The Lab Finance: NFT System
We’re happy to announce the new NFT system that we have been building, which brings decentralization to the farm. From now on, the NFT contracts are connected to MasterChef and the NFT will go live soon.
Each NFT Holders is getting benefit from the following:
- Each NFT is getting daily around 34,5 LABO
- Unique NFT design, +10 designers have participated in our collection
- A tradable NFT that can be traded on our Platform
- 35% of the deposit fees among the 50 NFT holders
- Voting privileges to finetune the variables in the farm
All the contracts are verified and can be found on BSCScan.
5 New Smart Contracts
We have designed a modular system of 5 smart contracts which are handling our NFT implementation.
Thanks to these contacts we’re able to withdraw deposit fees, send LABO automatically to the burning address, trade the NFT’s, among other things. This is the list of the new contracts:
- DevFeeProcessor: The address where deposit fees and minting dev fees are being sent to. This contract, later on, distributes these fees among the NFT holders, burning addresses and team fees.
- GovernanceNFT: Our official NFT addresses contract, ‘The Lab Finance Governance NFT’ [LABDAO], there are only 50 NFT’s and the holders of them will be earning rewards from The Lab Finance protocol.
- NFTSplitter: A contract that receives tokens from DevFeeProcessor after the function of ‘Process’ has been triggered for each token. This is the contract from which NFT holders claim their rewards.
- NFTSale: This contract handles the trading of the NFT’s on our site. The contract allows NFT holders to set prices for their NFTs which can be bought by potential buyers. It also allows potential buyers to set up bids for an NFT, which the NFT holder could accept.
- Voting Contract: This contract is still under testing and will be released later on. The purpose of this Voting Contract will be to finetune variables in the farm such as emission rate of LABO/Block or multipliers on Pools and Farms.
Where do Rewards come from?
The reason why we’re able to create these NFT’s is that we have inherited other platforms farming protocols such as Goosedefi but we have decided to share developer fees with the community.
Rewards for the NFT’s will come from 2 sources, Dev Minting Rewards and Deposit Fees.
LABO Dev Minting Rewards
As you can see on our website, there is an emission rate of 1 LABO/Block, as per MasterChef Smart Contract specification, there is a 10% fee of this emission rate that goes to the developer.
What we have created is a model that takes that 10% fee (0.1 LABO/Block) and distributes it thanks to the DevFeeProcessor in the following way:
- 60% NFT Holders
- 20% Burning Address
- 20% Team and Maintenance Fees
At a rate of 1 LABO/Block, each NFT holder would be receiving ~34.5 LABO per day (2,880 Blocks/day * 60% / 50 NFT’s)
In this table you can see how much would a single NFT manage to earn on different price case scenarios:e have tested them and audited them internally, nevertheless, smart contracts can always have unexpected bugs that were not foreseen
As you can see, the revenue that the NFT will generate will highly depend on the price of LABO. LABO rewards per block will depend on the decisions that the NFT holders will take.
Deposit Fees
Another source of income that NFT’s have is the deposit fee coming from farmers staking on The Lab Finance. Each time a farmer uses our farms or pools that are not native to LABO, the farmer is paying a 4% deposit fee.
The deposit fee is processed through the DevFeeProcessor and is sent to the following address:
- 50% Buy & Burn Fund
- 35% NFT Holders
- 15% Team Fund
We can see an example of this transaction in the following link:
https://bscscan.com/tx/0xa6d77315c430fe5af5a4a20bd2975d963831246ae191539f71ecff56e6db13cf
The revenues coming from deposit fees are also very dependent on the Total Value locked that is on our platform:
In order for NFT holders to earn deposit fees, new farmers need to come to our platform, otherwise, no deposit fees will be generated.
How do our NFT’s work
In order to find our NFT’s, you will have to head over to:
On this page, you can see our NFT collection, at launch we’re going to have 40 out of 50 NFT’s available.
How to Buy an NFT?
You can buy an NFT through 2 options:
1) Accepting the offer of the NFT Seller
2) Bidding your own offer and wait till the NFT Seller accepts your offer, someone bids a higher bid than you or you cancel your bid
How to Claim rewards and Process tokens
For each one of the tokens to be claimed by the NFT holders, the tokens need to be processed from the DevFeeProcessor smart contract to the NFT Splitter.
In order to do so, there is a global function that is called “Process” and when users click on it (everyone is able to write that function) the tokens are sent to the burning fee address and to the NFT Splitter.
Then after you have processed the rewards, refresh the page and see that the “Earned” column has increased in value if there were tokens to process and now you can claim the rewards to your wallet.
Users can claim their rewards at any time, if they do not claim their rewards and sell their NFT without claiming the rewards will not be lost and will be enjoyed by the new NFT holder.
How to transfer the NFT from one account to another?
Just head over to https://bscscan.com/address/0x5dcf363e1ee5ff6b0b988ad7932344e8a1e909a3#code
Connect with your Metamask wallet to the site:
Then just write on the second function the following information
Lastly, click on write and you will manage to transfer your NFT from one account to another.
I hold an NFT, what can I do with it?
When you have bought an NFT you are already accumulating rewards daily and you can redeem them from our NFT platform, please do not forget to claim your rewards as they do not get sent automatically to your account.
How can I verify I have successfully bought or sold an NFT?
If you go to BSCScan and look for your address and then you head over to ERC-721 tokens you can see there the tx that are related to ERC-721 tokens.
This is a tx where this account has bought an NFT and then it’s possible to verify that the NFT is your possession:
You can also check your balance of ERC-721 tokens:
Our NFT token has a symbol of LABDAO and the contract address is 0x5dcf363e1ee5ff6b0b988ad7932344e8a1e909a3
Distribution & Burn
We want to distribute the NFT’s to the community in a fair way and also use this opportunity as a means of creating some burning pressure.
We will begin by selling 5 NFT’s on the 28th of April at 17:00 CET (GMT +2). We will set an offer for 1.5 BNB and anyone who’s interested can accept the bid and own one of our 50 NFT’s.
Distribution of NFT’s:
- 3 NFT’s will be given to those who won the first NFT airdrop
- 5 NFT’s will be sold on the 28th of April
- 6 NFT’s will be distributed among LABO BUSD and LABO WBNB LP V2 liquidity providers.
- The rest of the NFT’s will be sold eventually on our platform
Not all NFT’s need to have the same price, some designs will be preferred over others. But all NFT’s will be giving the same amount of revenues per day.
Notice as well, that when we are selling an NFT, we are not taking any of the rewards that are within the NFT.
NFT’s are standard ERC-721 smart contracts and can be listed on other NFT Marketplaces if owners decide to do so. In order to claim you will have to enter on our website or connect to Metamask.
Beta Period & Security
We have tested the contracts and everything looks to be fine. We want to initially just sell 5 NFT’s so we can have a few beta testers playing around with the NFT’s so we can be sure the product is working well and it’s easy to use.
The NFT’s are secure to hold and rewards are very easy to claim without carrying risks for the NFT holders. If any of the smart contracts is not working well or it has bugs, we would be able to replace them in the future.
Hope you’re going to enjoy the NFT’s,
Any questions are welcomed on our Telegram Community or our socials!
🌍 Website: https://thelab.finance
✉️ Telegram: https://t.me/thelabfinance
🐦 Twitter: https://twitter.com/thelabfinance
📜 Documentation: https://docs.thelab.finance/
👨💻 Github: https://github.com/thelabfinance
🔈Ann: @thelabfinanceAnnouncements
Thanks!
The Lab Finance
