Timechain, a Canadian decentralized exchange (DEX), is expanding its utility offerings to offer more than just yield earning opportunities. Today, it announced the launch of Crypto Cups, a collection of non-fungible tokens. According to the statement, the new NFTs line will offer Timechain app users and stakers unique earning opportunities.
There will be a total 10,000 collectibles in the Crypto Cups NFTs. They will have six traits visible and one unique trait (skill), that will make the NFT unique. The rarity of the seventh unique characteristic will determine the digital asset’s classification. This includes the rare, uncommon, epic, legendary or unique classes.
The Crypto Cups NFT were created in Timechain Labs’ development studio. It was there that a few lab technicians came up with the idea while drinking coffee. According to the team, one scientist accidentally summoned the Crypto Cups by spilling coffee on his computer. This idea was borne out by the sudden explosion of NFTs and brought to life Timechain DEX’s NFT collection.
Louis Cleroux CEO of Timechain, stated that “The Crypto Cups found” us and it was now our responsibility to them to show them the light on Ethereum. We believe this is a special collection that will be useful to TimechainApp users. However, we also think the holders will enjoy it. We look forward to the mint-day!
Timechain DEX gained popularity in 2020 when the Canadian financial authorities registered the firm and regulated it. This was a unique move in the DeFi scene. The company launched a mobile app, a multichain DEX aggregator that offers DeFi services, a cryptocurrency funds that invest in other cryptocurrency projects, as well as a native TCS token that was integrated to the platform to encourage users.
Crypto Cups will boost user acquisition and attract both Timechain crypto users and non-native crypto users. Crypto Cups were designed to be useful and offer boosts within Timechain. Users can also earn extra TCS tokens by using Crypto Cups NFTs within the app. They also get a 1% increase in their TimechainApp rewards rate. To earn even more rewards, users can re-stake earned TCS tokens on the TimechainSwap platform.
The more rare the NFT is, the more capital required to boost it. Common NFTs start at $10,000 and legendary or unique cups go up to $20,000 without caps. You can stack the bonuses, so 10 common NFTs will equal one rare and give you a 1% increase on accounts over $100,000.
The company will issue the NFTs in a private mint to whitelisted participants, with the public sale of NFTs taking place one day later. Once the Crypto Cups are sold or after the public sale, they will be released a week later, according to the statement. The team plans future launches on other scaling solution blockchains such as Terra, Polygon and Solana. Free Fantom NFTs will be given to holders of three or more Ethereum NFTs. A Crypto Cup serum may also be available, possibly related to the Timechain lab scientist that came up with this idea while drinking coffee.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.