# The Midas (MDS) Ecosystem
The midas (MDS) stablecoin ecosystem.
The Non Fungible Tokens (NFTs) space has grown exponentially since its initial burst back in 2021. The current most popular chains to have NFTs are Ethereum (ETH), Bitcoin Ordinals (BTC) and Solana (SOL).
NFTs are arguably more volatile than actual cryptocurrencies, even when considering blue chips (established) collections. This feature makes it so that using NFTs as everyday currency isn’t optimal, knowing that they can experience heavy intraday price fluctuations, rising or falling by as much as 50% in a single and occasionally rising over hundreds of percent in a month.
The MDS stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US dollar. Stable digital assets like MDS have the capacity to fully unlock the potential of blockchain technology, and more specifically use cases tied to NFTs and NFT x Decentralized Finance (DeFi).
Midas is a smart contract platform on Solana that backs and stabilizes the value of MDS through a dynamic system of Collaterized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.
Midas enables anyone to leverage their NFT assets (whitelisted and only on Solana at the moment) to generate (or mint) MDS on the midas platform. Once generated, MDS can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long term savings. Importantly, the generation of MDS also creates the components needed for a robust decentralized margin trading platform.
## Key Features of the Midas Protocol and MDS token
* 0% interest
* Manage your own risk through our risk parameters
* As a user, if a liquidation occurs, you receive part of your collateral back in SOL (after fees & debt repayment)
* No duration on your position (no stability/upkeep fees)
# MDS Smart Contract: Step by Step How To
Anyone who owns NFTs of any of the whitelisted collections can leverage them to generate MDS on the midas platform through our smart contract.
The CDPs, or vaults, hold collateral assets deposited by a user and enable this user to generate MDS, but generating also creates a debt. This debt effectively locks the deposited collateral assets (NFTs) inside the vault until it is later covered by paying back an equivalent amount of MDS, at which point the owner can again withdraw their collateral. Active vaults are always collaterized in (heavy) excess, meaning that the value of the collateral is much higher than the value of the debt.
## **The MDS interaction process**
### **Step 1: Creating the vault and depositing collateral**
The user picks the NFT asset(s) as well as the percentage of collateral taken to then initialize the transaction that will create the vault and store the asset(s) away.
### **Step 2: Generating MDS from the collaterized assets**
The user then receives the amount of MDS tied to the collaterized assets put into the vault. **There is a 1% emission/repay fee** and that’s it. No penalty fee nor stability fee due to the nature of NFTs and the fact that we’re over-collaterizing assets by a considerable margin.
### **Step 3: Paying down the debt**
When the user wants to retrieve their collateral, they have to pay down the debt in the vault. We’re also indicating the health of the current CDP as well as the liquidation price of the asset. Once the user sends the required MDS to pay off the debt, the vault becomes debt free. Please note that it is also possible to progressively repay debt if that’s the user’s wish.
### **Step 4: Withdrawing collateral and closing the vault**
This happens simultaneously at the moment of paying off the debt. The user will be receiving the assets back on the same wallet that was used to first initiate the creation of the vault and mint MDS.
# Multi-collateral MDS & Supported collections
Midas initially launched with a single collection being eligible as collateral (Solana Monkey Business) in order to first gauge interest and upgrade features as required. In the next weeks, we plan to add more and more NFT collections from the Solana ecosystem and beyond.
Before introducing the collections accepted to mint MDS, it is important to understand the concept of Liquidation Ratio (which will be extensively used in this documentation).
In order to over-collaterize MDS and safeguard the peg, we’re currently using a liquidation ratio of **200%**, which is the ratio between the value of the collateral and the amount of debt taken out of that collateral at which the NFT asset would be liquidated. The maximum values supported by midas are currently:
* a maximum of **35% of the value of the collateral** can be taken out as debt
* if 35% is taken out on the collateral, **a drop in value of the collateral of 30%** (thus the value of the collateral becomes 70%) would trigger the liquidation of the asset
* **Liquidation ratio** = collateral-to-debt ratio triggering the liquidation = 70%/35% = 200%
This liquidation ratio is **flat** and arbitrarily set for the time being, which means that if someone decides to only take 17.5% of their collateral’s value as debt, their collateral would have to undergo a drop of 65% in price to trigger a liquidation (=35%/17.5% = 200%).
In this example, taking out 17.5% of a collateral’s value when price hasn’t moved yet (so the value of the collateral is still 100%) is equivalent to having a collateral-to-debt ratio of **571.43%.**
This is what we mean when we emphasize the over-collaterization of our assets to protect the MDS soft peg to the dollar, with the highest risk possible being a collateral-to-debt ratio of 286% (35% debt taken out on 100% collateral value).
## Example
> User A owns an asset from collection XYZ worth $10,000. He wants to use MDS to be able to extract some value out of that asset.\
> \
> User A can take **up to 35%** of the value of his asset - $3,500 in total.
>
> Let's say User A is **relatively conservative**, and wishes to take 20% of the value of his collateral in MDS, thus $2,000.
>
> User A's collateral-to-debt ratio is $10,000-to-$2,000, thus equal to 500% (*over-collaterized by 500%*).
>
> Midas' liquidation ratio for that collection XYZ is 200%, which means that User A's collateral-to-debt ratio would have to fall from 500% to 200% (*=a decrease in the value of his collateral of 60%*) to trigger the liquidation mechanism.
>
> The liquidation ratio is always static (its value can be changed by governance), and represents the threshold at which the liquidation happens.
>
> The collateral-to-debt ratio is the health of the current position taken. The less risk is taken at the moment of contracting the debt, the higher this ratio will be at the start.
## Accepted collections
Midas currently accepts the following NFT collections with a Liquidation Ratio of **200%** (detail below):
* Solana Monkey Business
* Degen Apes Academy
* MadLads
* Claynosaurz
* ABC
* Smyths
* Famous Fox Federation
* Galactic Geckos Space Garage
* Okay Bears
* DegenFatCats
# Price Stability Mechanisms
## **Target Price**
The MDS target price has two distinct primary functions on the midas platform:
1. It is used to calculate the collateral-to-debt of a vault
2. It is used to determine the value of collateral assets MDS holders have to repay at the moment of closing the vault
The Target Price is denominated in USD and starts at 1, translating to a 1:1 USD soft peg.
## **veinHades Insurance Pool**
The veinHades pool, built out in $HADES, serves as the insurance fund of MDS and helps safeguarding the peg to its 1:1 USD soft peg.
