Understanding the EYWA NFT Collection
The EYWA NFT collection currently consists of 53,996 unique NFTs representing four mythical characters: Spider, Dryad, Wizard, and Ent. Each character is unique and endowed with a valuable magical power known as “veBoost.”
Currently, the collection is deployed on the Aurora network and is available on the Tofu NFT marketplace and the Arbitrum network and is available on the OpenSea and Tofu NFT marketplaces.
There are 5 rarity levels in the collection:
- Common
- Uncommon
- Rare
- Legendary
- Infinity
Each rarity level is issued in a limited quantity. The higher the rarity, the fewer NFTs exist at that level:
In the future, the total number of NFTs will gradually decrease due to the “Merge” feature.
Rarity levels not only indicate how rare an NFT is but also grant special Boost properties when combined with EYWA tokens. Along with veEYWA, these NFTs play a key role in DAO governance, market incentives, and ecosystem rewards.
Each rarity level determines the maximum number of tokens that can be boosted, as well as the multiplier (coefficient) applied to that boost.
EYWA NFT Utility
EYWA NFTs enhance voting power in the DAO, increase staking and incentive rewards, enable trading of locked tokens, and attract investors with their rarity and functionality.
Below is an overview of how EYWA tokens can be used by various participants:
For veEYWA Holders, users who have locked their EYWA tokens to gain voting power:
● Boosted voting power when making decisions in the DAO;
● Boosted voting power that can be used to earn incentives (distributing EYWA inflation across CrossCurve pool gauges);
● Boosted staking returns for veEYWA holders;
● Boosted voting power for allocating $EYWA in CrossCurve pools;
● Boosted share in the protocol’s fee revenue distribution among veEYWA holders.
For Vesting Safe owners wanting to sell or transfer locked tokens:
*A Vesting Safe is a container holding EYWA tokens locked for a specified period under certain conditions (detailed information on the terms and lock periods can be found separately).
● Container — the ability to transfer locked tokens in vesting safes by placing them inside an EYWA NFT, including trading these NFTs (with tokens inside) on marketplaces.
Each EYWA NFT rarity level can hold a limited number of tokens:
For traders and NFT enthusiasts:
● The price and volatility of EYWA NFTs are influenced by far more factors compared to ordinary NFTs that lack real practical utility. These NFTs have not only collectible value but also functional capabilities. This makes them attractive to investors, opening up interesting investment and speculative opportunities.
Merge or NFT combination
You can combine several EYWA NFTs of the same type to create a single NFT with a higher rarity. If the original NFTs had tokens attached, they will be combined as well.
By merging NFTs of the same type, you can upgrade them to the next rarity level. The exception is the rarest Infinity level NFTs — they cannot be created independently. Such an NFT can only be obtained from another user, for example, by purchasing it on an NFT marketplace.
To obtain various NFT levels, you need to merge a certain number of NFTs. The higher the level, the more NFTs are required to complete the merge. The specific number of NFTs required for each level is indicated in the table below:
Read more about merging here.
How NFTs affect voting power and yield
An EYWA NFT allows you to multiply the voting power of locked tokens for DAO governance, effectively as if the token owner had more tokens. It is precisely the multiplier shown in the above table that determines how many times the number of tokens is multiplied.
By increasing your voting power, you not only gain greater weight in DAO votes but also ensure a proportional increase in yields. Returns from staking, incentives, liquidity provision, and protocol fees directly depend on voting power, making EYWA NFT a beneficial tool for maximizing profits.
How to apply the NFT multiplier to a user’s voting power
To do this, you need to lock your EYWA NFT. The conditions for locking an NFT differ from those for locking tokens.
An NFT can be locked or unlocked at any time, except in cases where a vote has already been cast using the lock with that NFT. In that case, unlocking is not possible until the end of the epoch, but you can cancel the vote to free the NFT.
