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Eclipse pad brings innovation to the forefront. We use NFT utilities to improve the IDO participation experience so that it is easy and enjoyable.
Eclipse leverages the NFT utility from the Loop Finance DeFi NFT marketplace to make standard IDO benefits tradeable as secondary positions on an active marketplace. Check out some examples below:
After participating in an IDO launch for a project at the token generation event, participants will receive a contract for the distribution of their vested IDO tokens per the specifications set by the launched project. This vesting contract will have the option to be converted into an NFT position.
Projects launching an IDO will have the option to use a generic Eclipse art NFT, or the option to submit their own NFT art for these token vesting positions.
This NFT acts as the “receipt” for the IDO participant to receive their token vesting over time. These NFTs will need to be staked in order for the participant to receive their vested tokens. When unstaked, the NFT can be transferred or sold on a secondary marketplace.
Buying or receiving a partially-vested NFT token position grants the new holder the same benefits. They can stake their NFT to receive the token vesting or resell or re-transfer the NFT to someone else.
Token vesting NFTs will have royalties when sold, with the royalties going back to the protocol and buybacks.
A powerful byproduct of vested token NFTs is that IDO participants more eager to sell can exit their positions at a discount, whereas long-term investors can purchase discounted vested positions on a secondary market. Projects benefit as they may see less mass liquidation of their vested tokens.
Time-locked token staking positions are an essential way of rewarding loyal investors, as the longer a token position is staked, the more benefits it offers.
Eclipse makes it possible for participants to trade out of their long-term staking positions through a secondary marketplace by turning their staked token positions into NFTs.
Investors will be able to select how many tokens to include from their staking position in this NFT mint, to allow these positions to be fractionalised. There will be a minimum token quantity to avoid abuse.
Then, the holder can list and trade this NFT on a secondary NFT marketplace. A potential buyer will then have access to purchasing this position at a discount and potentially a long-term staking position with all its benefits, but with less time remaining on the clock.
When listed on a marketplace, the yield will still accrue to the NFT.
Example: Jack has a $3000 $ECLIP staking position time-locked for 12 months. Due to the lock length, he receives a higher amount of Cosmic essence, as well as a higher yield rate.
An emergency comes up 6 months into the staking period, and Jack is in need of some of these funds. He can convert this staking position into an NFT with an expiry in 6 months. This NFT can then be listed for sale on a secondary marketplace.
By purchasing this NFT from the secondary, a prospective buyer can now gain access to the benefits of a 12-month staking position, with only a 6-month commitment remaining. And can also resell it himself in the future.
NFT airdrops follow a very similar mechanism as the one laid out in the above section on vesting NFT positions.
Rather than vesting positions, it applies to the potential for projects to offer and distribute token airdrops through NFT positions.
This opens up the potential for investors to list and sell their IDO token allocations as airdrop NFTs without liquid tokens being dumped onto the market. Investors who want to sell their airdrops early at a discount can do so through the NFT, and investors who want discount airdrop tokens can purchase them on the market, similar to an OTC deal.
There are many more NFT integrations and utilities planned for Eclipse Pad. Watch this space.