Zookeeper, A New NFT Based Yield Farming DApp
On April 10th 2021, the ZooKeeper DApp emerged on Wanchains mainnet to complement another Wanchain community DApp, Wanswap.
ZooKeeper is a gamified yield farming DApp built on Wanchain, where the focus of the team was to make crypto farming a lot more fun and rewarding.
For approximately a week now, it’s been possible to dual farm ZOO and WASP tokens simultaneously for high APY rewards. ZooKeeper is already getting a lot of attention and exciting feedback from numerous communities across various social media platforms.
What’s all the excitement about? Well it’s not just the high APYs with dual farming; it’s also the NFTs. Unlike most (if not all) NFT based DApps, ZooKeeper NFTs have an excellent use case. ZooKeeper NFTs can be bound to the liquidity pool being farmed to boost users’ rewards. On top of this, if the pool being farmed has had liquidity (optionally) locked for a set amount of time, these NFTs will reduce this lock duration too.
So how does it work?
The first thing you’ll notice on the platform is The Zoo – where every liquidity pool has its own cool animal mascot. At the time of writing, all pools distribute dual rewards (ZOO and WASP), although this will not always be the case.
To take advantage of the great APYs on ZooKeeper, you will need to acquire WSLP (Wanswap Liquidity Provider) tokens issued by the Wanswap DApp, providing liquidity into one of the farming pairs. For example, the “Raging Mane Leo” pool is a WASP-WAN pool, so you would need WSLP tokens representing Liquidity provided for this pair. There’s a detailed guide on how to provide liquidity in the ZooKeeper Docs
So once you have your WSLP tokens in your wallet, it’s time to venture into the Zoo, and the process from here is straightforward.
Add your WSLP to the pool pair you want to farm in by clicking “Deposit WSLP Token”; for an added boost, you can choose to lock your WSLP for up to 180 days (note that it is optional to lock). Approve and Validate, and you are good to go. (for complete details of this process, please refer to the ZooKeeper Pool Docs)
If you want to release your adventurous side, you can take part in one of The Expeditions and get a gold chest. The rewards will be worthwhile. But don’t forget your farmed ZOO Tokens – you need supplies for any expedition, right?
There are three expeditions you can choose from, and to successfully get to the destination, you simply need to stake your ZOO tokens for a certain amount of time. The longer the adventure is, the fewer tokens you need to stake. The price is based on the cost of a gold chest, so this is dynamic and will change frequently.
- The Obsidian Mines of Khralia lasts for just two days and requires 10x the price of a gold chest in ZOOs to be staked;
- The Drakorian Forests of Loot last for 15 days and requires the exact price of a gold chest in ZOOs staked;
- The Lost Island of Brambleson lasts for 30 days, but it requires just half of the price of a gold chest in ZOOs staked.
Note: Chest prices and required staking amounts are set dynamically and will decrease 1% every hour that no chest is purchased. It will, however, increase by 1% every time a chest is bought or when ZOO tokens are staked.
At the end of the expedition, you will get your tokens back together with a gold chest that hides a mysterious NFT booster.
If you don’t have enough patience for an adventure, you can buy the chest right away using your ZOO Tokens, and this is where the burn mechanism happens. There are 2 chest types to choose from – gold and silver. Note that only the gold chest guarantees an NFT Booster, while the silver one has a 1 in 10 chance of earning you an NFT. With every chest bought outright, the tokens used for the purchase will be burned.
What are NFT Boosters?
ZooKeeper has excellent rewards from the start, even without time locking your WSLP. If you happen to get a Ham and Cheese Sandwich NFT Booster, for example, you can attach this to your pool and receive even greater rewards! We can’t tell you how much of a boost that will be, as all NFT’s when minted, will have a different boost %.
On ZooKeeper, every farming pool can be boosted with one of the NFT tokens from the treasure chests or The Market. The NFT Boosters can reduce the number of days in the lock period while increasing the APY (Annual Percentage Yield).
If you don’t like what you get from your expedition, you can sell the NFT on the market and try again another time.
What are ZOO Tokens?
The ZOO Token is the core utility cryptocurrency of ZooKeeper. If you have them, you can get the coolest NFTs to boost your farming pools. It also gives you a role in the Zoo’s Team.
Every time the team proposes updates or new features, users can vote. And if they get 50% of the community’s approval, then it’s all set. To vote in these circumstances, you will need to have at least 10% of the total circulating supply.
But if you keep your creative side alive, you can create your own innovative proposals and wait for 55% community approval. To make a proposal, you need to have just 0.2% of the total circulating supply.
Regarding tokenomics, ZooKeeper uses a Dynamic Market Cap strategy. As mentioned above, every time a user buys a gold or silver chest, the zoo tokens used to purchase the chest are burned. By doing this, the value of tokens potentially increases, and the rate of inflation is reduced.
77% of the Total Supply is reserved for the farming pools, while the rest of it is distributed to advisors, the marketing team and used for ZOO fundings.
What are the advantages of using ZooKeeper?
First of all, ZooKeeper is built on Wanchain, which means low fees and faster payments.
Another thing is that the ZOO’s complimentary token, WanSwap (WSLP), is a cross-chain AMM DEX. Therefore it can be used on more than just one blockchain making your assets flexible to crypto market changes.
Finally, ZooKeeper comes with dual farming rewards – both WASP and ZOO tokens are earned.
If you thought that was all the platform could do for the users, then guess again. This is just the first of three exciting phases.
Soon the “Crafting Phase” will be released – allowing users to use magic spells and craft new NFT Boosters – increasing their level. It will be like a whole video game experience, and getting additional crypto assets will feel anything but stressful. Within this phase the ZooKeeper team will also release another exciting feature: “Clan Fights”. The format and details of this will be announced later. Users will make bets on several different factors with the end result being a chest reward for the winner(s).
After users learn how to control their powers, the “Utility Token Phase” will be ready to show up, bringing with it Global NFT markets and the possibility for users to create their own NFT. ZooKeepers will be able to trade, auction, and even create their own store on the platform.
Well that just about sums it up. Sounds like a lot of fun right? Then join ZooKeeper on Wanchain Desktop, MetaMask, or WanMask and let’s see what your Zoo Keeping skills can accomplish!
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