The pool is fed via different streams:
1. Direct deposit of $HADES holders wishing to obtain veinHades to participate in governance
2. 50% of Hadeswap’s Protocol Owned Liquidity (POL) profits
3. 100% of midas’ revenue
*Until 29/5/2023 11:59PM UTC, the veinHades:$HADES ratio is guaranteed to be 1:1, as after that date, we will deposit the backlogged $HADES and the APY will start running on the veinHades pool. The ratio will then be adapted depending on the $HADES being in the veinHades pool.*
The insurance fund can be used as a last resort to guarantee the target price to MDS holders. It is used in case of serious emergencies, such as long term market irrationality, hacking or security breaches.
# Oracle Price Feeding
Oracle Price Feeding Pricing oracle is one the most crucial part of MIDAS as it evaluates the floor value of NFTs in real time which then enables to define loans value for all loans and liquidation price
1. We are currently using the APIs from [Hyperspace.xyz](https://hyperspace.xyz) and [Hellomoon.io](https://hellomoon.io)
2. We are then applying Time-weighted average price (TWAP) and volume-weighted average price (VWAP) algorithms methodologies for calculating asset prices As an additional safeguard mechanism we stop updating the floor price if we notice large and rapid changes. After that, sales are checked for some time, and depending on this, we update the price (or disable the collection in case of rug)
# Risk management of the MDS platform
The veinHades token allows holders to vote to perform the following risk management actions on the midas protocol:
* **Whitelist new NFT collections**: Create a new whitelist entry for a specific NFT collection with its unique set of risk parameters (liquidation ratio, collateral-to-debt ceiling, ..). The NFT collection can either be a new one that wasn’t on the midas platform before or it can be an additional entry for an NFT collection already whitelisted, but with a new set of risk parameters.
* **Modify existing whitelisted entries**: Change the risk parameters of one or more existing whitelisted entries that were already added to the midas platform.
The range of actions available to veinHades token holders will grow as the platform offers more options.
## **Risk parameters**
The collaterized debt positions have multiple risk parameters that enforce how they can be used. Each CDP type has its own unique set of risk parameters, and these parameters are determined based on the risk profile of the collateral used by the CDP type. These parameters are directly controlled by veinHades holders through voting, with one veinHades giving its holder one vote. The current risk parameters have been arbitrarily determined by the midas platform developers to ensure a healthy start of the protocol.
The key risk parameters are:
* **Debt ceiling**: the maximum amount of debt that can be created using a single type of CDP. Once enough debt has been created by a CDP of any given type, it becomes impossible to create more unless existing CDPs are closed. The debt ceiling is used to ensure sufficient diversification of the collateral portfolio.
* **Maximum debt position on a unique CDP:** currently set at 35% across the platform, it is the maximum amount of MDS obtainable on any asset. This parameter can be adjusted on a per-CDP basis.
* **Upfront fee:** for each creation of a vault, a single fee, equivalent to 1% of the total amount of MDS minted, is taken.
* **Penalty fee**: in the event of a liquidation, the asset is liquidated through our [Liquidations of risky assets & Collateral Cashback](/midas/liquidations-of-risky-assets-and-collateral-cashback) and a penalty fee of 10% is taken on the amount obtained through liquidation, minus repaid debt.
# veinHades Governance of the MDS platform
On top of serving as midas’ insurance fund, the veinHades pool, which constitutes the governance mechanism of the whole Hadeswap ecosystem, including midas, plays an important role in the safeguarding of the platform.
The current parameters of the platform have been arbitrarily set but it is the goal to let governance (one veinHades = one vote) to let decide the adjustment/addition/removal of CDPs, NFT collections or risk parameters.
Those proposals go through the normal governance path determined by veinHades and can be submitted here: [governance.hadeswap.com](https://governance.hadeswap.com)
# Liquidations of risky assets & Collateral Cashback
The liquidations of risky assets happen when the liquidation threshold of those asset has been reached.
Then, the asset(s) are liquidated following FRAKT's process, which is detailed here:
A unique feature of the midas protocol is that after having recovered the debt taken on the collateral, applied the penalty fee (10%) and FRAKT handling fee (2.5%), the remainder of the value, in SOL, is returned to the user whose asset(s) were liquidated, which we call the Collateral Cashback.
This method of liquidation guarantees the **robustness** of the MDS protocol as well as **fairness** towards the user of the MDS platform, substantially decreasing the risk using midas.
The timing of this process can vary as it currently is partially manual. We're aiming for <24 hours.
A concrete example:
> User A has an asset worth 100 SOL.
>
> User A decides to maximize the LTV taken on the 100 SOL, thus receives the equivalent of 35 SOL in $MDS.
>
> The price of the asset drops to 70 SOL (a drop of 30%), thus reaching its liquidation ratio of 200% (see [Multi-collateral MDS & Supported collections](/midas/multi-collateral-mds-and-supported-collections) for detail).
>
> The asset then goes through our liquidation mechanism:
>
> * Step 1: FRAKT raffles the asset at 10% below the floor price (margin): 63 SOL
> * Step 2: 35 SOL is recovered to cover the debt with the MDS protocol (converted in MDS)
> * Step 3: 28 SOL remains and is split as follows:
> * 28 SOL \* 10% (Penalty fee) = 2.8 SOL (converted to $HADES, sent to veinHades Insurance Pool)
> * 28 SOL \* 2.5% (FRAKT handling fee) = 0.7 SOL (sent to FRAKT)
> * Step 4: After all those subtractions, the user is left with the **Collateral Cashback****,** the 24.5 SOL. This is sent back to the user who was just liquidated on this asset.
# External Participants
In addition to the smart contract infrastructure itself, the midas platform relies on certain external actors to maintain operations efficiently. Keepers are external actors who take advantage of the economic incentives presented by the midas platform. Oracles are external actors that contribute to the accuracy of the prices of NFT assets on which the emission of MDS is based.
# Hadeswap
## the most efficient & decentralized NFT trading platform
At the core, it's an Automated Market Maker (AMM) NFT marketplace that improves NFT liquidity and its trading experience.\
\
It enables users to trade and swap NFTs using liquidity pools, exactly like you would trade and swap cryptocurrencies using Uniswap.
Some of the key features of hadeswap are:
* **0% platform fees from the start** - any change to be decided by governance using $HADES token
* 0% royalty fees per default *but* you have the possibility to pay them if you wish to do so \[*not active in lite beta version*]
* Progressive selling/buying of NFTs
* Earn SOL
Excited? Or not sure if you understood it 100%?
