Introducing Project Symbiosis
Project Symbiosis revolutionizes the enterverse by introducing a dual-token model and innovative governance and community incentives. We’re excited to invite artists, collectors and investors to help shape the future of the enter platforms while unlocking new earning opportunities.
Since we started enter back in 2021, we’ve been on a journey to deliver creative tools for NFT artists, facilitate a seamless experience for collectors, and earning opportunities for investors.
The NFT space moves quickly. When we were among the first to launch groundbreaking solutions for securing royalties back in 2021, we quickly saw it becoming the norm, and later we saw it become a topic of discussion and controversy. Staying relevant in a space that moves as quickly as the NFT space requires that we stay at the forefront of innovation and move with the rest of the market.
With Project Symbiosis, we’re radically changing the fundamentals of the enterverse in a way that has never been seen on the BNB Chain before. The goal is to provide new opportunities to earn and exert influence for artists, new opportunities to acquire sought-after NFTs for collectors, and interesting mechanics to capitalize on the new structure for investors.
We’ve spent months planning Project Symbiosis, and we’ve grounded our decision-making and design in behavioral science social epistemology and by taking an innovative approach to proofs of concept from other projects.
While you won’t get all the details today, we look forward to fully unveiling the project, its documentation, and the considerations that have gone into this in detail over the coming weeks.
Governance and community incentivization
Project Symbiosis specifically involves radical changes to our governance and community incentivization. It’s always been our goal to empower artists, collectors, and investors to achieve their goals in the NFT space, and we’re now turning that up a notch by empowering everyone in the enterverse to take part in shaping the direction of the enter platforms moving forward. We firmly believe that a large, diverse community can reliably make good decisions.
So, how will users be able to participate in governance and incentivization programmes in the future? The answer is a dual-token model, that aligns the interests of artists, collectors, and investors alike and serves to increase volume in the marketplaces.
By launching an additional token, we can allow NFTART to be used for what it was always meant for; payment for NFTs in the enterverse and reflections for holders based on the activity in the enterverse, and cease to use it in areas it’s not suited for - namely as a reward token.
The $ENTER token will be inflationary and function as a governance and reward token. It will utilize a ve model (voting escrow) for governance, which will also serve to limit sell pressure since users can only gain voting power by locking up their tokens in the ve contract.
The only way to get a seat at the table and take part in shaping the future of the enterverse will be to lock the $ENTER token in the ve contract to receive voting power. The voting power is non-transferable and non-tradable and can only be used to influence the project's direction.
A participant’s voting power will depend on two parameters; the number of tokens staked and the duration of the timelock. In essence, the more tokens you hold and the longer you lock them, the more voting power and influence in governance you receive.
In this way, the participants with the biggest stake, who are committed to the project long-term will have the biggest say in governance proposals. One of the key decisions we leave up to the community is the emissions of the $ENTER token.
$ENTER will be inflationary and replace $NFTART as a reward token. Governance participants will be able to control both the emission rate and the distribution model. This means that participants in governance will directly influence how many new tokens are printed and which behavior the rewards should encourage. In general, and as a start, emissions will happen in four places:
NFTART Single Staking Pool
By offering $ENTER as a reward for the single staking pool, we encourage staking of $NFTART to gain influence in governance. This reduces sell pressure on the NFTART token and provides an easy way for NFTART holders to acquire the $ENTER token without having to buy it outright.
By offering $ENTER as a reward for the NFTART-BNB farm, we encourage increasing the liquidity of NFTART for gaining influence in governance. This grows the liquidity pool, decreases price volatility, and of course, provides yet another easy way for NFTART holders and farmers to acquire the $ENTER token free of cost.
Users who participate in governance and lock their $ENTER to receive veENTER will receive emissions proportional to their stake.
By offering $ENTER to governance participants, we reward users with a stake in the platform and encourage broad community participation in governance. This facilitates better decision-making since more voters will result in higher decision reliability in most cases.
NFT Listing Pools
NFT Listing Pools will be a new edition to the enterverse. Governance participants can decide which NFT collections they want to encourage listings of in the marketplaces. By funding an NFT Listing Pool, holders of NFTs from that specific collection can list their NFTs in the pool, close to the floor price, to receive emissions for the duration of the listing. This encourages listing sought-after NFTs on the marketplace for highly competitive prices, which will attract collectors and volume to the ecosystem.
So, what does this mean for the Strays?
We’re glad you asked. The Strays play a central role in Project Symbiosis, since they, along with certain future NFTs from enterNFTlabs, will give holders access to ve Multiplier Boosts. Specifically, holders of a Stray can stake it and receive additional voting power and emission rewards from their veENTER.
And what about NFTART?
We’re designing the model to be symbiotic - hence the project's name - so the two tokens will have a mutually beneficial relationship.
NFTART remains the utility and payment token of the enterverse - that will never change. In fact, Project Symbiosis will add even more utility to the NFTART token since it will be the cheapest (read: free) way for existing holders to earn $ENTER if they stake it or create an NFTART-BNB LP to farm it.
Moreover, ceasing to give out rewards in NFTART will reduce sell pressure. At the same time, the increased volume will increase reflections and burns, which means a bigger redistribution to holders and a lower supply.
Project Symbiosis will tie together the enterverse in a way that facilitates good decision-making, as well as a clear alignment between strategic decisions and community incentivization in a sustainable way. By doing so, we’ll decentralize decision-making in the enterverse and incorporate innovative solutions that will increase volume for the marketplaces and the NFTART token while ensuring less sell pressure and speeding up the maturing of the NFTART token.
We are beyond excited to tell you more over the following weeks and to ignite change in the enterverse when the project goes live. You can expect the $ENTER token to come to a launchpad near you soon. While we work, please beware of scammers and fake contracts - IDOs will only be announced through our official channels.
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