Phoenix Ape NFT
Unleash the power of the Phoenix Ape NFTs!
The Phoenix Ape NFT is a unique and exciting collectable NFT that can be purchased on YSL.IO for 2500 BUSD. A total of 520 Phoenix Ape NFTs will be available, with 20 being pre-minted and used for giveaways, and 500 being available for purchase by users. The purchased NFTs will be minted for the holder and the BUSD received from the sale will be sent to the team address to cover all ongoing operational expenses to ensure we're able to provide the best experience to our users.
The NFT can be resold on the OceanSea Marketplace after it has been purchased on YSL.IO. Holders of the Phoenix NFT will receive BUSD rewards at the end of each 8-hour epoch, based on the number of NFTs they hold. They will also be able to bypass the Sigma Exit Rate and sell 100% of their YSL, xYSL, or USDy balance, although their Daily Outbound Quota and Pool Transmittance Rate (and USDy staked balance, if applicable) will still be in effect.
The NFT is not only an NFT that can be purchased and owned, but it also provides a unique and exciting way to earn additional income through the rental mechanism. This allows holders of the NFT to rent out their NFTs at a specified BUSD price for a set number of days, with the option for renters to extend the rental period at the same price during the grace period. The contract also includes a grace period after the rental term, in which the NFT can be returned to the owner without penalty if the renter chooses not to extend. Additionally, a portion of the rental income is collected as a tax, which is used to create USDy-BUSD treasury-owned liquidity by minting USDy tokens with the LP tokens sent to the treasury. This helps to ensure stability for the USDy token through the rebalancer, and the remaining portion of the tax is distributed to NFT holders as BUSD rewards that can be claimed.
The NFT contract is upgradeable and includes security measures such as block restrictions and a maintenance state. It can only be interacted with by whitelisted external smart contracts, and OpenSea is included in this whitelist. The contract also includes a blacklist function that allows the team to reclaim ownership or burn NFTs held by a blacklisted address, but this can only happen if the address was reported by the community and its compromised status has been confirmed. In cases where the rightful owner cannot be determined, the team may choose to burn the blacklisted NFT, enabling a new user to mint the same NFT again for 2500 BUSD by purchasing it from the NFT contract.
Overall, the Phoenix Ape NFT and its rental mechanism provide a unique and exciting way for users to purchase and interact with the NFTs and also provide a way for USDy-BUSD treasury-owned liquidity to grow from the sale and rental of the NFTs, helping to maintain stability for the USDy token via the liquidity rebalancing mechanism. The contract's security features and upgradeability also ensure that the contract will be able to adapt to changing market conditions and provide a safe and secure platform for users to interact with the NFTs.