Don't worry - what's under the hood is solid, efficient and safe - feel free to check the details at the end of this documentation, but for now, we'll focus on **why** hadeswap is something for you and **how** exactly it works - in such a simple way you'll be able to teach all your friends when they ask you what you do 24/7.
Let's us now explain why hadeswap is ***THE*** thing for you!
# DCA\* in and out of collections
\*DCA = Dollar-cost averaging - what you do when you're entering/exiting a position step by step.
For example, let's say you want to exit a position with a certain collection and have 5 floor NFTs that you want to sell.\
\
Of course, you could always list them in bulk at the floor price and hope it gets swept, thus potentially also tanking the floor price of the collection you're exiting. What you could also do is individually list each NFT at a different price up the curve: one at the floor, one slightly higher, and so on until you have listed your 5 NFTs.
Imagine now if the floor price of that collection drops, you would now have to adjust your entire system, NFT per NFT. Cumbersome at 5 NFTs, annoying at 10 NFTs and an absolute nightmare if you have to deal with more.
However, with hadeswap, you can create **a selling pool** with those 5 NFTs and have it set so that the price increases automatically by *y%* or *+x* SOL each time an NFT is bought from your pool. If the floor price drops, you would only have to adjust just *one* parameter, which is the floor price of your pool. Neat, right? Well, it doesn't stop there.
Now let's have a look at the latest hype collection that you've missed, the price has mooned and you'd like to get in on the action but you'd rather wait for the price to drop first. Instead of putting up bids on NFTs that you see on a market place, you can actually set up **a buying pool** with the prices you'd like to get in at, which is the same as laying buy orders at certain price points.\
\
Same principle as for the selling pools - instead just put the liquidity that you would like to invest in a certain collection and set the price at which you would like to start entering the collection. Now setup your pool so that the next purchase after the first happens after a decrease of price *x* (in SOL) or *y%*. This is how you can dollar cost average your way into collections without having to heavily manage your orders.\
\
If you thought this was awesome, then buckle up for the next key feature: two-sided liquidity pools!
# two-sided liquidity pools
This is where things get interesting for people willing to **earn from using hadeswap.**
Let's get into it - this is a combination of setting up a **buying pool** and a **selling pool** simultaneously for the same NFT collection: buying more NFTs if the price drops to a certain level and selling those NFTs if the price increases.
By doing so, you're effectively providing liquidity on both sides to the hadeswap Automated Market Maker (AMM). To incentivize the creation of such pools, you get the ability to collect fees on the spread as people swap in and out of your pool.
As complex as this may sound, the principle is simple in itself: just like on any market, there is always a slight difference in price while selling an asset or buying one - it's exactly off that difference that you can earn! This tried-and-proven DeFi mechanism is now available for you to leverage your precious NFT collections.
*"WTF THIS IS SO GOOD"*
Yup - it is. And it's available for you to go crazy with it.
Curious about the impacts such innovation could have on the ecosystem as we know it today? Read on!
# positive impacts
The ecosystem as a whole benefits from such a marketplace - here's how.
### Impact #1: instant sell liquidity for floor NFTs
> Higher liquidity implies reduction in volatility of prices, which means that you will most likely always have instant liquidity to buy your floor NFTs. Instead of undercutting the floor price to get liquidity out, just sell to the available pools!
### Impact #2: become your own market place
> NFT creators can now earn fees by providing liquidity - you can become your very own Magic Eden or OpenSea!
### Impact #3: liquidity will eventually spread beyond floor NFTs
> In the future, as the liquidity for floor NFTs will become more robust and the spread reduces, there will be more liquidity available for mid-rares. Currently one would argue it's more interesting to buy 2 floor NFTs vs. buying a more rare one simply because the liquidity is heavily concentrated around the floor of a collection, but it's only a matter of time before we could have trait-based pools on hadeswap, which means more liquidity for those rarer NFTs!
### Impact #4: no more fat fingers on the listing when selling
> That's right, you'll be dumping in the pool instead of absolutely wrecking yourself with a fat finger sell order!
# is it risky?
As is the case with liquidity providing in a standard liquidity pool, there is only one main risk implied with the use of liquidity pools and that is **impermanent loss (IL)****.**
In essence, IL is a temporary loss of funds occurring when providing liquidity and it's often explained as the difference between holding an asset versus providing liquidity in that asset.
In a perfect world with no impermanent loss, the liquidity providers (LPs) would just be collecting money from the entirety of the trading fees.
LPs can of course still be profitable even in case of impermanent loss (IL), as long as \[impermanent loss < collected fees] is true.
### Explain impermanent loss to me like i'm 5 years old
> *5 years old but I know what an NFT is...*
It's simply the difference between holding your NFTs and SOL versus providing those NFTs and SOL to a liquidity pool: if the price of the NFT increases, the liquidity pool will rebalance itself and there is a chance that holding your NFTs may have yielded better return.
{% hint style="info" %}
Disclaimer: hadeswap is currently not audited and will be open sourced soon after the audit is conducted. Use at your own risk.
{% endhint %}
# liquidity pools and bonding curves
Liquidity can be provided by anyone on hadeswap. As a user, you can either buy or sell NFTs across a range of prices (a bonding curve) or you can do both to earn from the generated trading fees.
"Liquidity pools", "bonding curves" - don't worry if you're not used to those terms yet, we'll make sure they're crystal clear to you after reading our explanation below.
### A (liquidity) pool - what's that?
It is a smart contract that enables you to instantly swap between two assets (Uniswap, ...). On hadeswap, the liquidity pools available are \[NFT from collection X] <-> \[SOL], which means that anyone holding an NFT from collection X can instantly swap them for SOL, and vice versa.
Each pool uses a specific bonding curve to determine how the price of SOL will fluctuate in regards with the purchases/sales of NFTs happening. Respecting the demand <-> supply mechanics, the more an NFT is being bought, the more expensive it becomes. The opposite is also true, the more an NFT is being sold, the cheaper it becomes.
In an ideal setting, a pool contains a decent amount of both assets to enable users to have a very smooth trading experience so that they can swap back and forth between \[NFTs] and \[SOL]. It is however possible to create a pool with just one asset, be it \[NFTs] or \[SOL], which represent a one-sided pool to either [buy NFTs](/providing-liquidity-how-does-it-work/buy-nfts) or [sell NFTs](/providing-liquidity-how-does-it-work/sell-nfts)!
### Bonding curves, or how does the price behave
hadeswap currently allows liquidity providers to pick between two types of bonding curve: linear and exponential curves.
