INTRODUCING CHRONOSWAP NEW TOKEN : THE $CNFT
At ChronoSwap, as you have probably already noticed, we are very fond of NFTs and the innovation they bring to the crypto ecosystem. Since we launched our Dex, we have made multiple partnerships with our friends of Cronos NFT teams. We have organized many races so that you can win a lot of NFT prizes, we’ve held NFT giveaways, and we announced to you earlier this month that we were about to launch our first NFT collection : “The Founding Member F1” on January 30. This collection will not only be an artwork designed to remind our community of the early days of ChronoSwap but also a project with a lot of features such as ROI for holders, DAO token, CNO buyback & burn and will enable every holder to participate in our numerous races from then on. We also mentioned a NFT staking feature and that’s why we’re presenting you today the $CNFT, our first token dedicated to NFT features.
The CNFT will be used as a reward for staking your NFTs on ChronoSwap. We are not only talking about staking your ChronoSwap NFTs such as the Founding Member F1 but you will also be able to stake the NFTs from our friends and partners of the Cronos NFT ecosystem. Starting early February NFT staking pools will be live. The first one will be the Founding Member F1 staking pool followed by other pools which will enable you to stake NFTs from our partners and be rewarded with CNFT. Sounds good to NFT holders and collectors of the Cronoschain right? But now you might want to know how this CNFT reward works, and how it is going to last to maintain good rewards for stakers and not crash after a few days as often happens with this kind of token. So let us properly introduce the Tokenomics of the CNFT.
First of all, the CNFT total supply is finished and will be 10,000,000.00. 5% of the total supply will be sold in our first launchpad from January 25 to 28 on ChronoSwap. 5% will be locked for our initial liquidity pool. 60% will be used as NFT staking pools rewards for one year. 10% will be locked for marketing and released daily for one year. 10% will be locked for the development of new NFT features and released weekly for one year. And the last 10% for the team will also be vested and released monthly for one year.
Since we want the CNFT price to go up in order to keep offering the stakers the best rewards, a CNO/CNFT Farming Pool will go live on ChronoSwap with the biggest multiplier along with CNFT staking pools to earn other tokens. But we will do more than just encourage users to keep their CNFT rather than sell them, we will also burn a maximum of CNFT through several mechanisms.
First of all, all of the swap fees of the CNO/CNFT pair will be used to buy back and burn CNFT. Secondly, every Cronos NFT project that wants to have a staking pool at ChronoSwap will be required to buy a stack of CNFT to burn it before the pool goes live. The bigger is the NFT Staking Pool multiplier, the bigger will be the CNFT stack to buy and burn. And last but not least, the rarest of our future Chronoswap NFT series will be minted with CNFT not CRO. All the CNFT revenu of the mints will obviously be burned.
We strongly believe that this way of encouraging users to keep their tokens to enjoy great benefits instead of selling them, these powerful burning mechanisms plus a finished total supply are super solid tokenomics and will make the CNFT one of the best and most useful Cronos tokens in the long run.
