Liquidity Pools
ShoeFy solves the lack of liquidity issues prone to NFTs with its user-friendly NFT swap site built into the platform. This swapping function is backed by the $SHOE/sNFT AMM liquidity pool in the platform. For example, if you deposit $SHOE and sNFT into a Liquidity Pool, you'd receive sLP tokens. The number of sLP tokens you receive represents your portion of the $SHOE/sNFT Liquidity Pool.
Being a liquidity provider rewards you in the form of trading fees when traders trade sNFT and FT. Whenever someone trades on sNFT swap, the trader pays a 0.3% fee, of which 0.25% is divided among liquidity providers of the swap pair they traded on.
Users can also put the sLP tokens to work by staking the sLP tokens in LP pool on the platform to earn decent rewards while also earning the 0.25% trading fee reward at the same time. To amplify rewards through providing liquidity, the liquidity providers can purchase the LP boosters called bNFTs that amplify and boost their rewards by 1.2x, 1.5x, 2x, and 3x. LP boosters, bNFT can be only purchased by $SHOE token, thereby creating the demand for the $SHOE token in the market.
Similarly, users can also provide liquidity into pools like $SHOE/WETH, $SHOE/USDT and $SHOE/UNI to earn liquidity rewards and get LP tokens which can be further staked into LP pools on the ShoeFy platform or on a third-party platform like Autofarm.
Last modified 1yr ago