They behave differently in how the price adjusts when an asset (\[NFTs] or \[SOL]) is bought from or sold to a pool.
### Linear curve
With a linear curve, the price of an NFT is increased by a flat amount (delta) every time an NFT is bought from the pool. In the same fashion, the price of an NFT decreases by that same delta every time an NFT is sold to the pool.
{% hint style="info" %}
Example:
A liquidity provider sets up a pool with a spot price *(=the starting price of the pool)* of 10 SOL and a delta of 1 SOL.
Assuming enough liquidity is provided, the price of an NFT will increase to 11 SOL after an NFT is purchased from the pool. After a second purchase, the price will increase to 12 SOL, and so on and so forth. If at any point a sale occurs, the price of the pool will decrease by 1 SOL.
{% endhint %}
### Exponential curve
With an exponential curve, the price of an NFT is increased by a certain percentage (also called delta) every time an NFT is bought from the pool. In the same fashion, the price of an NFT decreases equivalently every time an NFT is sold to the pool.
To calculate the decrease, convert the percentage to a decimal index (e.g. for 25%, the index would be 1.25) and divide the price by this number.
{% hint style="info" %}
Example:
A liquidity provider sets up a pool with a spot price *(=the starting price of the pool)* of 10 SOL and a delta of 25%.
Assuming enough liquidity is provided, the price of an NFT will increase to 12.5 SOL after an NFT is purchased from the pool (10 + (10\*25%)). After a second purchase, the price will increase to 15.625 (12.5 + (12.5\*25%) SOL, and so on and so forth. If at any point a sale occurs, the price of the pool will be divided by 1.25.
{% endhint %}
Now that you know exactly what a liquidity pool is and how bonding curves work, you're good to go to start your very own liquidity pool!
Are you interested in buying NFTs, selling NFTs or doing both at the same time to earn from the generated fees? Then keep on reading!
# buy NFTs
Buying NFTs made easy with hadeswap - read on!
Buying NFTs from hadeswap is easy and you can do it either via buying instantly from a bonding curve or create a liquidity pool to buy NFTs along a bonding curve.
### How do I buy an NFT?
1. Go to "collections" and select the NFT collection you'd like to buy from.
2. Add the NFTs you'd like to buy by clicking on them and adding them to your cart.
3. Open up your cart and click on "swap" to initiate the transaction.
### How do I make a pool to buy NFTs?
1. Go to "collections" and select the NFT collection you'd like to make an offer for.
2. Click "+ create pool" and select "buy NFTs with tokens".
3. On the **pool settings** section of the create pool page, you can fill in the following parameters to put your buy order for the collection:
* "spot price" = the price at which you want to start your offer (in SOL)
* "bonding curve" = which price mechanism do you want to pick (linear curve/exponential curve)
* "delta" = for a linear curve, that would be the increment (in SOL) that you want to purchase the next NFT of the collection at, for the exponential curve, that would be the increase (in %) that you want to purchase the next NFT of the collection at.
4. Once you have selected the desired parameters for your liquidity pool, click on "create pool", you can sign the transaction and your buy order for the collection will be active.
# sell NFTs
Selling NFTs made easy with hadeswap - read on!
Selling NFTs from hadeswap follows the same intuitive logic than for buying NFTs. You can either sell instantly in a pool proposing the best price possible or you can list your NFTs along a bonding curve, effectively placing sell orders for your NFTs!
### How do I sell an NFT instantly?
1. Go to "collections" and select the NFT collection you'd like to sell to.
2. Go to the "sell" tab in the middle of the page.
3. Select the NFTs you would like to sell and click "swap".
4. All you need to do now is sign the transactions to confirm your sale(s)!
### How do I list an NFT or multiple NFTs of the same collection?
1. Go to "my pools" top right and then click on "+ create pool".
2. Pick the NFT collection you would like to list from the drop down menu.
3. Click on "sell NFTs for token"
4. On the **pool settings** section of the create pool page, you can fill in the following parameters to put your sell order for the collection or the NFT:
* "spot price" = the price at which you want to start selling your NFT (in SOL)
* "bonding curve" = which price mechanism do you want to pick (linear curve/exponential curve)
* "delta" = for a linear curve, that would be the increment (in SOL) that you want to sell the next NFT of the collection at, for the exponential curve, that would be the increase (in %) that you want to sell the next NFT of the collection at.
* and of course, don't forget to add your assets by pressing "+ select NFTs"!
5. Once you have selected the desired parameters for your liquidity pool, click on "create pool", you can sign the transaction and your buy order for the collection will be active.
### What's the difference?
If you sell **instantly** on hadeswap, this implies that you sell your NFT into a pool that offers the best possible price. You will then immediately get the liquidity.
If you decide to **list** your NFTs on hadeswap by creating a pool, then that means that you can basically ladder your sell orders at whichever price you decide.
Something to bear in mind at all times while dealing with AMMs is slippage - the less liquidity there is, the worse it gets. If you're listing your NFTs and are not satisfied with what the bonding curves are giving you as projection, then you should list them individually and wait for someone to purchase them.
# two-sided liquidity pools
Time to become your own market, and earn from the generated fees!
Now it's time to dive in the most powerful feature of hadeswap - being able to provide both side of a liquidity pool in order to earn from the fees generated by the pool itself! How? Well, it's a lot more easy than you think!
### How do I create a pool to provide NFTs *and* SOL?
1. Go to "my pools" top right and then click on "+ create pool".
2. Pick the NFT collection you would like to create a pool for from the drop down menu.
3. Click on "do both and earn trading fees"
4. On the **pool settings** page of the "create pool", you can fill in the following parameters to put your sell order for the collection or the NFT:
* "fee" = the fee you want to take on every trade that uses your pool (in %)
* "spot price" = the price at which you want to start selling your NFT (in SOL)
* "bonding curve" = which price mechanism do you want to pick (linear curve/exponential curve)
* "delta" = for a linear curve, that would be the increment (in SOL) that you want to sell the next NFT of the collection at, for the exponential curve, that would be the increase (in %) that you want to sell the next NFT of the collection at.
* and of course, don't forget to add your assets by pressing "+ select NFTs!"
Once you have selected the desired parameters for your two-sided liquidity pool, click on "create pool", you can sign the transaction and your very own liquidity pool will be active and you're ready to earn trading fees!
# pool settings in practice
What settings should you use for your two-sided liquidity pools? What does that mean for you as a seller/buyer, etc.?
