Tortola, British Virgin Islands, 24th November, 2021,
Cyclos, the concentrated liquidity AMM on Solana, is partnering with Solatars to launch Le Cougar Clique, a unique NFT drop tied to the CycloSwap DeFi platform.
Le Cougar Clique connects NFTs to DeFi through a “culling” mechanic that deflates the NFT supply to increase their scarcity. The deflation mechanism, called Cougarnomics, relies on CycloSwap platform revenue to burn the existing supply of Cougars. After the mint event, 25% of CycloSwap platform fees and 15% of Cougar sale royalties will be used every two weeks to “cull” the weakest Cougars. The platform will buy back the NFTs from the market and destroy them, thus reducing the supply of Cougars.
The liquidity connection for Cougars goes both ways. One quarter of the proceeds from Cougar royalties will be used to purchase CYS and stake it in liquidity pools, giving the Cougar Clique DAO agency over a portion of the CYS token supply.
Le Cougar Clique NFTs will be released in a batch of 10,000 Cougars, all hand drawn in collaboration with the Solatars team. The release is planned for early December through a minting event held on cyclos.io.
Cyclos is the first concentrated liquidity automated market maker on Solana. Utilizing this powerful concept pioneered by Uniswap V3, Cyclos can support any type of pair from basic stablecoin-to-stablecoin swaps to highly exotic tokens. Building on the highly-scalable Solana platform enables CycloSwap liquidity providers to fine-tune their positions, offering much more precision and much cheaper active management compared to Uniswap V3.
“By linking the supply of Cougars with Cyclos, our aim is to create a virtuous cycle between the two products and their communities,” says Jason O’Brian, co-founder of Cyclos. “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.”
About Cyclos
Cyclos is the first concentrated liquidity AMM on Solana. It enables higher yields for LPs and better rates for traders by merging the revolutionary concept of concentrated liquidity with the high speeds and low transaction costs of the Solana blockchain. On Cyclos, concentrated liquidity allows users to choose a price range within which they are willing to make markets, reaping LP rewards with only a fraction of the previously required capital.
Contacts
Disclaimer: This is a press release published via a crypto-focused newswire.
