DEFINFTsApes & Strain NFT: AMA Recap.
On Thursday 11th March 2021, we welcomed @cryptaichen from Strain NFT into @DEFINFTsApesChat telegram chat. @cryptaichen is the founder and CEO of Strain NFT.
Strain NFT is the next logical extension of liquidity mining, it is centred on DeFi-Staked Crypto Cannabis Collectibles. Users can generate NFTs by wrapping LP tokens and then earn interest on their favourite collectibles as a result in the form of $STRN. Following this, they can breed them to create child NFTs or IE; wrap $STXP inside to boost rewards.
In this post, we have compiled key questions and answers from the event.
Q1. Hello, Apes! We are glad to meet here @cryptaichen from Strain NFT, and he will start by introducing himself, giving us a short pitch of Strain NFT and his role in the project.
A. Hi everybody- Cryptai here from Strain NFT. Thanks for having me.
Strain NFT is the World’s pre-eminent crypto cannabis community, and we are gearing up for huge growth potential. It’s great for me to see my thoughts and feelings reciprocated when we look at the explosivity of the NFT space right now, having been one of the first ever DeFi x NFT projects that made it to mainnet. I think the timing is ripe for our new and improved take on things, and I think that the fact for the most part Strain NFT remained conceptually valid over the last few months when we consider the nucleus of what we are building here speaks volumes.
The Strain NFT protocol is centred on DeFi-Staked Crypto Cannabis Collectibles. Users can generate NFTs by wrapping LP tokens and then earn interest on their favourite collectibles as a result in the form of our central token $STRN. Following this, they can breed them to create child NFTs or IE; wrap $STXP inside to boost rewards.
The NFTs generated will have a completely random visual output and elaborate genetic profile based on probabilities which also makes way for different grades of rarity. This is made even more fun by the fact things like rarity levels which actually can boost the amount of rewards you earn as a user, or liquidity provider.
We will also soon be offering an evolutionary partnership programme centred on the largest brands in the global legal cannabis market space. The partnership programme is intended to give big players the opportunity to bring digital iterations of their proprietary real world Strains to the blockchain as crypto collectibles (NFTs) and enable users to automatically earn interest on their collection by plugging into the Strain NFT DeFi ecosystem.
Q2: Do you consider the Strain NFT project a DEFI + NFT project? If yes, state why and if no, also state why!
A: Strain NFT is very much DeFi focused and was one of the very first ever DeFi x NFT projects that made it to mainnet last year. The core DeFi elements can be found for the most part in our “Apothecary”; an environment in which users generate their own cannabis strain themed NFT by wrapping LP tokens. This action of wrapping means that ownership of a Strain NFT serves as a “right to yield” if that makes sense, wherein the owner of the NFT owns all the rewards owed to the liquidity provided by the Strain NFT DeFi ecosystem.
To elaborate, instead of just locking up your LP tokens on platform to classically yield farm, you lock them inside an NFT.
The collectible generated will have a completely random visual output and elaborate genetic profile based on probabilities which also makes way for different grades of rarity. This is made even more fun by the fact things like rarity levels which actually can boost the amount of rewards you earn as a user, or liquidity provider.
Q3: What inspired Strain NFT and the idea of fun, DeFi-staked NFT Collectibles?
A: I was inspired to build Strain NFT during the infamous “DeFi Summer” last year because I immediately saw the overlaps between the two spaces (NFTs & DeFi). I got involved with the “Untitled: NFT Hackathon” in Oct 2020 and began to build a fantastic team around the idea.
We had serious traction, seriously fast. We fair launched $STRN with an 800 participant airdrop and began to work toward launching the ecosystem on mainnet. We had 2500 members in our Discord server, where typically we have always been more active than TG, within a matter of weeks.
When we did eventually launch the Apothecary contracts on mainnet in Dec, we had some issues and one user was able to claim a full day of rewards. We caught it pretty fast and everything was pulled within a couple of hours. Since then, we’ve been working hard to fix the contracts and also finish the next iterations of them and expanding the environments available to the user.
So, gear up for March 27 because we’re back with generation and breeding, on Polygon! I feel it’s important to point out that the nature of what we are doing is largely experimental. There have been issues, there has been adversity beyond measure, it’s been incredibly incredibly tough and times have been dark for us, but I stayed committed and so did my fantastic team and community. That is something you won’t find every day. It’s a rare passion.
Q4: Any funding achievement and milestones you can share? Does the project have a platform token or tokens, and has Strain NFT offered some of these tokens for sale? Do you think there will be another token offering event for the platform token in the coming future?
A: Strain NFT is bootstrapped, no funding, no pre-sale, nothing. In line with this, we even opted against selling our first NFTs so that they would be generated on platform by the user.
However, right now we are fleshing out deals with some of the biggest brands in the legal cannabis space. How this will look is essentially; their proprietary strains will be tokenised independent of our typical art and breeding system but nevertheless will have LP tokens locked inside so that both their community and ours can earn interest on their favourite strains of cannabis, fun, right? These branded NFTs will be sold in a drop style format, we recognise this need for monetization in order to be a successful platform over the long term and continue funding development. It’s really great that we have built a community of this size from the ground up and something so exciting without any kind of funding, and so in my opinion the best way for us to proceed is alternative monetisation to fund development independent of our tokens.
Q5: Is Governance an aspect you are considering, and in what way do you think you can introduce decentralized governance to the platform? How soon do you think governance will come along?
A: Governance in the form of a typical DAO model has been on the agenda since day 1. Right now we don’t have a definitive launch date for the “StrainSuperDAO” but it will for sure come soon after the next two big launches we have planned.
Q6:Any roadmap you can share?
A: So right now at this stage our priority is getting our new website and litepaper pushed in the next 2 weeks. Following this, the Apothecary & Greenhouse will launch on Polygon March 27. Right now, we are in the process of building the Dispensary (Strain NFT native marketplace) and also will soon be sharing further details on our new partnership programme.
Thank you for such detailed and interesting answers!
To find out more about Strain NFT, please see:
Discord inv: https://discord.gg/UvuBRrn
STRN contract address: https://etherscan.io/address/0x90b426067be0b0ff5de257bc4dd6a4815ea03b5f
STXP contract address:
TG chat: https://t.me/strainNFT
TG Announcements: https://t.me/strainNFTchannel