How it Works [ELI5]
Only NFT Holders of the specified collection can mint $AP & NP.
Minting is the first and most critical step as it creates the supply.
Minting $YP (or $AP) and NP (or DP)
For each NFT, you will receive:
1 $AP Token: ERC-20 that can be traded in fractional units and can be sold immediately upon minting.
1 NP Token: ERC-721 that represents a holder’s claim to the underlying 721 and can only be redeemed upon the expiration of the vault.
Then click on Mint to receive the $AP and NP tokens in your wallet.
Buying YP
For non-Holders (or Holders), you are able to purchase $AP/NP in the open market
Add exposure (or leveraged exposure) to collections you don't own (or do own)
On the homepage, choose an NFT collection, then select “Swap” on the Airdrop Pass card.
You will swap ETH for the $AP token, which should resemble any other swap modal you see. Please be careful of slippage caused by low liquidity in the trading LP. Once you confirm the details, hit “Buy” and you will receive the $AP tokens shortly.
To sell, select the “Sell” tab and follow the same steps. Note that slippage can occur, resulting in impermanent loss.
Claiming Yield
On the homepage, choose an NFT collection, then select “Claim” on the Airdrop Pass card.
Choose how many $AP tokens you want to redeem. You will see the available airdrops, which are ready to be claimed. Once the $AP tokens are redeemed, you will then be able to Claim your airdrop tokens.
Buying Discount Pass
If you’re a user that just wants to buy a discounted NFT without the airdrop yields, then buying the DP token will be a better fit for you. NP is an ERC-721 that cannot be fractionalized and represents the holder’s right to claim that NFT when the NP vault expires.
On the homepage, choose an NFT collection, then select “Buy” on the Discount Pass card.
The current floor NFT will automatically load, showing you the Floor Price of the NFT, the discount you are receiving (Airdrop Pass Value), and the amount you will need to pay.
NP = Existing Value of the NFT (Floor Price) - $AP
Redeeming Object
To redeem your NP for the underlying NFT (when the vault expires), click on the Redeem tab and select the NFTs you want to redeem.
Discount Pass is only redeemable after the Maturity Date.
On the homepage, choose an NFT collection, then select “Claim” on the Airdrop Pass card.
Select the NFTs you want to redeem and click Redeem. Each Discount Pass will be burned and the NFT will be sent to your wallet.
If you have a strong understanding of LPing and want to earn trading fees while holding $AP tokens, consider providing liquidity.
On the homepage, choose an NFT collection, then select “Supply” on the Provide Liquidity card.
Enter the # of $AP tokens you would like to LP and the corresponding amount in the trading pair (usually ETH) will automatically populate in a balanced deposit.
If you do not currently own any $AP tokens, you can navigate directly to the Swap page to purchase by clicking on the Buy $AP link OR if you own the NFT, you can Mint AP/NP tokens.In order to claim airdrops for $AP tokens that are in the LP, you will need to Remove Liquidity.
To remove liquidity, enter the # of LP Tokens you want to burn in order to receive the token pairs back to your wallet.
Disclaimer: The object market is a highly risky and speculative market, thus assets like $AP and NP contain even more risk and speculation. Please make sure you understand the product and risks associated with it before purchasing.
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