Method Finance FAQs
Yesterday we announced the ability to mint Method NFTs, and the community response was tremendous. In under 24 hours there were over 1,000+ Method NFTs minted! This is an achievement that shows the power and enthusiasm of our early community; in fact, we were the fastest to reach this milestone out of any other NFT smart vault project ever.
As a reminder, we are now on the final tier of rare Method NFTs, which is the Mint green tier. The first 1,001–5,000 Method NFTs minted will receive these and the benefits that come with being one of our earliest adopters. We will be announcing the rewards/benefits for each Method NFT tier soon!
With the hypergrowth of our community, we have also seen important questions being asked that show our community is doing their due diligence. In order to be completely transparent, we are publishing a post to highlight answers to some of the most frequently asked questions
We also have a list of common FAQs in our Discord channel, which we will update regularly.
Can you explain what a Method NFT is to me in simple terms?
LPs provide liquidity to an exchange or platform and receive LP tokens or native tokens in return, the LP will then stake these LP tokens or native tokens to their Method NFT. Protocols that integrate the UniversalVault standard that connects to the Method NFT Creator(essentially the contract that mints the NFT) will then deposit the rewards to the LPs wallet. This is a new way of providing native token rewards to LPs without forcing them to deposit into a protocol’s own staking contract.
How can I see my Method NFT in my wallet? Can I transfer my Method NFT?
If you want to view your Method NFT in your wallet, simply open MetaMask, scroll down to ‘add token’ and then paste this custom token string in:
0xf52FBD056Ed1f1AB01D4296Fce136D6c0A2BBFaf
When you do that, you will be able to see your Method NFT in your wallet, which you can then transfer.
How do I know which color/tier NFT I will be getting? How can I see what my NFT looks like?
We have now launched a live counter on the Method Finance app so that community members know which NFT they are minting. All Platinum and Gold Method NFTs have been minted and that leaves the last rewards tier called ‘Mint’, left. The Mint tier will be available until the 5,000th Method NFT has been minted and every Method NFT after that will be a Black Method NFT without additional tiered rewards.
The minted Method NFTs show up in the Method Finance app UI after it has been minted (NOTE: you may need to refresh the page to see it). We are also working to have images up on OpenSea and other NFT marketplaces very soon.
What are the benefits/rewards associated with each Method NFT Tier?
The team is actively working to finalize the benefits/rewards for each tier. We heard some great community suggestions that we wanted to work in at the last minute and will be sharing out more details soon. In the meantime, we are always open to additional suggestions from the community!
Will you have your own native token?
We will be having a Liquidity Bootstrapping Pool (LBP) on Balancer within the next week. There has been no pre-sale, seed round, or pre-mine since we want a fair and equitable event for the community.
What’s the team’s background?
We are currently a global team (spread across 5 time zones), with a great mix of team members with deep crypto/DeFi expertise as well as experience at top tech (FAANG), blockchain, and financial companies. Our vision is to create a new standard for liquidity mining and help build the next wave of DeFi. Interested in joining? Please contact us, as we are actively growing our team.
If you stake your liquidity to your NFT to gain rewards from a protocol for liquidity mining, how does that protocol access the funds if you hold it?
Those who hold the Method NFT will be able to prove that they hold liquidity (e.g. LP tokens, ERC-20 tokens, even other ERC-721 tokens) without needing to stake to a protocol’s smart contract. The protocol will need to implement something called the UniversalVault standard (this is currently being done by Ampleforth for their upcoming geyser v2 liquidity mining program).
After this there will be a fast follow in the industry to accept this standard — the point is that the liquidity provider/holder is able to prove ownership, have self-sovereignty over the assets allowing them to earn rewards, and they can earn rewards from multiple mining programs at the same time.
Does the team have a roadmap?
Yes! The team has an exciting roadmap that we plan to publicly release soon in combination with our Balancer LBP. Please keep an eye out on our Medium account & in the Discord announcements channel.
Our Community is Growing Fast! Come Join Us 👇