## Spot price, Fee and Delta
**Three** main components that come into play when interacting with any two-sided liquidity pools:
* Spot price = the "base" price set when the LP is being created
* Fee = the percentage perceived by the LP
* Delta = the percentage (if exponential curve) or value (in SOL, if linear curve) that will increase the price after each sale within that pool
Let's put it simply:
When you **buy** an NFT instantly from any pool, the amount that you pay, as a user, is **\[Spot price + Fee + Delta] of that LP.**
When you **sell** an NFT instantly to a pool, the amount that you will receive, as a user, is **\[Spot price - fee] of that LP.**
## And now, in practice...
Example #1
In case this LP buys an NFT (so a user sells to the LP), this is what happens:
* LP pays 1.2 SOL and gets the NFT
* User sells the NFT to the LP and gets 1.158 SOL \[1.2 SOL - 3.5%]
In case this LP sells an NFT (so a user buys from the LP), this is what happens:
* User buys the NFT from the LP and will pay 1.3662 SOL \[1.2 SOL + 3.5% + 10%]
* LP gets the 1.3662 SOL
Now that you understand how each parameter works and what it means for the LP but also for the users interacting with the pool, let's now have a look at what types of parameters can be explored for certain pool sizes...
## Alright, but.. What delta now?!
It's a tricky question, but we will try give you a bracket in which you can experiment. The best way to get a feel for it is to try it for yourself, after all, understanding the market in which you're planning on becoming a liquidity provider can only benefit you!
### You have around 10 NFTs or less? Delta \~5%, here's why...
If you want to be able to cover potential market movements with your 10 NFTs, you want to make sure you cover a broader range of the price spectrum. That means that if your NFT has a floor price of 5 SOL and if price fluctuates, you want to make sure that you can capture some volume with the amount of NFTs you have.
**A delta of 5%** for such a situation offers a relatively good coverage for the range of price it might fluctuate in and still keep your pool relevant!
### You have a set of around 50 NFTs? Delta \~1%, here's why...
In this case, you can set your **delta around 1%**, which should be big enough to cover the range in which the price can fluctuate, also taking into account the amount of NFTs you own.
Doing so will allow your pool to stay relevant and in range.
### Annnnd, what about the fees?
For the fees, it's entirely up to you, but don't forget: as we explained above, you will indeed receive the fees paid by the users, but if you want to be competitive, keep a close eye on what the other LPs are doing for the collection you're planning on providing liquidity for.
Regardless, if you'd like to set something "within benchmark", then you go opt for a **3.5% fee**, or if you're the first one to set up a pool there, you can go for higher, but know that the percentage of fees will decrease rapidly as more people will find about the profitable opportunity!
# collect trading fees
Time to collect those trading fees!
Your pool is being used by a few people and you've managed to generate a few SOL in trading fees? Congratulations! You are officially your own market and now you're very much entitled to withdrawing your fees. Don't worry, as usual, we've made this flow as easy as 1-2-3.
### Collect fees from my trading pool?
1. Go to "my pools" top right to see the list of pools you have created.
2. Pick the NFT liquidity pool you'd like to withdraw your hard-earned fees from and once you get on the page of your liquidity pool, press "withdraw".
3. Sign the transaction prompt and.. that's it! You have successfully collected the trading fees from your very self-owned market!
Congratulations! You have mastered the art of creating NFT liquidity pools, providing two-sided liquidity and earning from the fees generated by the spread. Sounded complex but ended up being quite easy, right?
# modify my existing liquidity pool
You can always top up your NFT liquidity pools!
You've created an NFT liquidity pool but you would like to add more NFTs to it or more SOL?
Easy. Here's how:
### How do I modify my existing pool?
1. Go to "my pools" top right to see the list of pools you have created.
2. Pick the NFT liquidity pool you'd like to add liquidity to and once you get on the page of your liquidity pool, press "edit".
3. There you can change the pricing parameters as well as add assets to your NFT liquidity pool.
4. Once you've operated the desired changes, press "save changes" and you'll be good to go with your new pool settings!
Now that you know how to create and modify an NFT liquidity pool, we're going to explain how you can collect those juicy trading fees that you've collected by providing two-sided liquidity pools!
# How To Guide by TokenGuy.sol
@tokenomicsguy (TokenGuy.sol) guides you through hadeswap and its functionalities!
{% embed url="" %}
# Hadeswap explained by krysmatic.me
@krysmatic (krysmatic.me) explains how hadeswap functions in an easy-2-grasp way!
Part 1: Buying & Selling NFTs using Hadeswap
{% embed url="" %}
Go give this a read!
{% endembed %}
Part 2: Two-sided liquidity pools (markets) and how AMM works on Hadeswap
{% embed url="" %}
# the concept
The Hall of Fame concept is simple: reference each individual that has contributed to Hadeswap's success.
This section will not only display "winners" or profiles that have been picked for certain requests, but instead this section will display everyone that has shown interest in the tasks we've advertised.
We're very honored to see such enthusiasm already about what we're doing and we want to make sure that nobody's forgotten.
If there are some requests/applications we may have forgotten, please kindly open a Discord Support Ticket via [our discord](https://docs.hadeswap.com/hall-of-fame/www.discord.gg/hadeswap).
# Discord/Twitter bot
Please find a list below of Hadeswap believers that have applied for this open request, including the winner(s).
| Participants & Winner |
| -------------------------------------------------------- |
| RoGo#6257 |
| JW#6800 |
| itsstahaaa#2893 |
| Anomaly ($POX)#6149 |
| Koshiro#4896 |
| chakra#6973 |
| CryptoTioSam#0420 |
| Yogesh#7777 |
[Chakra](https://docs.hadeswap.com/hall-of-fame/www.twitter.com/iochakra)'s creation can be found on our discord and here[ on Twitter](https://twitter.com/HadeswapSales).
# First educational video
Please find a list below of Hadeswap believers that have applied for this open request, including the winner(s).
To be announced by 23.10.2022.
# coming soon
Buying NFTs made easy with hadeswap - read on!
Buying NFTs from hadeswap is easy and you can do it either via buying from a bonding curve or making a collection offer that a seller would have to accept.
### How do I buy an NFT?
1. Go to "collections" and select the NFT collection you'd like to buy from.
2. Add the NFTs you'd like to buy by clicking on them and adding them to your cart.
3. Open up your cart and click on "swap" to initiate the transaction.
### How do I make a collection offer?
1. Go to "collections" and select the NFT collection you'd like to make an offer for.
2. Click "make collection offer" and you will be prompted to the "create pool" page.
3. On "create pool", you can fill in the following parameters to put your buy order for the collection:
* "spot price" = the price at which you want to start your offer
* "bonding curve" = which price mechanism do you want to pick (linear curve/exponential curve)
* "delta" = for a linear curve, that would be the increment (in SOL) that you want to purchase the next NFT of the collection at, for the exponential curve, that would be the increase (in %) that you want to purchase the next NFT of the collection at.
