$ENTER: All you need to know
With the launch of the $ENTER IDO on the doorstep, we’ve celebrated the occasion with a good old Q&A in Telegram. Find all the questions with expanded answers below, to make sure you’ve got the full overview from the beginning.
The first building block of Project Symbiosis and full community governance in the enterverse, $ENTER, is launching Monday, September 18. We’re beyond excited to finally kickstart the ENTER protocol, and this week, we took a (for us) non-traditional route in announcing the release date through a Teamchat in our Telegram.
If you missed out on the chat, or prefer having all the information available in one place, we’ve got you covered. We’ve compiled all the most commonly asked questions regarding $ENTER, Project Symbiosis, and $NFTART with expanded answers so that you have all the information you need ready from the get-go. Let’s get to it:
Why are you launching $ENTER?
In the NFT space, most marketplaces are run by relatively small teams who can capitalize on the marketplace fee structure and enrich themselves. We’ve always believed that interested parties in the NFT space should earn and have influence proportional to the value they create for the platforms they use daily. That’s why we were one of the first marketplaces to guarantee artist royalties in 2021.
The ENTER protocol aims to align the interests of investors, collectors, and artists and empower them to participate in governance and earn rewards proportional to the value they create for the platform. Therefore, we're now inviting everyone to take part in shaping the NFT space by bringing the VE (voting escrow) concept and radical governance to the enterverse.
In the ENTER protocol, participants lock up their $ENTER tokens for a duration of their choice and are rewarded with Voting Power proportional to their stake and time-lock (the longer the lock and the bigger the stake, the more voting power allocated). Governance Participants can put forth new proposals and participate in voting.
Besides influence over emissions, fee distributions, policies, development, and marketing initiatives, governance participants earn fees and new $ENTER emissions by locking their tokens in the protocol or participating in the $ENTER gauges. One of the most important parts of the enter protocol is the NFT Listing and NFT Bid gauges, where participants can earn $ENTER emissions for listing specific NFTs and bidding on them within a set price range. When the gauges go live in 2-3 months, they will make the enter platforms the most profitable place to trade NFTs, since users earn rewards for as long their listing or bid is active.
When and where will the $ENTER token launch? Is there a presale?
$ENTER is launching Monday, the 18th of September as an Initial Dex Offering on PancakeSwap V3 with the trading pair BNB/ENTER.
There will not be any pre-sale, just a straight liquidity pairing/IDO on PancakeSwap V3.
The contract address will be shared on the 18th of September. Please only trust contract addresses you find in pinned messages from the team in our Telegram, on our official X posts, and on our Discord. Be careful and st(r)ay safe out there!
Does the new protocol have a whitepaper?
Yes, you can find the whitepaper here. To gain a full understanding of Project Symbiosis and the protocols’ influence in the enterverse, make sure to also thoroughly read our previous blogs on the topic:
1. Introducing Project Symbiosis
2. How Project Symbiosis aligns interests and empowers the community to take action
3. Project Symbiosis: A comprehensive breakdown of the whitepaper
If you’re curious about the governance model as a whole, we can also highly recommend diving into this article on the topic to gain a deeper understanding of the concept, and why we believe community governance will be beneficial for the ecosystem in the long term.
Will $ENTER be available on multiple chains?
$ENTER is initially launching on the BNB Chain, but is fundamentally built as an Omnichain Fungible Token through the additional deployment of a LayerZero proxy contract.
By utilizing LayerZero’s interoperability protocol, we are enabling easy and safe deployment of bridges to a multitude of EVM L1s (Ethereum/Avalanche/Fantom), EVM L2s (Arbitrum/Optimism/Base), and non-EVM-chains (Solana/Aptos), which means that the infrastructure from the get-go is built in a way that allows us to further expand the ENTER protocol practically anywhere.
I’m a Stray holder - Will holding a Stray give me any benefits or whitelisting for the IDO?
The IDO will be open to everyone, and there is no whitelist. Holding a Stray will give an additional multiplier for Voting Power (veENTER). Each Stray will give a multiplier boost of 0.025% when staking your $ENTER for veENTER. You can stake up to 4 Strays to boost your accumulation of veENTER.
Are you abandoning $NFTART?
$NFTART is still an integral part of our ecosystem, and we are not abandoning the token by any means - quite the contrary. The goal of Project Symbiosis is to align incentives for all participants in the ecosystem, be it $NFTART holders, artists utilizing our marketplaces, or NFT collectors, through a dual token model.
$NFTART remains the utility and payment token of the ecosystem. Project Symbiosis offers added utility to $NFTART, as holders can stake or farm $NFTART to accumulate $ENTER. An important goal of the new protocol is increasing volume on the enter marketplaces through governance, which in turn will increase reflections and burn of $NFTART, which remains the native payment token of the marketplaces.
Additionally, $NFTART will no longer be used as a reward token for the enter community incentives, as $ENTER will take its place as a reward token. In that sense, $NFTART holders can expect less sell pressure and higher liquidity.
Do you have plans to gradually phase out $NFTART in favor of $ENTER? Do I have to do something with my $NFTART?
No, it is a symbiosis. $NFTART and $ENTER will always coexist and mutually benefit each other. If you are an $NFTART holder, you don’t need to do anything. There is no migration, and $NFTART will continue to be supported in the enter ecosystem.
When will $NFTART staking go live to earn $ENTER?
Within 2-3 months.
Why is it taking so much time to get ETH or BSC chain on enter.market, and when will enter.market support $NFTART?
As with many projects out there, our timelines and resources had to be reprioritized due to the market conditions and happenings in the web3 industry. By introducing VE we are bringing enter.market to BNB Chain, and we’ll continue to work on implementing Ethereum and the next steps in our multi-chain strategy.
enter.market will support $NFTART on the BNB version of enter.market before the gauges (NFT listing and bid reward pools) go live. The full implementation of voting escrow (veENTER) and gauges (rewards) has an initial time frame of 2-3 months from the token launch and will happen in 3 separate updates to the marketplace.
Is the project on the right path?
Yes, we believe so. The VE model is a proven concept, and our novel twist on it provides a level of community empowerment and governance that has never been seen in an NFT marketplace before. It's very much in line with what we've always tried to do in the space: Empower artists, investors, and collectors to participate and earn.
Phase 1 of Project Symbiosis, $ENTER, launches in 4 days. Ready to govern the enterverse? 🔮— enter - NFT ecosystem ✨ (@EnterNFT) September 14, 2023
Any details and info will be shared in our official channels on X, Discord & Telegram exclusively.
Stay safe out there; only trust links and addresses from our official channels pic.twitter.com/aOknsgZbE8
Stay tuned on our socials & in the official enter communities in the following days to catch the exact time of the launch Monday, September 18, and make sure to only trust links and addresses posted/pinned directly from enter.
Remember to stay safe, DYOR, and know your limits 💡
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