Quick overview of the BlockNG protocol in SmartBCH
QUICK OVERVIEW for whoever asks WHAT BLOCKNG IS
This is the website: blockng.money, but read below to understand it:
- It has 2 main tokens: LAW and lawETP (Entropy of LAW)
It also has a stable coin: lawUSD.
- It has a marketplace for one of their core assets: the LAW Punks, a NFT collection of 10k items. You can buy punks with LAW or BCH.
- The punks are upgradeable and you can use LAW to upgrade them. Upgrading will give you more power for the next thing you can do with punks
- You can stake punks and get rewards in LAW just for staking. Your LAW rewards speed depends on how much power your punk has, and you get more power by upgrading your punk
- You can farm in multiple farms with multiple pairs. These farms have very sustainable APRs due to the circular economy of the protocol: as people spend LAW inside the protocol (by upgrading punks or playing the Dungeon) the rewards for the farms get a boost.
Interesting farms:
* Single lawETP staking
* lawUSD/flexUSD farm (stable coins pair)
* LAW/BCH farm
* LAW/lawETP farm
- There is also a DEX called LAW Swap where you can trade tokens and liquidity providers get part of the fees, just like every DEX.
- It has a algorithmic stable coin called lawUSD, backed by BCH and the strongest assets in the protocol: LAW and LAW Punks
* You can use LAW or BCH as collateral in order to borrow lawUSD and get some leverage
* You can also borrow lawUSD by collateralizing (phantomizing) your punk and burning lawETP
- You will also be able to liquidate other users' collateral (still not possible as it hasn't been enabled)
- You can play a lottery-like game called The Dungeon. You need to have punks for this, and you need to pay some lawUSD in order to be able to randomly get certain prizes: prices may contain lawETP, punks upgrades, a Jackpot of LAW tokens, etc.
The Dungeon is core to the protocol because all the profits are redistributed to many parts of it, including the farms, the punks staking rewards and the DAO salary.
- You can also be a member of the LAW DAO by acquiring a LAWRights NFT. For this, you will need to lock a punk and/or some LAW for some time. You will get veLAW (voting power) in exchange for you locking your assets.
- Being a member of the LAW DAO has lots of benefits, including getting vote power to decide what farms will be included in the LAW Swap DEX, or getting a weekly SALARY that will be paid to all members of the DAO based on the profits of the whole protocol.
- There will be a Bribing Economy where you can openly and transparently sell your Vote Power for LAW or BCH, and make your LAW Rights NFTs liquid in an instant. This means, anyone can temporally buy your votes openly, in a decentralized way.
- Punks staking mechanism has been updated with a new feature: Punks Skills.
The first skill is: Pharmacist. You can turn your punk into a Pharmacist (by upgrading your punk and burning lawETP) who can cast LawPunkItem NFTs that give punks extra power while staking when they are consumed (yes, consumable NFTs).
It has a whole mechanism that is outside of this overview, but it creates a whole new economy of Pharmaceutical dealers selling NFTs that are used to dope your punks!
- It has lots of new things coming, including new Punks skills and whatever the community may come up with via the DAO.
So, a protocol where all assets (tokens and NFTs) are very useful and power a stable coin, where a circular economy makes APRs very sustainable, where users of the protocol can get a share of the whole protocol's profits by joinig the DAO and where many branches of different economies are created.
It is complex, but it is beautiful.
SOME LINKS:
- Official Docs: https://docs.blockng.money/
- Punks Marketplace: https://blockng.money/#/punks (use the filters for better search)
- Punks Base (staking, playing Dungeon, transfering, etc): https://blockng.money/#/mint (you won't see many options if you don't have any LAW Punk)
- LAW Swap (DEX): https://blockng.money/#/swap
- Farms: https://blockng.money/#/beam
- lawUSD Loans: https://blockng.money/#/pawn
- LawRights and Law DAO: https://blockng.money/#/kudos
- You can also do all punks related things (upgrading, adding Skills, collateralizing for lawUSD, etc) at each punk's detail page, like in this one for Punk # 4949:
https://blockng.money/#/detail/4949
COMMUNITY:
- Telegram group: https://t.me/BlockNGEn
- Punks Realtime activity channel: https://t.me/LawPunksSale