If the number of your tokens exceeds the limit of your EYWA NFT, you can add any required other NFTs to the lock. And in the case of surplus NFTs, the contract automatically selects the rarest ones to ensure the maximum boost efficiency.
Let’s break down all the NFT boost features in more detail
Boost of a participant’s voting power in DAO decision-making
EYWA DAO is a democratic, transparent, decentralized organization that makes strategic decisions, involving interested parties and encouraging their participation and contribution. All decisions — from revenue distribution to protocol development — are made by voting.
To become a member of EYWA DAO, you need to lock your tokens or an NFT together with tokens. Users can lock EYWA tokens for up to 3 years to obtain voting power — veEYWA for the DAO. The longer the lock period and the higher the NFT rarity, the greater the participant’s influence in the DAO.
The NFT lock period is fixed and is one week. When locking an NFT, auto-renewal is activated by default, which can be manually disabled if desired.
Voting power decreases as the unlock date approaches if it is not renewed. This encourages long-term commitment, strengthening the stability of the project and allowing participants to actively influence its development.,
EYWA NFT multiplies veEYWA, playing a key role in increasing the user’s voting power and influence on decisions made by the DAO
Boost of voting power that can earn incentives when voting for pools
Locking EYWA tokens opens unique opportunities for owners to earn additional income through receiving incentives when voting for certain pools. Here’s how it works: veEYWA holders, with their votes, influence the distribution of liquidity and rewards among CrossCurve pools. Projects interested in attracting liquidity to their pools offer incentives (various tokens) to veEYWA holders so that they vote in their favor.
In effect, a locked EYWA token becomes a tool that turns voting rights into a source of income. Owners can choose the most profitable proposals and receive rewards in the form of tokens, cryptocurrencies, or other forms of income provided by the projects. The more veEYWA you have and the more actively you participate in voting, the more opportunities you have to profit from offers.
EYWA NFT lets you earn more when voting for pools
Boost of veEYWA staking returns
To increase the involvement of EYWA token holders in DAO activities, including voting on key issues, incentives are provided for those who vote. These incentives are implemented by issuing rewards in EYWA tokens each epoch. However, such rewards are only available to users who have locked their EYWA tokens in the form of veEYWA.
EYWA NFT makes it possible to increase staking returns according to the multiplier
Boost of rewards in CrossCurve pools with $EYWA tokens
EYWA DAO provides an opportunity for certain pools to receive additional rewards from the $EYWA token issuance.
When $EYWA issuance is allocated to a pool, the interface displays a possible APR range that users can earn by staking their LP position.
The final APR boost depends on the user’s voting power, formed by locking veEYWA and NFTs, as well as the ratio of your liquidity to the total liquidity, taking into account other participants’ boosts in the specific pool.
EYWA NFT multiplies veEYWA, playing a key role in determining the final APR boost for a liquidity provider
Boost of income from the protocol’s fee revenue distribution among veEYWA holders
All revenue collected by EYWA DAO is distributed among its participants proportionally to their voting power.
For example, with every swap or transfer on CrossCurve, part of the collected fees goes to the DAO.
EYWA NFT multiplies veEYWA by increasing voting power, thereby increasing the share of revenue the user receives from the fees collected by the DAO.
Conclusion
EYWA NFT is a unique tool that combines collectible value and practical utility. These NFTs not only increase users’ voting power and yields but also serve as an important element for participating in DAO governance, promoting long-term commitment, and stimulating liquidity in the EYWA ecosystem.
The system of rarity levels and multipliers makes EYWA NFT a flexible and powerful instrument, suitable both for active DAO participants and for investors seeking to maximize their returns. The merging of NFTs makes it possible to optimize their usage, while the ability to trade them on marketplaces opens additional avenues for monetization.
All of this makes EYWA NFT an integral part of the ecosystem, driving its growth, community engagement, and protocol development. Participants gain not only financial benefits but also the opportunity to actively influence the DAO’s strategic decisions, creating a strong and dynamic ecosystem.
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