Using ShoeFy Protocol
How do you generate passive income on ShoeFy platform?
Users can generate passive income in the following ways:
sNFT can either be minted in the ShoeFy platform or in a secondary market. If the users decide to sell their sNFT, they can do so in the secondary market where the first buyer who minted the sNFT can earn royalty from every trade the sNFT makes in the market in future.
Users can stake their collections in the sNFT pool in ShoeFy platform to earn $SHOE as their passive income. Also, $SHOE can be staked in the $SHOE pool to earn $SHOE or it can be staked to farm sNFTs.
There will be a $SHOE/sNFT liquidity pool, where users can provide liquidity and earn rewards from the trading fees that the users pay to use the liquidity pool. At the same time, users also receive sLP tokens for providing the liquidity. These sLP tokens can be staked in the sLP pool and earn rewards in $SHOE while also earning rewards from trading fees.
There are also other liquidity pools like $SHOE/WETH and $SHOE/USDT where users can provide the liquidity and earn passive income from liquidity rewards. The liquidity providers receive LP tokens of the particular pool which can be staked either in ShoeFy platform or third party platform like Uniswap or Quickswap and earn respective LP rewards of $SHOE/UNI/Quick from the LP pools.
For this LP scheme, ShoeFy offers a limited number of LP booster bNFTs which can be minted in the platform. These boosters give the LP token the ability to multiply their yield performance depending on the category of booster they purchased. For example, holding a 2x booster with an LP token will let the user harvest twice as many rewards as a standard LP token can earn.
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