Source : coinquora.com
- Cyclos is partnering with Solatars to launch Solana NFT collection ‘Le Cougar Clique’.
- Le Cougar Clique NFTs will be released in a batch of 10,000 Cougars, all hand-drawn.
- The release is planned for early December through a minting event held on cyclos.io.
The concentrated liquid AMM on Solana, Cyclos, announces it is partnering with Solatars to launch Le Cougar Clique. Le Cougar Clique is a unique NFT drop linked to the DeFi platform, CycloSwap. How does it work? Through a ‘culling’ mechanic that deflates the NFT supply to decrease their scarcity, Le Cougar Clique connects NFTs to DeFi.
The deflation mechanism is called Cougarnomics, which depends on the CycloSwap platform revenue to burn the present supply of Cougars. Thereafter, 25% of CycloSwap platform fees and also 15% of Cougar sale royalties will be utilized every two weeks to ‘cull’ the weakest Cougars following the mint event.
Upon the end of the mint event, the platform will purchase back the NFTs from the market and then destroy them. Notably, the liquidity connection for Cougars happens both ways, in the sense that one-quarter of the proceeds from Cougar royalties will be used to buy CYS. Consequently, it will be staked in liquidity pools, hence, over a portion of the CYS token supply is given to the Cougar Clique DAO agency.
According to the team, Le Cougar Clique NFT will be issued in a batch of 10,000 Cougars. Interestingly, all the NFTs will be hand-drawn in collaboration with the Solatars team. The date is slated to place in early December through a minting event done on cyclos.io.
Co-founder of Cyclos, Jason O’Brian reveals what Cyclos intends to achieve with Cougars,
By linking the supply of Cougars with Cyclos, our aim is to create a virtuous cycle between the two products and their communities. As the Cyclos ecosystem continues to expand, so too will the utility cases for the Cougars. Our intent behind founding the Cougar Den (the DAO behind the project) will be for the community to collaborate on developing future use cases together with the Cyclos team.
Cyclos is the first concentrated liquidity automated market maker on Solana. Cyclos can support any type of pair from basic stablecoin-to-stablecoin swaps to highly exotic tokens by utilizing the powerful concept pioneered by Uniswap V3. Concentrated liquidity allows users to pick a price range within which they are willing to make markets, in turn, obtaining LP rewards with only a fraction of the earlier required capital.