ABOUT NFY

Non-Fungible Yearn - A Better Way To DeFi

Non-Fungible Yearn is a DeFi platform whose goal is to utilize the full potential of Non-Fungible Tokens (NFTs) in the DeFi sector. As of now, DeFi is dominated by ERC-20 tokens, which are fungible tokens, meaning that all are the same and are not unique from one another. While ERC-20 tokens are surely needed and are not going to be going away anytime soon, there are many other different token standards that are rarely mentioned, ERC-721 being one of them. ERC-721 tokens are non-fungible tokens, meaning that each token is unique and no two are like, this is because of the unique token id that each token is given at the time of being minted. Currently, ERC-721 tokens are mostly used as collectibles, the Non-Fungible Yearn platform will re-imagine how these tokens have been used by creating a use case for them in DeFi.

Staking

The platform will allow a user to stake their various cryptocurrency holdings in multiple different pools to earn NFY, the governance token of the platform. Traditionally, DeFi staking platforms allow a user to earn yield based on the staked amount in their wallet. The NFY platform will create an ecosystem where instead of a wallet address being linked to a stake, a NFT will be the rights to those staked funds and the yield that it bears. The staking process will be the same as any other staking platform. The key difference is that when a user stakes on the NFY platform a NFT will be minted and by referencing the unique token id the details of the user's stake will be stored in the NFT by referencing its unique token id. The user is also given the option when claiming if they want their rewards to be added to their NFT, or if the user wants to redeem their rewards. While this may seem like a ridiculous use case, there are many positives that will come out of the process.

With NFY there is no more need to unstake your tokens if you want to stop staking, just simply delegate some of the stake from the NFT to the trading platform and place a sell order! NFY creates a secondary market for the already staked tokens, a user can just sell their stake directly rather than unstaking and going to sell.

Instead of unstaking their tokens, when a user is done with the protocol or just simply wants to get rid of their tokens they are staking, they can just go to the market and sell the makeup of their NFT. Since all of the details will be stored in the specific token, they will be able to sell the makeup of their NFT at the market value. Even if a user does not want to sell all of their stake they can simply put a portion of that on the market and keep the rest, the value of the NFT will simply be updated and a new one will be minted for the buyer, or if they already hold the NFT it will be added to that!

Liquidity Locking

Locking your liquidity may seem like a scary move, but with NFY it does not have to be! Once a user stakes their NFY/ETH liquidity token in the NFY platform it will be locked in the platform forever, but while the LP tokens are locked in the staking contract, the value is not. This is done by minting a NFT at the time of staking that will wrap the value you have locked in a transferable ERC-721 token. Everything about the stake will be stored in the data that is unique to each token. Why be locked in to providing liquidity forever?

If you realize you no longer want to be a liquidity provider you can go on the market and trade that NFT for the market value of the liquidity tokens and the accrued rewards! Now some of you whales out there may be worried that your massive stake will never get filled on the market, but do not worry. All the rights to that value may start off wrapped in a single NFT, but this can easily be broken down into smaller

If a user wants to they can always unstake their NFY, again this process will be the same as they are used to. In this unstaking process though the desired NFT is burned and staked funds plus unredeemed rewards will be transferred to the user. A fee of 5% will be taken out of the value of the NFT to redistribute to the protocol to create a self-sustaining system and to encourage trading of the NFT. Easy and clean!.

Manage your Risk

Non-Fungible Yearn is a new experiment in DeFi. Just like any new experiment, risk is involved. Before using any features on this DApp, it is advised to make sure one has a full working knowledge of liquidity pools and impermanent loss. APY numbers are variable, and depend on NFY trading platform volume. NFY is an experiment in decentralized finance. No returns are guaranteed. APY is based on NFY.
By using this app, it is an acknowledgement of understanding the risks.
Risk only what you are willing to lose.

As rewards from reward vault are distributed, rewards will be replenished out of the fee from each transaction of the trading platform. Please realize that these rewards are based on the volume of this platform and the reward vault will run out if there in no volume in the platform.

The Future

The potential of NFTs and the ERC-721 standard in DeFi are endless! NFY's goal is to be a pioneer and be one of the first to have this potential be seen by the masses. The crypto-sphere moves fast, before anyone knows it NFTs will be implemented in every new DeFi project. The NFT boom is still yet to come, but it is coming! Crypto as we know it may be in for another huge change, we saw the ERC-20 boom in 2017, we will see a ERC-721 boom in the near future. The only question is: Will you be on board?

Transaction Fees

While there are no transaction fees when transferring NFY or any NFT, there will be a fee in NFY when using the trading platform. Since a NFT can not be broken down the fee will be taken from the value of the NFT, this means that a flat fee in NFY will taken out before each trade. The breakdown is as follows:

Current Fee: 0.25 NFY
0.85% will go to the reward vault
0.10% will go to the devs
0.05% will go to the community fund