4. Once you have selected the desired parameters to put your collection offer, you can sign the transaction and your buy order for the collection will be active.
# $HADES Tokenomics
Hadeswap executed its roadmap in 2 distinct phases:
* **Phase I: Core of the ****Protocol**
* Hadeswap proof of concept
* Become #1 NFT AMM on Solana
* **Phase II: Core of the ****Ecosystem**
* Introduction of bonding: Protocol Owned Liquidity
* $HADES - The governance token
* Introduction of auctions & Underworld NFTs
* ABC & Underworld NFTs staking
Once both phases are in place for the full experience, anyone can tap into the deepest of NFT liquidity on Solana and build on top of it.
# Bonding: Protocol Owned Liquidity
The cornerstone of the full experience of Hadeswap.
Simply put, Hadeswap will allow users to bond their LP positions in exchange for $HADES.
The profit of Hadeswap's bonding LP positions will be split as follows:
* 90% will be used to buy back & burn $HADES
* 10% will be used as ecosystem fund available to deploy to anyone willing to build on top of Hadeswap's liquidity protocol
Hadeswap aims at incentivizing each market participant to the best of its ability to ensure healthy market dynamics. As it is now and for the foreseeable future, the protocol fees are and will be of 0%. This can be subject to change through a governance vote.
# $HADES - The Governance Token
$HADES Key Characteristics & Distribution
Total $HADES Supply: 100,000,000
Distribution & Vesting/Release mechanism:
### \[25%] Team
* 2 years vesting with incremental monthly release that is fully executed if no tokens are sold during the period. If tokens are sold during the vesting period, the emission of the following month will go back to where it would be without the funds that were just withdrawn/sold.
{% hint style="info" %}
ex: user A has been vesting for 6 months and decides to sell an amount X that is equal to the allocation of the 5th + 6th month put together. User A's 7th month allocation will then become the same amount he would get on the 5th month.
{% endhint %}
### \[10%] Sugar Daddies
* 2 years vesting with incremental monthly release that is fully executed if no tokens are sold during the period. If tokens are sold during the vesting period, the emission of the following month will go back to where it would be without the funds that were just withdrawn/sold.
### \[5%] FRAKT
* 2 years linear vesting to staked $FRKX token holders
### \[30%] Staking Rewards
* ABC + HADES NFTs staking incentivized through emissions, per second, over 60 months
### \[10%] Bonding Rewards
* available immediately upon launch of $HADES
### \[15%] DAO Treasury
* 5% available after 30 days, 10% 48 months vesting, monthly emissions
### \[5%] LP Treasury
* 100% available immediately upon launch of $HADES
* 100% used to provide liquidity on DEX + CEX
# $HADES - Emission Schedule & Use case
$HADES Emission Schedule
Use cases of the $HADES token:
* Governance
* Delegation
* Auctions of Hades NFT
* Things we can't reveal yet or they'll be copied...
* 90% Protocol-Owned liquidity profit buy back (burned)
**Deep Dive: Auctions of Underworld NFT and other NFTs**
* Hadeswap will be holding daily auctions for the Underworld NFTs in $HADES only.
* All $HADES used for auctions will be burned in exchange for emitting the NFTs.
* MInimum 5 daily auctions taking place.
* **Standard auctions** that will have a duration of 24 hours and won't be extended if there is a price war happening at the last minute. Last valid bid wins the auction.
**Deep Dive: ABC & Underworld NFTs Staking**
* ABC NFTs supply = 10,000
* Underworld NFTs supply = 30,000
* Unstaking has a 21 days cool down period. No emission take place during that period.
* $HADES is emitted per second (0.1902379039 $HADES per second), with 500,000 $HADES to be distributed each month.
# FAQ April 2023
HGE answers your questions!
1. What are further plans for $HADES, only governance or more utilities? If so, what utilities?
> Aside from governance, $HADES is the only token allowed to participate in the auctions of our protocol's NFTs. The utility of $HADES will goes into veinHades which will have interest based on how protocol is performing, even if you're just holding $HADES, we have buy back & burn in place, which is as close as it can get to revenue share.
2. What exactly is veinHades?
> veinHades = VE:vote escrow + IN: insurance.
>
> It basically moves all voting from $HADES to veinHades, and veinHades will also act as an insurance pool for $MDS (Midas), only in extreme cases such as all NFTs going to 0 all of a sudden, and we can't liquidate the assets fast enough.
>
> We do have some of our own funds to defend the peg before we activate the insurance fund. Making MDS peg is the top priority, which is translated in our liquidation ratio - a drop of only 20% in SMB's price could start liquidation of assets if someone took 100% of the $MDS against his/her SMB. MDS' health IS the main priority.
>
> To reach a scenario where we're absolutely unable to liquidate all assets and need to tap into our insurance fund, we really need a blackswan event that is bigger than FTX's crash and sends all NFTs to 0, or like quantum computing can crack all encryptions, or the SOL price goes to 3 USD from 20 right away, then we might be facing those liquidation issues.
>
> \[emphasizing that it would only be in fringe cases - but that's what insurances are here for!]
3. Why are there no more daily tweets about the burned $hades amount?
> We received the feedback that our twitter timeline was being spammed by daily burns, so we decided to do them weekly. We can change it back if everyone wants to see daily burns instead of weekly ones!
4. Can you give more information about the Launchpad and Dex of Hadeswap? any ETA?
> Launchpad and DEX will be not on Solana, that's all I can say.
5. When multi chain? Which chains?
> We have made changes in team already this month to adjust to our upcoming multichain moves, we'll be focused on chains with bigger liquidity and inventory, so not newer chains or smaller chains. It's pretty easy to guess but... Let's keep some elements of surprise!
6. What about ABC name service? What are the plans?
> .ABC is operated and run by ANSprotocol, a separate team from hadeswap, they are good builders, I heard big integration coming soon, NFA.
7. How is MDS Price getting pegged to 1 USDC?
> MDS is a overcollaterized stablecoin, similar to DAI. Where DAI's liquidation ratio usually overs the 150% mark (depending on assets of course), ours is around 267%. Based on those parameters, MDS is technically safer than DAI, but in reality, the NFT liquidity behind MDS is lower than DAI's, as it's backed with heavily liquid fungible tokens, but the concept and logic is no different.
