Previously, I shared about the OMniverse and some of its components like its DeFi platform, MANTRA Finance with which a new addition was unveiled a few months ago and it's called MANTRA Vault NFTs. These are Non-Fungible Tokens which will act as multipliers for any future staking in the MANTRA Finance vault (re: Single and Multi-Asset) and is a form of reward issued to their supporters.
According to the announcement, users who deposit and/or stake at least $100 into any of the vaults will receive the NFT on their Polygon wallets.
Here's a table that I created of how many Non-Fungible Tokens I will receive when staking on various vaults. This is based on my understanding of how the NFTs get distributed:
In the above table, it means I will be receiving a total of 24 NFTs of which 5 are unique to each vault.
It is highlighted that the more unique NFTs one has, the higher the rewards multiplier percentage will be when calculating his rewards. Here's the table for the rewards tier corresponding to the number of NFTs that one holds in his MANTRA Finance account wallet.
My understanding about this is that the multiplier is an additional benefit (in the form of OM tokens) on top of the vault yields when staking.
- For instance, using the same scenario above where I have 5 unique NFTs, I will be enjoying an additional 5% rewards on my future staking. So when I stake $200 USDC on a vault that has an APY of 15%, I will be earning staking rewards (15%) plus 5% in the form of OM tokens which can be claimed or airdropped after the maturity of the vault.
It is to note that the NFTs should be on the same wallet linked to the user's MANTRA Finance account before the vault closes.
The NFTs are available on OpenSea and users can buy or bid there if they want to collect NFTs faster. Likewise, it can also be sold there.
Here's an example of how they calculated the rewards in each multiplier:
Simply put, one with 5-10 unique NFTs and is staking on the Polygon vault will receive an additional $5.75 worth of OM token rewards (5%) on top of the $115 staking yield. Whereas one with 25 unique NFTs will receive 20% in additional rewards (OM tokens) worth $23.
For further information and details, check out the announcement here.
Based on the available on OpenSea, there are 47 owners of the MANTRA Vault NFTs and nothing has been listed on sale yet.
Conclusion
This new use case of NFTs introduced by MANTRA Finance is quite interesting. Instead of the usual utility where NFTs are staked to earn yields, they now act as multipliers which will be an additional benefit to users staking their assets on the KYC-compliant DeFi platform.
I noticed that the staking vaults are so limited and most are already closed at the time of this writing. It will be good to see how this project will evolve over time.
Info & Photo Sources: MANTRA / Medium / OpenSea
For infotainment only. None of these are investment or financial advice. DYOR.
Lead image created on Canva. Photo/s from MANTRA. No copyright infringement intended. 30072023/09:45ph