DeFi platform Werewolf makes NFT bid

DeFi platform Werewolf makes NFT bid

John Williams
John Williams

Decentralized Finance (DeFi) ecosystem Werewolf recently launched its nonfungible tokens (NFT) that will be used for the eventual gamification on its platform.

Werewolf entered the DeFi scene in 2020 and is one of the latest players in the crypto market's NFT fixation that has seen crazy growth since the previous year. Werewolf's assets take inspiration from the shapeshifting mythological creature. And it classifies its NFTs based on the lycanthrope's dominance hierarchy: Alpha, Beta, and Omega.  

Much like its pecking order, the Alpha Werewolf sits on top. It leads the wolf pack in terms of capabilities, power, and rarity, providing future owners the most marketable value. The total number of Alphas in the platform is equivalent only to the number of territories in the world; its abilities exceed that of the Beta and Omega and is the only kind that can create new Werewolves.

On the other hand, Betas will occupy the same territories as the Alpha, albeit not limited to one, and they're second to the Alpha in all other characteristics. Omegas fall last in the hierarchy and are situated in territories where there's no Alpha presence, which matches their "outcast" nature. Werewolf NFTs are built using ERC-721, the same token standard that popularized crypto kitties.

Werewolf offers minting of Beta and Omega tokens on their platform for free. However, to mint an Alpha, the only way is to exchange it for a Werewolf Coin or WWC. WWC is the internal currency of the Werewolf ecosystem, and it utilizes the ERC-20 scripting standard that governs most other well-known digital currencies like EOS (EOS), TRON (TRX), VeChain (VET), and ICON (ICX).

IBCO

Earlier this year, Werewolf announced its Initial Bonding Curve Offering or IBCO with its 1st generation WOLF Token. This allows investors to exchange Ethereum (ETH) for WOLF and have it transferred directly to their wallet address.

For the most part, the IBCO model has been the go-to for most DeFi projects in distributing tokens last year, and it appears to be the case in 2021 as well. This model applies a bonding curve smart contract with "mint and burn" functions.

Buying the token would drive the price higher, and conversely, selling would push it lower. Early investors of Werewolf can benefit from a first-mover advantage as the bonding curve would allow the token price to go up as it gains traction in the market.

The bonding curve also factors the total token supply, reserve ratio, and whatever is paid into the curve to buy the token in determining the cost of each WOLF. Apart from this, the bonding curve also does an excellent job maintaining liquidity by working as a counterparty between transactions, all the while containing enough ETH in reserve to repurchase tokens. It is for this reason that Werewolf took this route because it gives users the confidence to buy or sell tokens at any given time.

Staking into moon pools

Werewolf has also reimagined staking as it draws on the transformative effect of man to Werewolf during a full moon cycle. This central narrative in ancient folklore about the creature is also what generates new Werewolf tokens.

There are 12 "moon pools" set up and are spread across the exact full moon dates of the year. Each moon date will have varying rewards, and users with a stake during those days will be rewarded with WWC and NFT.

2021 onwards

Werewolf's DeFi platform introduced a Total Token Supply of 721,000,000 WWC, with an initial price of $0.40. And these WWCs reign over Werewolf's planned services, including an exchange, decentralized asset management, and an IBCO launchpad.

Most of these services have a set launch day for this year. For instance, its blockchain gaming platform, where its NFTs will be of most use, is geared for a Q3 release.