>
> Anyone would be willing to buy MDS if it goes below 1 USD, knowing that it's backed with at least 267% of assets.
8. Can you explain how MDS works and what it is? and what the plans are for MDS
> MDS is a NFT-backed stablecoin that is heavily overcollaterized. A flat fee of 1% goes to the veinHades pool at the moment of minting the MDS tokens, instead of having forever interest run on loans, we open up the liquidity of all your NFTs (that are whitelisted) without having to worry about high APY interests. The plan is to have MDS as the base trading pair of all NFTs, crosschain.
9. Are there detailed tokenomics for $hades that explain, why there will be 30k UW, how fast the burning process should be, what's the goal for these burns. How high is the wanted end supply?
> The supply is fixed at 30K UW NFTs because we want to have a big community and effective burns for the $HADES token. Auction burning is what is kick starting the burning of the token, but eventually the POL(Protocol-Owned Liquidity) burn should be more than the auction burn, so the auction burn is limited but it buys the protocol enough time to get to the level of being able to produce enough revenue forever to burn more than emissions.
10. What utility is Underworld going to have when $hades staking emission are over?
> We'll make sure to have a sick PFP as the NFT itself and governance dictactes everything - use it, propose it, get it.
11. Will Underworld have an Art Upgrade? If yes, will it be 1/1 or generative, and when?
> It will have reveal, so not art upgrade, it will be a PFP, and have 1/1 most likely. Can't communicate a date yet! Patience...
12. As a $hades owner, what are the possibilities of HadesDAO controlling this massive pool of liquid assets generating revenue? I think this upside is grossly understated by everyone given people don't fully understand what is POL.
> POL is doing that, for HadesDAO assets, since most of it is $HADES token, so diversification of the DAO treasury to more stables is important before we can generate yield on it.
>
> But you are right, not many understand it and we're now making efforts to educate further!
13. How big is the NFT POL? - is it possible to visualize all the assets that are owned, to show people how big POL is?
> Absolutely! You can check out this link to visualize it: [ https://www.tensor.trade/portfolio?wallet=Fzx2MEY6fuwjoL1g4Mh5D6dcxp24HEcdZ1QsrVxE5sfs](< https://www.tensor.trade/portfolio?wallet=Fzx2MEY6fuwjoL1g4Mh5D6dcxp24HEcdZ1QsrVxE5sfs>)
14. How much does Hadeswap make daily/weekly? What is the potential of hadeswap for HadesDAO and all the revenue it could generate?
> Currently, the protocol makes in the low couple of hundred SOL per day, can be 100 or 300-400, depending on days and volume, solely from NFT MM and lending. The potential is quite high the more volume picks up!
15. Is there any future plans about adding pro charts for NFTs in hadeswap? Or some other features that helps a daily trader (like tensor did)?
> We listen to community feedback, and will add anything that makes sense, UX/UI isnt our strong suit, but we are dedicated on improving.
16. What is the relationship between Tensor and Hadeswap?
> Partners. (personal diclosure: I'm ashareholder in Tensor and MagicEden)
>
> Hadeswap's goal is always to be the liquidity layer of NFTs, from MM to stable trading pairs.
>
> Tensor's integration with hadeswap from front end to bid/ask orders is a huge win-win.
17. Tensor is taking a lot of marketshare. Does that hurt Hadeswap?
> It doesn't hurt us at all! IF Tensor is Rank 1 in volume instead of MagicEden, what it means is that the Rank 1 retail marketplace has changed from one that doesn't integrate hadeswap to one that does!
>
> We don't make fees on volume, as much as we want to be the biggest volume platform, we only have AMM, we're not focused on retail, think of hadeswap as the dark forest providing liquidity to the marketplaces.
>
> The focus isn't the same, and we're working closely with Tensor - they're a strong ally that also believes in open platforms and we wish them the best!
18. What happened to the Partnership of Phantom and Underworlds (the Game)?
> It's currently on hold!
19. Can HadesDAO vote to direct the POL to buy a collection, and if so, how much? That would be a massive "utility" for having control of the HadesDAO!
> YES and YES!
20. Why would I want to buy another another ABC NFT if I already have 1?
> Good question, why would you want to have another girlfriend when you already have 1.
>
> Many have just one, some have multiple - this is a complex question and it's entirely up to you!
21. Why would I want to hold an ABC for the future?
> I do not give financial advice, I hope that people see what ABC really is, to its core, the community is unique, and they're digital artifacts that are really cool to collect.
22. How long should Hadeswap stay 0% platform fee?
> In my opinion, it should be forever, we're already making profit as a 0 % fees protocol, name one other platform that can do this - this is a huge accomplishment imo. We just have to work on increasing protocol revenue while staying at 0%.
23. How do the POL bots work?
> We're still improving it but basically it will put the best bid and lowest ask on NFTs on hadeswap. So it will try to make profit as well as bringing more volume to hadeswap.
>
> It's still an on-going process for our beloved developers to make it work better and better!
23. If you could go back in time. Would you have launched $Hades in a different way looking backwards?
> Yes, likely drop an IDO, raise more runway for the team and bigger POL.
>
> People hated the low circulation, when my intentation was to to make the ABC community privileged in having the token. Even if my intentions were pure & good, they missed the point and even some ABC holders didn't like it. We could have taken VC money + IDO, an easy $20M war chest and nobody would have fudded the low circulation...
24. Sidelined SOL that is not being used: Are we able to vote which collections to buy with the sidelined SOL? Or maybe (not sure) can be used to buy and burn $hades? Or maybe buy NFTs that can be raffled on Hades auction site available only for abc/underworld NFT holder?
> SOL is being lended out to make APY.
>
> Whatever you believe is best for the protocol, you can make a proposal on how to use the funds, always remember any good things you think the protocol should do, get a signal vote in discord or within the community, once you have enough backing for your idea, put in a formal proposal through governance.hadeswap.com and you're good to go!
25. What's $HADES' max supply? What's the number of tokens you see available on the market in 2 years from now?
> Max supply was 100m , now is 98,458,737.5 after burning - you can do some maths! :D
26. When is staking emission going to end?
> Exactly 5 years from day 1 of staking.
# FAQ May 2023 (Office Hour Summary)
HGE answers your questions!
1. Is there any scheduled date for vehades?
> Townhall answer (Friday 19/5): May without delay.
