Forthewin Network has implemented a single-sided staking feature into its DeFi and NFT platform. This month, users can purchase NEP Key locker tokens directly from the FTW platform to earn rewards. The rewards for the new NEP Keys feature is funded from the 5.5 million NEP tokens that the team raised from the Neo Boyz NFT mint, which sold out in Jan. 2023.
The NEP Keys act similar to FTW Locker NFTs, serving as a time-locking utility for NEP-17 tokens where the underlying assets are locked in an NFT until a predetermined date. When creating a new locker, the user can choose a token to lock, the quantity to lock, the time that the locker can be opened, and which address should receive the corresponding key. However with NEP Keys, the type of token, amount of tokens, and duration of the lock-up has been pre-determined by the FTW team.
There are four total lock-up periods for the NEP Keys that offer a correspondingly increasing amount of rewards. Each epoch has 26 keys that vary in cost between 10,000 and 500,000 NEP tokens depending on the lock-up duration. According to a table shared by the FTW team, the NEP Keys will be released accordingly:
- March 19, 2023: NEP Keys locked for 3 months
- March 26, 2023: NEP Keys locked for 6 months
- April 2, 2023: NEP Keys locked for 12 months
- April 9, 2023: NEP Keys locked for 24 months
The first batch of 26 NEP Keys released on March 19 sold out in 10 minutes.
In the Discord server announcement, the FTW team stated, “Thanks to Ghost Market’s support, we can now offer staking with more fun and hope to inspire Smith-born projects with their vesting/staking idea.” FTW Smith allows users to mint NEP-17 tokens with a few simple clicks, and has been the genesis for 26 new tokens.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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