Mocktail becomes the first ERC-1155 standard semi-fungible token (SFT) launched on Binance Smart Chain
MocktailSwap Finance, an AMM protocol incorporating multi-strategy yield optimizing features, has launched Mocktail (MOK), the first ERC-1155 standard semi-fungible token to run on the Binance Smart Chain (BSC). ERC-1155 standard tokens can act as if they are ERC-20 or ERC-721 tokens or both at the same time and under the same address. In Mocktail’s case, the token will serve as the first-ever semi-fungible token on BSC, where the token will be “fungible” until its redeemed when it becomes “non-fungible.” For example, the token can serve as a “seat of a concert” or a “$50 Walmart coupon.” Each token representing the “seat concert” or “Walmart Coupon” will be fungible, meaning they will resemble each other until the token gets redeemed or used in-store. After the token has been redeemed, it will not hold any value thus shouldn’t be traded like a regular token. This will take them from fungible tokens to non-fungible that can be traded on the growing NFT marketplace.
The ERC-1155 token standard makes it possible for one smart contract to govern an unlimited number of tokens. Each token is semi-fungible, unlike ERC-721 non-fungible tokens that can only be owned by one address each. This feature has a few implications for the Mocktail token; multiple addresses can own each token, and one address can own multiple copies of each token.
Features On MocktailSwap
Launched in February 2021, the protocol serves as a decentralized swap solution that offers a platform where users can create a completely secure and fast decentralized token swapping system and stabilize the position of their assets with little to no impermanent loss. It boasts high liquidity, making it easy to exchange one asset for another and at favorable rates. The protocol’s pools allow the user to provide liquidity by adding their MOK or other allowed tokens to liquidity pools to receive DRINKS tokens that can be redeemed whenever you like.
On this protocol, users have access to token swapping with minimal fees for the liquidity provider. There is also yield farming, where users get to earn more crypto using their tokens. Here you have to lend the tokens to other users using smart contacts. You can also stake your Mocktail tokens to validate blocks on the protocol and get to earn rewards. The higher the number of tokens you stake, the greater the chance of winning the right to validate. But, there are measures incorporated into the protocol to prevent the larger stakers from monopolizing this process. The staked tokens can be unstaked at any time you like, and the rewards are calculated per block. So far, there are four staking pairs supported on the protocol, including MOK Pool, BNB Pool, BUSD Pool, and WBNB Pool.
MocktailSwap is an automated market maker protocol that incorporates multi-strategy yield optimizing on Binance Smart Chain with low fees and slippage. It also provides aggregation through vault compounding, lending, and yield generation for maximum returns.
MocktailSwap opted to use Binance Smart Chain due to its superior speed and lower transaction fees.