introduced named “Playing House”. We are here to take care of our players and keep them entertained, happy and relaxed with lots of news, features and innovative mechanics. More on this coming soon!
The Play and Earn chapter of DeFi Land is coming soon and you don’t want to miss out. As we get closer to the next milestone for our game, we will be ramping up our media presence to ensure the world outside of our loyal Discord and Telegram communities has a chance to catch our sneak peeks and new features. Make sure to follow our communities here and join our weekly Farmers Townhalls every Friday at 3 PM UTC. Let’s keep building together!