Mint

Simple Explainer: You can exchange your NFTs for an ERC20 Token which represents your NFT in a 1:1 Ratio. The received Token can be used to earn Yield, buy NFTs from this Vault, or can be sold on Sushiswap for BNB.

PIPX introduces a minting interface that allows you to easily mint a liquid ERC20 token from your NFT!

Why mint an NFT?

By adding your NFT to a PIPX vault you mint an ERC-20 token (xToken) that has a 1:1 claim on a random NFT inside the vault. Unlike a non-fungible token (NFT), an ERC-20 is fungible (all tokens are the same) and this allows it to be:

• Instantly sold at an AMM (like Sushiswap)

• Pooled in an AMM to earn trading fees

• Staking

• Used as collateral to borrow stablecoins

xTokens can be used to redeem a random vault NFT at any time.

Minting Step-by-step

Choose your vault

The initial mint view shows all the current PIPX Vaults that you are able to mint into based on the contents of your connected wallet. In this example, we're going to select the Phoenix Class 5 vault.

Selecting NFTs

Choose the NFTs from your wallet that you would like to mint to the vault. Remember, the vaults are often floor vaults, and minting a higher value NFT will provide the same result as a lower value NFT from the collection.

Mint Overview

The mint overview ( right side ) will show you the NFTs you have selected, their approval status, the mint fee, and the number of tokens you will receive after minting. Although as shown in the screenshot uppon, you will sometimes need to "Approve" the NFTs to be minted into the Vault. Once Approved, the "Mint PC5" (or relevant NFT name) will appear and you can complete the minting process.

Approval

Your NFTs will need to be approved for use by the PIPX contract before they can be minted into an ERC-20. To approve all your NFTs in this contract (i.e. the Phoenix contract), click "Approve".

Mint fee & Tokens received

The mint fee will be distributed 100% to the liquidity providers. The fee is set to a default of 10%, however, during the vault creation process, this can be changed to any value. Once the vault is published, only the Project is able to update the mint fees via a request to the Team. With a 10% mint fee, each NFT minted will result in the distribution of 0.90 xTokens (in this case Phoenix tokens) with the remainder distributed to the liquidity providers.

Minting

With your NFTs approved and your mint value confirmed, click the "Mint" button to generate your xTokens. Each NFT will return a single xToken, minus the mint fee. For example, minting 2 Phoenix to the Phoenix vault will return 1.8 PC5 ERC-20 tokens. It is important to mint your NFT to the appropriate vault. Do not mint high-value NFTs (i.e. a Phoenix Class 47) to a lower-value vault (i.e. Phoenix Class 1).

Bypass Mint Fees with Staking

To encourage more liquidity for the vaults we allow users to avoid paying the mint fee if they choose to stake liquidity for a minimum of 48 hours.

Choosing the Stake LPs option requires an additional confirmation step, also shown below. This provides an overview of the number of tokens you are pairing, and the amount of BNB you need to pair for the pool.

• Mint fee — the mint fee is waived for staking your liquidity for 48 hours.

• Lock time — the length of time your position will be locked. After 48 hours you can unstake and withdraw your liquidity.

Remember that if you already have a position on the vault your entire position will be locked for 48 hours, not just the amount you are zapping on this process. This does not affect any other positions you might have in other vaults on PIPX. Once you have confirmed the Stake LPs you can view the Staking page to see your positions, and the time left on your locked positions.

FAQ

Why aren't my NFTs showing in the Vault?

If you can't see an asset it will be for one of the following reasons:

Your NFT is not eligible for the vault

Some vaults use eligibilities to ensure that only certain sub-categories of an NFT can be included.

You have just received your NFT

We use the PI Marketplace API to list the available NFTs that you may have in your wallet. The API can sometimes take a few minutes to update. Please wait 5 minutes and if it is still not showing, reach out to our Team.

Can I get my NFT back once I've added it to a vault?

A xToken provides a claim on a single asset within a vault. Targeted redeems allow you to choose any NFT from the vault for a 5% premium (this is the default setting, vault owners can change this value during the vault creation process). You can buy additional xTokens from SushiSwap, and we will soon allow you to make up the additional xToken with BNB directly from the App.

My NFT can be deposited in multiple vaults, which one do I choose?

Some NFTs are eligible to be deposited into multiple vaults. Always check an NFT's available vaults before minting an xToken to ensure the most appropriate one is selected.

I've minted my NFT but I haven't received my Token yet

You need to add the vault token as a custom token to your Metamask wallet.