Snek Shipooor
TNKR on Snek LBP, NFT Marketplace, Liquidity Mining
Dear frens,
Contrary to scientific belief, the end of summer did not mark the beginning of Snek’s brumation period. Instead, Snek remained in shipooor mode which allows us today to share with you the upcoming launch of three exciting and very anticipated features.
We’re thrilled to announce the InvArch Tinkernet parachain will conduct the first-ever Dotsama-native LBP event for its TNKR token using Snek LBP! This event marks a historic moment for our wider ecosystem and brings Basilisk one step closer to becoming the snekkiest platform in which any young crypto project can use to bootstrap initial liquidity in a permissionless, cost-efficient and fair manner.
Furthermore, Basilisk has just launched its NFT Marketplace with unique features such as royalty fees and the ability to make offers for unlisted NFTs. To celebrate this occasion, and to bootstrap initial content, Snek will be launching a 3-week competition. 10 of the best collections with 20+ NFTs (as judged by the Snek Council) will receive part of the prize pool worth $22,222 in BSX.
Finally, we’ll leak a snek peek into our Liquidity Mining feature which will soon make liquidity provisioning to Snek Swap more attractive than ever.
Snek LBP
Empowering young crypto projects to raise initial liquidity has been part of our mission at Basilisk since day one. Back in February 2021, the team conducted the HydraDX LBP (using Balancer) which raised $22+M DAI and ended up as the most successful LBP event up-to-date. With our newest product Snek LBP, we’re leveraging our previous experience to create the first Dotsama-native implementation of Liquidity Bootstrapping Pools.
Snek LBP allows crypto projects to launch AMM pools for bootstrapping liquidity which are limited in time (typically 3-5 days). A defining feature of LBPs is the mechanism of time-dependent weights which continuously exerts a downward pressure on the price. If no orders are placed, the price will fall with every block. Buy orders push the price back up in accordance with the size of the order.
The shifting weights mechanism of Snek LBP has several important implications. Firstly, it offers a capital-efficient way for projects to bootstrap liquidity. There is no need to provide 50:50 liquidity to kickstart an LBP (which is the case for XYK) - the weights mechanism allows projects to offer as little as 1% of the asset used to bootstrap liquidity. Furthermore, our fee repay mechanism - a unique Basilisk feature, helps the project quickly repay the costs associated with organizing an LBP by placing an additional fee on top of early trades.
Running an LBP is not only capital-efficient but also a fair way to navigate price discovery, distribute tokens and grow your community. Since buy orders push the price up, front-running by bots which snipe large amounts of the available supply is no longer viable. Actors willing to acquire bigger amounts of tokens would need to split their orders over time to achieve a reasonable price. This interaction between programmatic sell pressure and buy orders makes Snek LBP an excellent tool for achieving fair price discovery and a wider distribution of tokens across the community.
InvArch’s TNKR on Snek LBP
The inauguration of Snek LBP will take place with a liquidity bootstrapping event organized by our frens from InvArch for their Tinkernet Kusama parachain. The pool will allow anyone to obtain TNKR tokens in exchange for KSM.
InvArch’s mission is to empower the future creator economy by providing a new foundation through its NFT primitives, IP solutions and DAO frameworks. InvArch is designed to not just allow new products to take flight but also to change how individuals and teams can develop together. An example is the integration of the git protocol which allows user permissions to be tied to NFTs. You can find more information on the Tinkernet website.
Join us for a joint AMA between Snekmasters Kubo Gregus and lolmcshizz, and Tinkerers Gabe and Dakota on September 29 at 4 PM UTC, at InvArch Tinkernet Twitter Spaces. During this AMA, you will have the opportunity to ask all your questions about the first-ever LBP organized in Dotsama and also land some spicy alpha.
NFT Marketplace (x KodaDot)
After finishing testing on Rococo, we are happy to announce that the Basilisk NFT Marketplace is now live on Kusama! Besides the ability to mint (collections of) NFTs and place them for sale, our NFT Marketplace - a collab with our frens from KodaDot, ships some additional unique features.
Fancy an NFT which has not been offered up for sale by its owner?
No problem, you can still make a buy offer for this unlisted NFT. Furthermore, we have thought of additional incentives to support artists. Our royalty fee mechanism allows artists to set a fee (as a percentage of the selling price) which they'll receive from every following trade generated by the NFT.
In order to bootstrap some jpegs onto the fresh Snek chain, we’re happy to announce Basilisk is launching an NFT competition! For this purpose, we have set up a prize pool of $22,222 (in BSX) which will be distributed to the creators of the 10 best original collections with 20+ NFTs that are submitted to the Basilisk NFT Marketplace during the next 3 weeks (until October 19 ). The winners will be chosen at the discretion of the Basilisk Council and announced by the end of October. Feel free to drop by in the Basilisk discord to present your work in #nft-talk.
Liquidity Mining
Finally, we would like to offer you a snek peek into the upcoming Basilisk Liquidity Mining functionality. As you know, we’ve reserved a big proportion of the BSX supply (38%) for Liquidity Mining programs, allowing us to incentivize liquidity provisioning for selected Snek Swap pools.
In addition to our own liquidity mining program, projects launching through Snek LBP or setting up XYK pools on Snek Swap would benefit from our LM pallet and be able to plug in their set of rewards as well. This means LPs can earn multiple token rewards simultaneously!
Here’s the snek peek, expect the release on our testnet soon:
Thanksss for being here with us,
– Snek
Exciting!