Exploring the Genius Yield NFT Program: A Deep Dive
NFTs are steeped in the public consciousness, and after topping $40 billion in 2021, their market size is projected to command billions in 2022. For what the future of NFTs hold, many DeFi protocols are leveraging the tech’s unique propositions like digital ownership with on-chain provenance (to guide other project-related programs like reward distribution) and more. However, few NFTs minted by these DeFi protocols have utility that benefits holders. Genius Yield is changing this with the release of Genius Yield NFTs. For instance, holders of ISPO NFTs and “Late Fan” ISPO NFTs would unlock the GENS staking reward program for ISPO vested GENS. Meanwhile, Genius NFT holders can receive more GENS staking rewards. This merger of DeFi and NFTs is a sufficient demonstration that NFTs, despite being relatively nascent, can be an integral part of revolutionary crypto sub-sectors like DeFi.
The Genius Yield ISPO
The Genius Yield ISPO is currently proving to be a massive success! Unlike non-custodial crowdfunding models like Initial Exchange Offerings (IEOs), ISPOs are unique to Cardano, expressly taking advantage of the network’s unique delegation structure. ADA delegation to any ISPO pool is non-custodial, and delegators are free to transfer their assets if need be. Since the Genius Yield ISPO began on December 15, 2021 (and is scheduled to end after 30 epochs on May 10, 2022) it has attracted more than 12.9k participants, and over 250 million ADA has been cumulatively delegated by different users. ISPO delegators are without a doubt enticed by the project’s many value propositions. Apart from being the first Cardano-based DEX offering concentrated liquidity and smart swaps, it is the first in the DeFi space to launch an AI-powered Smart Liquidity Vault on top of the Genius DEX.
To add to all these features, Genius Yield will use NFTs as a gift for ISPO participants in the upcoming Bonus Reward program. NFTs exist on public chains and allow users to truly own digital assets, a breakthrough in a space that has for years struggled with Intellectual Property (IP) rights infringement. To reward ISPO participants, depending on the staking period, ADA delegators will earn the right to participate in the upcoming Public Sale scheduled immediately after the end of the ISPO; then Genius Yield will also distribute one million GENS to ISPO participants as defined under its Bonus Reward Program. Rewards will be governed by a weighting factor that ensures that top categories — that is, ADA delegators who delegated longer or committed significantly high amounts of ADA — receive more rewards than those in the lower tiers.
The quantity of GENS received will also depend on the number of total participants. Users will also receive Genius Yield’s ISPO NFTs depending on their qualified category. For instance, ADA delegators who held for 28 epochs or more, staking at least 500 ADA, fall under the Diamond Hands category and will be eligible for the Diamond Hands NFT. Delegators under this category also have a 3X weighting, meaning they stand to receive more GENS rewards.
The Utility of Genius Yield NFTs
ISPO and “Late Fan” ISPO NFTs
Genius Yield will release two types of NFTs tied to the ongoing ISPO. The Genius Yield ISPO NFT will be claimed by eligible ADA delegators as a gift in the upcoming Bonus Reward Program at the end of the ISPO (exact dates yet to be announced). However, Genius Yield fans who didn’t qualify to receive the ISPO NFT but staked for at least one epoch can still purchase “Late Fan” ISPO NFTs. Genius Yield plans to sell 2k “Late Fan” NFTs, where each will be purchased for 50 ADA. The ISPO NFTs and “Late Fan” ISPO NFTs have great utility in Genius Yield. For the first time, holders will unlock the GENS staking reward program for ISPO vested GENS — a massive benefit for stakers.
As a clarification, the Genius Yield staking program will kick off immediately after the Token Generation Event (TGE) and public sale on the Genius X launchpad for qualified ISPO delegators. Staking rewards will be generated from the 20 percent GENS fee charged on all Genius DEX and Yield Optimizer Vault transactions. This way, Genius Yield hopes to attract more Genius DEX users, driving up swapping volumes. The more GENS staked by a user, the more features they can access in the Genius DEX features and premium Yield Optimizer vaults. At the same time, stakers also have a say in governance, forward proposals, and vote on changes that could define the development trajectory of the project. At the same time, GENS can be used to pay to access premium content in the Genius Academy.
Besides ISPO-related NFTs, Genius Yield plans to sell limited-edition Genius NFTs, accessible to all regardless of their participation in the ISPO. Genius NFTs will be available in various categories and quantities where pricing will be a factor.
Depending on the Genius NFT type, holders would also access increased APYs of anywhere between 2% to 5% applicable within a specific period, therefore earning extra GENS staking rewards from liquidity mining. Holders of Genius NFTs also have a chance to own rare and expertly crafted NFTs from the CNFT partner Genius Yield collaborates with.
More details about the Genius NFTs are to be announced.
Genius Yield is Ingeniously Blending NFTs and DeFi
Genius Yield, a DeFi protocol, incorporates NFTs to create irresistible incentives for its global community of ISPO participants and followers. While “Late Fan” ISPO NFTs and Genius NFTs can be purchased, Genius Yield ISPO is ongoing, and delegators who participate stand to win ISPO NFTs from Genius Yield.