NFTs
Position Exchange is building a new NFT Protocol and introducing Crypto NFTs as a new feature. Users can cast NFTs with unique characteristics and different rarities (by depositing POSI tokens) then stake it in the NFT Pools to generate rewards. Issue, trade NFTs and participate in auctions!
What is NFT staking?
In a regular staking pool, users deposit tokens into a contract and are rewarded with the same or different token in the form of rewards.
What NFT cards can you earn?
Users can cast NFTs with any amount of POSI. To guarantee fairness, NFT cards casting will be a random process and will not be related to the amount of POSI used.
Here is an overview of the NFTs users can get:
There are 6 grades with different Productivity and Mining Efficiency: Farmer, Janitor, Accountant, Engineer, Pilot, Boss.
Grade
Productivity
Mining efficiency
Farmer
0 - 5000
1.1+ 0.1*Productivity/5000
Janitor
5000 - 8000
1.2+ 0.1*(Productivity-5000)/3000
Accountant
8000 - 9000
1.3+ 0.1*(Productivity-8000)/1000
Engineer
9000 - 9800
1.4+ 0.2*(Productivity-9000)/800
Pilot
9800 - 9980
1.6+ 0.2*(Productivity-9800)/180
Boss
9980 - 10000
1.8+ 0.2*(Productivity-9980)/20
Productivity: Mining productivity Par Value: The amount of tokens used to cast NFT. Power: The value of the mining power, calculated by the following formula: (Power = POSI Par Value * Mining Efficiency) Decomposition: NFTs can be decomposed back into POSI tokens after a certain period of time (25 - 45 days).
The higher the level of the NFT card, the more advantages you will be able to receive.
How to Cast & Stake NFTs
You’re going to need some "NFT Cards" to use in the Pools. NFT Pools can only accept NFT cards for staking.
To get the NFT cards, you'll need to cast them first in the NFT page.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Casting NFTs
Go to the NFT page and connect your wallet. You will be able to see the list of available NFT cards.
Each NFT card has a Productivity and a mining Efficiency. You can see the details by putting the cursor on each card.
To be able to Cast NFT you need to have POSI in your balance.
There is no minimum POSI required to get the NFT cards. You can cast NFTs using 1 POSI and also cast NFTs using 5000 POSI, but of course your mining power will be much higher if you use 5000 POSI and you will be able to generate much more rewards. For example: 1. You use 1 POSI to cast NFT and you get strongest card which is the BOSS NFT. POWER = MINING EFFICIENCY OF THE CARD x POSI par value POWER= 180% x 1 = 1,8 POSI
2. You use 5000 POSI to cast NFT and you get the weakest card which is the Farmer NFT POWER = MINING EFFICIENCY OF THE CARD x POSI par value POWER= 110% x 5000 = 5,500 POSI Note that the NFT casting process is totally random and it is not related to the POSI used to cast it. The higher your POSI par value is, the higher your power is.
To cast NFT select the amount of POSI you want to use. (POSI par value) and click "Cast NFTs"
A pop window will open reminding you that when you cast NFT, your tokens are randomly locked between 25 - 45 days! You can only convert your NFT back to tokens (Decompose) after the lock period is over.
Click on "Confirm" to proceed and wait for you Card to be casted!
Congratulations you got your NFT card. In this example we got PILOT NFT which has a Mining Efficiency of 154,06% POWER = MINING EFFICIENCY x POSI par value POWER = 154,06% x 50 = 76.28 POSI
You can see your NFT on the table below with all information. As you can see in the example 2 of my NFTs are staked in the pool and 2 are not. You can only change back your NFTs to POSI tokens (Decompose) after the lock period is over. You can proceed to Decomposition by clicking "Approve" then on "Decompose" when the lock period is over.
Note that, you don't have to decompose your NFTs if you don't want to. You can keep your NFTs as long as you want. A marketplace for selling and buying your NFTs will be available soon.
Staking NFTs
Position Exchange NFTs are not purely cosmetic, but a good tool to increase your POSI balance in the NFT Pools. Go to the Pool page and select the NFT tab. You will be able to see the available pools.
Click on "Stake".
Select the cards you want to stake and click "Confirm"
Congratulations you have successfully staked your NFT.
You can check the new Total Power Staked which is 380.400 in this example. The higher is Total Power Staked is, the higher you share in the pool rewards is.
To harvest your Reward click on the Harvest icon. Note that your rewards can only be harvested every 12hours.
To Unstake your NFT you can click "Unstake" and to withdraw all your NFT you can click on "Withdraw all"
The NFT Pool rewards APR will be reset on the given period. Your NFT will not be unstaked and will remain in the pool.
What are you waiting for? Get started here: Position Exchange App.
