The Wyrmhole
The Wyrmhole is where users are able to burn their NFTs to claim the linked $MZI token backing. Additionally, users are able to Summon (mint) new NFTs with $MZI after the 8-day supply creation phase.
Last updated
The Wyrmhole is where users are able to burn their NFTs to claim the linked $MZI token backing. Additionally, users are able to Summon (mint) new NFTs with $MZI after the 8-day supply creation phase.
Last updated
Each NFT is backed by $MZI tokens with each tier having a different amount of $MZI "linked" to it. Users can choose to claim the $MZI tokens linked to their NFT by burning their NFT. When users burn their NFT to claim $MZI tokens, it is subject to the Serpent's Due vesting schedule which you can read more about Because each NFT is backed with $MZI tokens, the floor price of the NFT will not go below market value of the $MZI backing it, but the NFT could trade above it in secondary markets.
Users also have the option to Summon (mint) new NFTs after day 8 with $MZI. This allows new users to enter the system and take part in the NFT Payout Pool. It also gives existing users the opportunity to use their accumulated rewards to mint new NFTs as a compounding strategy in order to get a higher % of the 8-day Payout Pool.
Users who wish to Summon new Mizuchi NFTs have four different options in how they want to participate using multiple input tokens that all route through $MZI, adding buy pressure to $MZI and helping to soft-lock supply. The idea here is to simplify the routing for users.
$MZI: When users Summon NFT with $MZI, the smart contract locks $MZI in the Wyrmhole and mints an NFT to the user's wallet.
$X28: When users Summon an NFT with $X28, the smart contract buys $MZI with $X28 which locks $MZI in the Wyrmhole and mints an NFT to the user's wallet.
$TITANX: When users Summon NFTs with $TITANX, the smart contract swaps the $TITANX to X28 and then buys $MZI off of the market. From there the $MZI is locked in the Wyrmhole and the NFT is minted to the user's wallet.
ETH: When users Summon NFTs with ETH, the smart contract purchases $TITANX and swaps it to $X28. From there, the $X28 purchases $MZI off of the market, locks it in the Wyrmhole, and mints an NFT to the user's wallet. To prevent last minute sniping of the Payout Pool, NFTs that are summoned after day 8 are subject to the vesting schedule.
