3.NFTs
Accessing liquidity sustainably.
Last updated
Accessing liquidity sustainably.
Last updated
Name: Collection and power level specific.
Address: Collection and power level specific.
Type: ERC721.
Hard Cap: Theoretical maximum = underlying meta governance availability.
- - .
NFT formatted receipts for working assets deposited into a [NFT Collection] contract.
Minted and issued by each individual CDP contract once the prerequisite for minting 3.NFTs of specific power levels have been met.
Power levels refer to a standard lot size. Lot sizes are specific to the NFT Collection but follow a basic rule that is tied to the hard cap of the underlying asset being used:
Level 7 = 0.1% of max supply.
Level 6 = 0.01% of max supply.
Level 5 = 0.001% of max supply.
Level 4 = 0.0001% of max supply.
Level 3 = 0.00001% of max supply.
Level 2 = 0.000001% of max supply.
Level 1 = 0.0000001% of max supply.
For example:
Convex (CVX) has a hard cap of 100,000,000 (one hundred million), tokens.
Level 7 = 0.1% of max supply = 1,000,000 tokens.
Level 6 = 0.01% of max supply = 100,000 tokens.
Level 5 = 0.001% of max supply = 10,000 tokens.
Level 4 = 0.0001% of max supply = 1,000 tokens.
Level 3 = 0.00001% of max supply = 100 tokens.
Level 2 = 0.000001% of max supply = 10 tokens.
Level 1 = 0.0000001% of max supply = 1 token.
3.NFTs are managed exclusively by their issuing CDP.
3.NFTs can be minted by:
Selecting an asset base by choosing which CDP to draw supply from.
Selecting a power level to determine how much supply to draw from the connected wallets deposited balance and;
Successfully completing the necessary transactions to perform an entry audit check, move the necessary supply and mint the equivalent 3.NFT power level.
When the mint transaction has completed, Depositors will notice their CDP deposit balance decrease in line with the number of working assets sent to the 3.NFT contract. All future rewards will now be liquidated to the ecosystems chosen 'settlement asset'.
To release the working assets held by a 3.NFT, the 3.NFT must first be burned. To burn a 3.NFT the process is standardised as follows:
Select the 3.NFT you wish to burn. (This action preselects NFT Collection and power level).
Enter the quantity to be burned and;
Successfully complete the necessary transactions to perform an exit audit, retrieve the desired supply and burn the equivalent number and power level of 3.NFTs.
When the burn transaction has completed, Depositors will notice their CDP deposit balance increase in line with the number of working assets retrieved from the 3.NFT contract. All future rewards will now be compounded according to the Depositors Signal preferences.
Governance rights.
3.NFTs receive a vote weight, equivalent to the working assets they represent. Therefore:
3.NFTs vote weight may be applied against any proposal relating to Deposit Pools. For example:
Adding, upgrading or suspending an LDP.
Downgrading a CDP to an LDP.
Compositions.
Returns.
While 3.NFTs are held in a Depositors wallet or staked within the 3.finance ecosystem, each 3.NFT held is eligible to receive:
A pro-rata share of surplus revenue distributed to its designated CDP Pod. (As voted on by 3Fi token holders)
Note. The distributions listed above are over and above the expected stable cash flow received from liquidating pool rewards.
Why would a Creditor want to hold Guild NFTs? See: '' for details.
As compositions are CDP specific, please see each individual for further details.
