By
Steve Muchoki
April 17th, 2024
Liquidity providers in DeFi can now earn rewards in NFT token BAEPAY and use it across different Blockchain Art Exchanges.
The non-fungible token (NFT) marketplace has seen a solid surge in recent times. It is already a multi-billion dollar market and some of the biggest names from the digital art, sports, entertainment, and the music world are riding currently on the NFT mania.
However, we are today talking about mybae.io, a unique NFT platform that caters to the requirements of DeFi users. BAE is the first-of-its-kind NFT platform with BAEPAY fully integrated with the Uniswap platform. Besides, it focuses majorly on rewarding liquidity providers on the Uniswap platform.
Launched last year around October 2020, BAEPAY has earned a name for itself with its reward-first approach. Unlike other NFT platforms, BAE didn’t keep its platform participants waiting for a future launch. Rather it started distributing rewards to LPs from the very first month itself. The official announcement notes:
“Rewarding Liquidity providers on Uniswap is key to the token’s success. More than this we will disrupt the current token ecosystem by offering the first token with a marketplace directly connected. Drawing funds from external sources to reward liquidity providers direct with Ethereum. While other ‘governance’ tokens claim to have a connection to a marketplace there is no real link, with BAEPAY there is.”
BAEPAY Reward Distribution System
The BAEPAY platform rewards all liquidity providers with ETH directly in their wallets from the mybae.io token creation fees. The rewards distribution depends on the percentage of the pool the liquidity provider holds. However, to receive the rewards, the liquidity providers have to be in the system for a minimum of 1 month.
Last month, BAEPAY launched its social mining system, an achievement-based system designed to prevent the issue of wash trading in the NFT platform. Users earn this achievement based on their activity on the platform and not just by buying and selling.
“For example, after a user mints a given number of tokens, they will earn some BAEPAY the most BAEPAY that can ever be earned by a platform user is 25,000 this can only be earned by spending 1,000 ETH on the platform,” the company tells.
BAEPAY is also available on Blockchain Art Exchange.
“If an artist lists an artwork for BAEPAY on mybae they pay 0 fees. Further, the bae has a one-of-a-kind Uniswap integrated contract. In simple terms this means that an artist can list in BAEPAY and the buyer pay in eth the swap automatically taking place on Uniswap Creating a buy order for BAEPAY and increasing the price by the time the artist receives the BAEPAY. The buyer gets the NFT as normal. This contract extends to all currencies on the BAE other tokens are charged at a rate of 4%,” the announcement reads.