Fast Pass NFTs
Users can mint a “Fast Pass” NFT to increase the rate that locked JUMP rewards are vested
Rewards from Farms and NFT staking are claimed as locked JUMP and vested to users linearly over a 30-day period. Fast Pass NFTs can be minted to increase the vesting rate of locked JUMP by 2X. Fast Pass NFTs are one time use applied to a fixed amount of locked JUMP. Users can mint a Fast Pass for any quantity of locked JUMP.
The cost to mint a Fast Pass NFT is 5% of the locked JUMP amount and Fast Passes can only be minted using JUMP token. In this methodology 1 locked JUMP equals 1 JUMP which makes it easy to determine the 5% Fast Pass fee.
100% of the JUMP tokens used to mint Fast Pass NFTs are deposited into xJUMP pool. This is a brand new source of revenues that no other xTOKEN model has seen before!
Users are incentivized to accumulate as much JUMP as possible, as fast as possible. This is because JUMP can be deposited into the xJUMP single-stake pool for access to platform revenues, tiered allocations to Jump Pad IDOs and governance voting. Therefore, real value is attached to earning JUMP tokens quickly.
Earning JUMP 2X quicker with Fast Pass NFTs allows users to gain twice the exposure in the xJUMP pool for more revenue share, larger IDO allocations and more voting power in governance decisions.
- 1.User A claims 100 locked JUMP tokens from yield farming that will be vested into JUMP linearly over 30 days.
- Standard Rate:
100 locked JUMP / 30 days = 3.33 JUMP / day
- 2.User A mints a Fast Pass NFT for 5 JUMP (5% of the 100 locked JUMP tokens). The vesting rate of the 100 locked JUMP is increased by 2X for the remainder of the vesting period.
- Fast Pass Rate:
3.33 JUMP / day -> 6.66 JUMP / day
- 3.The 5 JUMP fee from minting the Fast Pass is deposited into the xJUMP pool.