>
> veinHades live (Monday 22/5): [https://twitter.com/hadeswap/status/1660631066703437824](https://twitter.com/hadeswap/status/1660631066703437824?s=20)
2. What is exactly Ecofund?
> Ecofund is a fund meant to be used to invest in projects that benefit directly the ecosystem, not necessarily hadeswap itself. Current governance proposal made it so that the Ecofund would be used to market buy Underworld NFTs. This fund is fueled by the POL profits (10%).
3. Is there a scheduled date or minimum amount of UW that must be minted(auctioned) for the reveal to occur (wen reveal?)
> There isn't, no. We'll communicate more on this but... Be prepared for something that hasn't been done yet on Solana nor anywhere else... ⬛
4. If hadeswap doesn't charge any fees how does it make its profit for sustaining and continuous development of the project?
> Well, we have our sugar daddy, right?!
>
> Just kidding! The protocol itself is making money by market making, although right now 100% is used to buyback & burn $HADES, fuel the Ecofund and distribute to the veinHades pool. If at any moment in time the team has issue with funding, a proposal to redirect some of the protocol's profit can always be put in place to help the team's funding and keep on developing. Don't see it happen anytime soon though - we have an efficient small team of grinders!
5. Can a proposal be made and voted upon to reduce the supply of UW NFTs or it's already a fixed supply that can't be changed?
> Supply is 30K and preminted, you can vote to burn some of it, but 30K might be there for a good reason... Then again, if governance decides something and gets traction, we're more than happy to support.
6. Can we get clarity on the SMB sale and where the proceeds went? Are they in a hadesdao wallet or held by HGE?
> The total expected amount of money is $2M USDC. We have received the first $1M. The money was sent to the hadeswap team multisig and a proposal recently passed to be enable HGE to recover the funds put in previously for the acquisition, minus $100,000 that go to the Hadeswap team (operational expenses).
7. Will there be rarities for UW which could increase the number of emission?
> Nope! Emissions are the same regardless of rarity.
8. What happens to the yield earned by providing liquidity for $HADES?
> If you're providing liquidity for $hades token on dex, you will earn the trading fees, but do understand Impermanent Loss (IL) before providing liquidity, you could end up with more SOL or more HADES when price going one side only.
9. What's $hades supply ultimate goal? What's the number of tokens you see available on market in 2 years from now?
> If a bull market comes, or we successfully implement and find product market fit on other chain just like what we did on Solana, that revolutionized how NFTs trade on Solana, I think around 10-35% burned by 2 years time seems like a good guess.
10. Will UW have voting power? Like holding the NFT equals to 1000 hades for example voting power?
> Voting power is only in $veinHADES, not $HADES, no UW. But owning UW NFTs implies you're getting $HADES emissions, and you can stake those tokens into the $veinHADES pool to get voting power and yield from the pool.
11. Is the scope of utilizing POL limited to strategies involving NFTs or could funds be deployed generate revenue from farming tokens or even investing in raises being conducted by other protocols/projects?
> It could be anything, it's liquidity owned by protocol, managed by team and we accept proposals via governance.
12. Could you provide/speak on the vesting process a bit more to make it easier for people to understand (team vesting that provides an incentive for them to hold.)
> Absolutely!\
> So let's say User A in the team doesn't sell a single token for 2 years, then he will have unlocked all his token by the end of the 2 years. If he sells each month, the vesting could stretch for years beyond the 2 years.
>
> The monthly distribution increases each month by 10% on the previous month's amount. If any amount is sold at any given time, the distribution "goes back" to that month.
>
> Example (not using 10% increase here, just using a simple example)\
> Month 1 = 2
>
> Month 2 = 4
>
> Month 3 = 8
>
> Month 4 = 16, etc.
>
> If at the end of the 4th month, the user decides to sell 24 out of the accumulated 30, the emission for his month #5 will be equal to 8 (as he goes "back" to a previous level of accumulation).
13. A Dashboard with all contributors of Hadeswap would be cool (suggestion)
> Agreed! Will be done for sure - thank you for the suggestion!
14. What will you do with the ABC NFTs in the POL when the warp will take place?
> We might warp as well, who knows what cool sh\*t we'll decide to build on the other side?! ;)
15. Add an escrow wallet like tensor did (suggestion) would also help the POL.
> Question asked by Sax - clarification on-going in DMs to understand the concept of the idea better (23/5/2023).
16. When multichain and which chain? Ordinals volume is mooning.
> We've been working on Ordinals for a bit now\...
17. If hadeswap expands multichains, will it do new bonds on the other chains to expand the POL aswell?
> YES!
18. When DEX and how will it benefit hades/what makes it special in comparison to other DEX's?
> DEX won't be on Solana. We're very good at providing liquidity thanks to our inventory, which is the main strength for DEXs on any chain really. Liquidity attracts liquidity!
19. When Launchpad? And please give more information about the launchpad!
> There are a lot of moving factors internally, on what we have decided to prioritize and we wish we could share some more on those but we don't want to cause delays or give too high of expectations without having it ready to launch. Let's give it some more time...
20. Is there anything planned for Bonding we can know of? Plans to bring RWA to Hades?
> We have recently improved our homepage with more stats to track the POL, better dashboards and such, and we consider all NFTs being high risk assets.
21. "Why not make the UW auctions predictable and favorable to early investors? (like bitcoin). Example: - 100 auctions per day until 15k NFT supply.
* 50 auctions per day until 22,5k NFT supply.
* 25 auctions per day until 26.250 NFT supply.
* 10 auctions until 30k NFT supply."
> Yes, it will be similar to this, once the supply has been reduced, the number of auctions will also significantly reduce, the ABC NFT warp will be increasing the circulating supply by max 10,000 (if everyone warps), and therefore the supply on auctions will be reduced per day.
# Bounty Program
Found a bug? Here's our list of bounties for rewarding your contribution to the protocol!
If you've found a bug or a flaw that may lead to an exploit of various degrees, please don't hesitate to contact us directly via our discord (discord.gg/hadeswap) and open up a ticket with us right away!\
\
We want to reward anyone that helps us reinforce the Hadeswap protocol in making it the most robust there is. You will find the breakdown of the rewards below, to be paid out in $HADES, and they're split in 2 categories: **bugs** and **security issues**.\
\ Minor Bug: $250 worth of $HADES
Medium Bug: $500 worth of $HADES
High Bug: $1,000 worth of $HADES
Critical Bug: $5,000 worth of $HADES
Security Issue (Minor): $1,000 worth of $HADES
Security Issue (Medium): $10,000 worth of $HADES
Security Issue (High): $30,000 worth of $HADES
Security Issue (Critical): $50,000 worth of $HADES