02.16.23 — NMS LP and Loyalty Rewards Hits the Market
Constantly crafting new, valuable features is the way to keep a DeFi project in form. NMSLP (Nemesis Network Loyalty Points) was such an idea that was designed carefully and prudential in terms of future utilities, projects, and updates regarding Helena and Nemesis. This step, we believe, is an important one towards creating new revenue streams and a more robust and alive market scenario for NMS Network.
WHAT IS NMS LP (LOYALTY POINTS)? WAYS TO EARN IT
NMS LP is a utility token that allows users to be incentivized and rewarded while using certain utilities and features offered by Nemesis Network, for example; WINGS Rush, a gameFi on Helena. While using WINGS Rush, participants can receive NMSLP regardless of winning or losing.
We are currently planning to implement NMSLP earning contracts to the Helena’s Clubhouse games but in the future, it will be prepared to be present on other parts of Nemesis Network as well.
WHAT IS LOYALTY POINT REWARD POOL & HOW DOES IT WORK?
Loyalty Points Staking is a brand-new innovative utility that allows users to gain BUSD rewards for participating in certain utilities with NMSLP contracts. As you participate in Nemesis Network utilities such as the previously mentioned WINGS Rush, you earn NMSLP according to the spent WINGS amount. Users can stake these tokens to get ENERGY to become participants in Loyalty Point Staking pool to gain direct BUSD payouts daily. Your daily profit from the 2% will be according to the ratio of your energy to the overall ENERGY in the pool. Moreover, straight BUSD payouts mean that there is no sell-tax involved, making your profit from the LP Staking system smoother.
By any means, trading or selling NMSLP tokens isn’t possible. They are designed to be used as ecosystem utility tokens that can be earned by being an active participant in the ecosystem and encouraging it. Furthermore, users should keep in mind that NMSLP that used to buy ENERGY cannot be converted back to NMSLP again.
INTEGRATION OF LOYALTY POINTS TO THE ECOSYSTEM
Our current and decided way of integration is through gameFi mechanics. However, that may vary depending on whether we decide to stick to our current strategy and might be prone to change if we are to decide to make a maneuver as a response to unexpected market situations. Our first and currently active example would be WINGS Rush, you can learn more about it from our respectable whitepaper page and medium page articles.
NMSLP’S CONTRIBUTION TO BURN&BUYBACKS
As NMSLP participation in utilities continue to be used, consequently, it will contribute to the burn&buyback aspect of Helena greatly for example; WINGS Rush already burned $11K Worth of WINGS in contribution to the ecosystem. The coherent system we designed here is planned to be stretched out as time passes such as the upcoming Auction Bonding feature, which will also allow the usage of NMSLP to participate.
HOW WILL PARTICIPANTS BENEFIT & CREATING FAIRER CHANCES
Early participants profiting off of late participants is a common and serious problem. In order to solve this issue, we have come up with a decay mechanic which, in time, causes the individual’s ENERGY to decay 1% daily, both to prevent the mentioned problem from happening and to encourage the regular usage of mechanics and utilities that has NMSLP in their contracts. In this way, both the ecosystem and users gain from an adequately fair system. Nemesis Network shares its earnings with the NMSLP holders via the planned innovative Loyalty Point Reward Pool System feature. This feature will allow participants to gain BUSD rewards as they accumulate in real-time. Every day, 2% of the accumulated amount in the Loyalty Point reward pool will be distributed as BUSD.
How Does DECAY Work?
First and foremost, your Loyalty Points inside your wallet are safe. DECAY mechanic only affects the ENERGY, which is bought by Loyalty Points. For now, the planned decay amount is 1% daily for the Loyalty Point Reward Pool feature. Meaning, your current ENERGY during that time decays by 1% each passing day (24 Hours). ENERGY can be bought to keep staying in the system. This should be kept in mind that DECAY, regarding the payouts, cannot be prevented or reset by buying more ENERGY, simply put; the more you stay in the reward pool, the more you are affected.
As we stated many times before, it is a fair and rewarding system due to the fact that you get the most of your gains at the beginning and it prevents the unfair advantage of early participants, giving everyone a fairer chance of reward gaining from the respectable system/utility.
As for further explaining the DECAY mechanic, since the rewards are distributed in 24-hour intervals, rewards & decay will be applied every day at 00:00 UTC, respectively. Although the decay keeps taking effect whether you claim or not, it should be noted that metrics on the Dapp update when a participant claims. Therefore, users are highly advised to claim their rewards daily to get the most accurate reward metrics and forecasts.
After you Buy Energy for the first time, decay is triggered every day after 00:00 UTC but panel info refreshes when you:
- Claim Your Rewards
- Buy Energy Again
PLANS FOR FUTURE & CONTRIBUTIONS AND BENEFITS TO NMS ECOSYSTEM
All in all, this is a dripping Reward Pool System. We intend to make the community participate in this and ultimately, create a win-win situation for both parties including our users and the Nemesis ecosystem. NMSLP Tokens will start to be used in the staking system and in time, many new utilities and features will use this token to encourage and help our users to be more active and increase the potential of their reward gainings in the meantime. As we make progress and come up with more and new innovative features, utilities, and ideas, we will make due announcements immediately.
For now, the distribution of NMSLP tokens will be generous for the purpose of promoting the introduction of the newly brought feature, the NMSLP Reward Pool System. This should be kept in mind that in the future, it may be more difficult to earn NMSLP tokens as more utilities and features require or have NMSLP usage/implementation in them.
In the end, NMS LP will aid in the development of the entire Nemesis Ecosystem by ensuring that Helena’s core mechanisms are utilized while rewarding users proportionally for their contribution to the protocol. The Decay mechanism, on the other hand, is essential to keep the system fair for new players and incentivize further participation in order to keep the pool growing & increase daily returns in long term.
Company: Helena Financial