Buying and Staking MFI Tokens
Buying MFI Tokens when Purchasing or Upgrading NFTs
When an individual is purchasing or upgrading their NFT they can purchase and stake additional MFI tokens in the same transaction. The cost of these additional MFI tokens will be added to the price of the NFT and displayed similarly to an eCommerce checkout page.
The current MFI token price determines the number of additional MFI tokens that the purchaser receives.
10% of each NFTs purchase price is gifted to the NFT purchaser in complimentary MFI tokens. Only the NFT purchase price is used for this calculation, not any additional tokens that are purchased. So, if you buy a shrimp for 100 BUSD you will receive 10 BUSD of complimentary MFI at the current MFI market price.
All purchased and complimentary MFI tokens are automatically staked and eligible to receive MFI multiplier rewards at the next rewards distribution event.
At the moment an NFT is upgraded all staked MFI tokens are automatically transferred to the highest NFT to receive the highest possible MFI Multiplier rewards.
Buying and Staking MFI Tokens in the DApp
The staking page in the DApp is where MetFiers buy and stake additional MFI tokens. The interface is easy to use and may or may not offer a price discount on MFI tokens.
After confirming the transaction in the DApp, the tokens are transferred and staked to the NFT.
Buying tokens within the DApp is a MetFier Rewards event.
The treasury can buy MFI tokens directly from the liquidity provider, mint new MFI, or a mix of both depending on market conditions and what parameters have been set. When buying MFI from the liquidity pool the BUSD is sent directly to the liquidity pool and MFI is retrieved. This action has a direct impact on the token price. When minting new MFI, the BUSD is sent directly to the treasury.
At the time of writing the protocol has always bought MFI from the liquidity MFI/BUSD pool and never minted new MFI when a user buys from the DApp.
Buying MFI on the Open Market and Staking
An NFT holder may hold unstaked MFI tokens in their wallet or on a centralized exchange (CEX). For example, they may have purchased MFI from the liquidity pool or an exchange. Unstaked MFI that is held in a DeFi wallet can be staked to the NFT via the staking page in the DApp by clicking the ‘Stake’ tab. Tokens will be immediately staked to the user’s highest NFT and begin generating MFI multiplier rewards at the next rebase event.
Staking tokens from a wallet that purchased the tokens from the liquidity provider or another exchange is not a MetFier Reward event.