ETHERNITY CHAIN EXPLAINED
Ethernity is a premier authenticated NFT project which auctions verified artwork featuring the top artists and stars from sports, music, film, gaming, tech, and entertainment.
Each of these digital artworks plus AR unlockables, virtual world integration, and real world collectibles are represented as non-fungible tokens (NFTs). The pieces feature well-known public figures and IPs with a portion of all funds raised to be donated to charitable causes.
Ethernity Chain combines the utility of DeFi and merges it with NFTs to create an exclusive pipeline to rare, collectible content from notable figures and well-established digital artists.
1. TOKEN ECONOMY ♾️
What happens to the tokens I use to buy aNFTS?
- Users buy aNFTS (“authenticated NFTs”) using ERN
- When Ethernity Chain receives ERN tokens as payment for NFTs (this includes NFT auctions, direct sales of NFTs and NFT packs) we lock 75% of the collected ERN tokens in the Ethernity Chain Reserve smart contract for two years.
- After two years we will periodically unlock tokens and refuel the Staking & Rewards Pool for Liquidity providers.
- The cycle creates organic scarcity as the more NFTs sold, the fewer tokens are in circulation.
ERN can either be directly purchased or users can LP stake and earn ERN and use these rewards to purchase aNFTs.
*Ethernity takes 10–20% of sales on the platform as revenue on collabs and 100% on Genesis NFTs.
2. ETHERNITY PACKS 🎁
Ethernity Packs are a major part of the Ethernity Chain ecosystem.
These packs will be priced between $50-$300 USD based on rarity and purchasable in ERN, enabling any retail investor to participate in this community NFT lottery model. Within these packs users will find aNFTs collectibles curated by the Ethernity Chain creative team.
Some of these packs will have randomly inserted incredibly valuable & rare NFTs. Collectors will not know what is in each pack, and there will always be a chance for them to acquire an Ethernity Pack with scarce & exclusive NFTs from authenticated, licensed notable figures or Ethernity Genesis NFTs.
Ethernity Packs will come at different price points and collections. These collections will come in waves to the Ethernity Community.
Selected packs will also be purchasable with STONES.
3. LP STAKING AND REWARDS 🏦
Ethernity Chain’s LP Staking program will officially continue indefinitely. We believe that long-term holders of ERN tokens and users of the Ethernity Chain platform should be rewarded for their support of our project. Community members who choose to provide liquidity for ERN/ETH on Uniswap can Stake those LP tokens on our platform to earn rewards in ERN. (E(a)rn ERN).
- When this 30 day period of LP staking is over, we will restart the pool allowing users to stake for rewards.
- In the Liquidity Rewards Program, a total of 50,000 ERN will be delegated for distribution to ERN/ETH liquidity providers on Uniswap V2 per month. Tokens distributed via the Liquidity Rewards Program originate from the ERN Rewards token bucket.
- The APY will be a variable percentage of 100% to 300% to be paid out monthly.
How It Works:
To stake and begin earning ERN liquidity rewards you must follow the steps below:
- You must provide liquidity to the ERN/ETH Uniswap V2 Pool by navigating to http://uni-lp.ethernity.io. On this page select the amount of ERN and ETH you would like to supply to the Uniswap LP and then click the “Add Liquidity” button.
- Uniswap will automatically issue ERN-ETH-LP-UNI-V2 tokens. These LP tokens represent your proportional share of ETH and ERN within the Uniswap pool.
- After following the above steps, visit: https://ethernity.io/staking
- Click the “Connect Wallet” button, and select the Ethereum address that holds your ERN-ETH-LP-UNI-V2 tokens in MetaMask.
- Click the “Approve LP Tokens” button and once the transaction is completed, you will then be able to click the “Lock LP Tokens” button and lock your LP tokens into the Liquidity Reward Program contract.
- Locked LP tokens can be unstaked immediately at any point in time by clicking an Unlock LP Tokens button and rewards can be claimed by clicking the Claim ERN button.
- Unstaking LP Tokens automatically claims ERN.
- ERN will be proportionally rewarded to all Liquidity Program participants based on the amount of LP tokens they lock divided by the total LP tokens locked into the Uniswap Liquidity Reward Program.
- It is recommended to use the MetaMask wallet and latest Chrome browser to interact with https://ethernity.io/staking The stake function allows you to lock LP tokens, (“Get Reward”) allows for harvesting rewards and “Exit: allows for unlocking your LP tokens.
⚠️ As always, make sure you are careful about fake ERN tokens.
ALWAYS verify Ethernity Chain (ERN)’s official contract address: 0xbbc2ae13b23d715c30720f079fcd9b4a74093505 ⚠️
4. STONES FARMING EVENTS 💎
As many of you now know, we launched our Beta STONES Farming function on March 24th. This beta formed the basis for all future NFT farming events. Read more about STONES Beta farming here.
Ethernity Chain will be periodically dropping NFTs and Ethernity Packs for Ethernity STONES farmers, and the ratio of STONES required to redeem specific NFTs will be based on the market rate that a particular aNFT has been sold for.
There will be another Ethernity STONES farming event at the end of April 2021. Sign up at ethernity.io and stay updated!
Farming events will be taking place once a month for now.
👉 Ethernity Chain Links:
➡️ Website (https://ethernity.io/)
➡️ Twitter (https://twitter.com/EthernityChain)
➡️ Discord (https://discord.gg/EtPCBmDUHY)
➡️ Medium (https://ethernitychain.medium.com/)
➡️ Telegram Group (https://t.me/ethernitychain)
➡️ Telegram ANN (https://t.me/ethernitychainnews)