The concentrated liquidity AMM has launched the DeFi integrated NFTs via the CycloSwap platform.
5000 Cougars With DeFi utility
Cyclos, the Solana ecosystem’s first concentrated liquidity AMM, has partnered with Solatars to launch the first DeFi integrated NFT collection, Le Cougar Clique, on Nov. 13, via a Twitter post.
The NFT collection is a partnership project between Cyclos and Solatars that is meant to expand the Cyclos ecosystem of purely DeFi based products to begin to touch on the NFT space as well. It connects NFTs to DeFi through a ‘culling’ mechanism that deflates the supply of the NFTs in order to increased their scarcity, thus their value.
“Le Cougar Clique is deflationary by nature. 25% of CycloSwap platform fees for the first 3 months after the minting event will go toward a biweekly Cougar Cull (i.e. burn event). The more Cougar holders who utilize CycloSwap to swap tokens, the more Cougars will be culled, further decreasing the supply of Cougars in the wild. In addition, 15% of the royalty fees captured each time a Cougar is sold will also go toward the bi-weekly Cull,” mentions the collection’s official website on the NFTs tokenomics.
Additionally, Cyclos revealed their 4th project update on Nov. 25 via a Medium blog. The protocol is building its own liquidity pools native to the Cyclos platform to overcome a number of functional limitations that stemmed from the dependence on Serum as an external protocol. The support for the Serum pools is still intact while the developers focus on the native liquidity pools.
What is Cyclos?
Cyclos is the first-ever concentrated liquidity decentralized exchange (DEX) automated market maker (AMM) in the Solana ecosystem. It allows users to earn higher yields on Liquidity Provider (LP) tokens and provides optimum exchange rates for traders, enabled by merging concentrated liquidity with efficient, high-speed, low-cost transactions on the Solana blockchain network.
Find more about Cyclos here:
Source : solana.news
