[AG2] - SalusMint 🏅

SalusMint is the next generation of NFT launchpad that offers a sustainable income for both creators and holders, via yield generating pools, and therefore aligning the interest of both creators and holders for the long term vision of community

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Challenges

Best Use of Infura NFT API

Ranked 6,000 ETH

The Infura NFT API is used to get the metadata from NFT collections in our SalusMint project.

Best Use of Polygon

Ranked 10,000 ETH

The SalusMint project has a significant focus on rebuilding trust and keeping the NFT ecosystem growing in a sustainable way. This project could be a paradigm shift for the whole NFT industry. Polygon is the perfect choice for this application since NFT ecosystem on Polygon is the most dynamic and web2 user-friendly. So it has the huge potential for our use cases. Hardhat config to set Polygon Mumbai network: https://github.com/Tingwei-Justin/salusmint/blob/main/salusmint-contract/hardhat.config.ts#L49-L66 Contracts deployed on Polygon Mumbai testnet: | Contracts | Address | | -------- | -------- | | SmartMintFactory | 0x559A0850f8db394D2F1Bc9947d4200527C0c3D62 | | smartMintVault1 | 0x74C2F440CFEED6F9cF1A8955ecFbDB95229E723B | | smartMintNFT1 | 0x9102ec0345534e737dD8897bDD2DD83dDba456eb | | smartMintVault2 | 0x32F49BAF14d5442b8D4d2295973aE65543fBe2cd | | smartMintNFT2 | 0x3230742edc5a169fa546d0b098f3e0b3af1b48c4 |

Build a Staking Pool

Ranked 9,000 USDC

For the SalusMint project, we use the vault to invest in an SSV staking pool to provide the decentralized and sustainable staking solution. Code: https://github.com/Tingwei-Justin/salusmint/blob/main/ssv-fork/ssv-contract-fork/scripts/deploy.py

Build a Liquid Staking Pool

Ranked 12,000 USDC

For the SalusMint project, we use the vault to invest on SSV staking pool to provide the decentralized and sustainable staking solution. Code: https://github.com/Tingwei-Justin/salusmint/blob/main/ssv-fork/ssv-contract-fork/scripts/deploy.py https://github.com/Tingwei-Justin/salusmint/blob/main/ssv-fork/stake.py

A credit line for every wallet

Pool 11,500 USDC

Our project utilized the Huma Finance Credit Line product. For NFT creators, they can use the future income as collateral and get Credit Line right away. Code: https://github.com/Tingwei-Justin/salusmint/blob/main/huma-contracts-fork/contracts/BaseCreditPool.sol

Launch a real-world lending use case on Huma

Pool 3,500 USDC

For the SalusMint project, we use the vault to invest in high yield pools. With the integration with Huma, the NFT creator can use their future income from this vault as collateral, and getting a loan from Huma Finance. Code: https://github.com/Tingwei-Justin/salusmint/blob/main/salusmint-backend/evaluation_agent/underwriter.py

#BUIDLathon 2023 NFTs + Metaverse + Gaming Track

Pool 15,000 USDC

The SalusMint project has a significant focus on rebuilding trust and keeping the NFT ecosystem growing in a sustainable way. This project could be a paradigm shift for the whole NFT industry.

Project details

Live demoLink to work

Introduction

SalusMint is the next generation of NFT launchpad that offers a sustainable source of income for both creators and holders, via yield generating pools (DeFi solution) to provide liquidity for each NFT and avoiding rug poll, and therefore aligning the interest of both creators and holders for the long term vision of the collection and community.

Problem statement

Today, the current NFT market is a zero sum game between creators and holders, keeping the NFT ecosystem unsustainable. Rug pulls and quick flips are rampant, because both creators and holders want to make a quick profit at the expense of the other. Ultimately, the incentives around creators and holders are not aligned.

Here are three main symptoms:

  • Creators can easily rug pull and community is lack of trust

  • Royalties income is drying up especially in Zero Royalties era.

  • 99% of NFT lacks liquidity.

Solution

SalusMint is an NFT launchpad that allowing all proceeds from launch enteres a yield generating pool, which offfers a sustainable source of income for both creators and holders.

Here are the detail workflow.

  • Creators select the yield generating pools and launch the NFT project

  • All NFT sale proceeds from buyers are deposited into yield generating pools (e.g. Lido, SSV staking)

  • Creators will receive sustainable yield income as reward (not be affected by zero royalties era)

  • NFT buyers can exist at any time with a small penalty, which can prevent NFT buyers from losing too much.

  • Creators can borrow money from Huma Finance using the future income as collateral, which allows them to have more resources for their community.

Innovation

  • SalusMint redefine the source of income for NFT creators using sustainable yield generating pools to build the trusted and long-term success for community.

    Before: NFT sale proceeds + royalties

    After: yield of (NFT sale proceeds + royalties)

  • Every NFT will have liquidity from beginning because all proceeds are in DeFi pool and can exit at any time with a small penalty.

Future work

  • Launch as a NFT launch pad to redefine a fair NFT ecosystem

  • Integration with more yield-generating protocols

Summary

SalusMint offers a revolutionary way to launch NFT, providing creators and holders with a sustainable source of income and aligning creator and holder incentives for long-term success.

Link

  • Deck: https://docs.google.com/presentation/d/1zayDtd0R8A-1cPMaDMyCkfSsO70rv8Z4/edit?usp=sharing&ouid=104915702783954666384&rtpof=true&sd=true

  • Demo video: https://www.youtube.com/watch?v=kPQDr4WC21c