Vault Creation
PIPX Vaults introduces a new vault creation interface that allows you to easily create a public vault for any NFT or a specific subset of IDs for an NFT.
Why create a vault?
Vault creation allows users and content creators to begin minting fungible ERC20 tokens for any NFT that represents the NFTs in a 1:1 ratio.
By creating NFT-backed ERC20 tokens, users can create liquidity markets for otherwise illiquid NFTs whilst also earning fees and rewards from liquidity provisions.
Vault Creation Step-by-Step
Create a PIPX Vault
Three fields are required to create a PIPX vault as shown below.
NFT Asset Address
The NFT asset address is immutable and points to the contract from which this vault will accept mints. By default, all NFT IDs from this contract will be eligible for minting in the vault.
Eligibility lists or ranges can be added once the vault has been created. This will allow you to target specific NFT IDs for groups of NFTs like Phoenix Class 1", or create NFT ID ranges for specific projects like Pi Circles, from within a single NFT contract address.
Some assets are already used in other vaults. For example, Phoenix is used in multiple vaults and separated using eligibility ranges. To avoid adding a duplicate vault and splitting liquidity, review the existing vaults before proceeding.
Vault Name
This will be the name of the ERC20 token that is minted from this vault.
Vault Symbol
This will be the symbol of the ERC20 token that is minted from this vault.
Both the Vault Name and Vault symbol will appear anywhere that this token appears, from CoinGecko and BSCscan through to SushiSwap
A strong name and symbol play a critical part in a vault's long-term success. Try to keep the name singular (sCircle, not sCircles), six characters or less (to enable ticker links in Twitter), and use a real word where possible (Circles, not Pi Protocol sCircles).
Vault Created
Once your "create a vault" transaction that has been confirmed onChain you will be notified.
Your vault will not be visible in the DaPP until it has been finished and published.
You can find your Vault in your Profile Tab -> USER VAULTS.
Manage Vault
Vault management allows vault creators to modify a number of important settings as well as publish the vault so that it becomes visible on the DaPP.
Published / Finalized vaults cannot be edited by the creator, only the Project can make updates to published vaults. Carefully review the vault's settings before publishing, including setting the Fees and Eligibility settings.
Enable Vault Features
Enable Minting — The most important part of creating a vault is allowing users to mint their NFTs in. If you wanted to use the vault as a way to airdrop tokens for users to redeem NFTs from the vault you might disable the mint feature.
Enable Random Redeems — Allow users to randomly retrieve an NFT from your vault.
Enable Target Redeems — Users will be able to choose the NFTs they can redeem from the vault for an additional fee which you can set within the Fees section.
Enable Random Swaps — Allow users to randomly retrieve an NFT from your vault for spending an NFT.
Enable Target Swaps— Users will be able to choose the NFTs they can redeem from the vault for spending an NFT for an additional fee which you can set within the Fees section.
Fees
Fees can now be set on the individual vaults which will then be distributed to the liquidity providers staking their LP. By default all new vaults are set with 10% Mint Fee (meaning you receive 0.95 tokens for each NFT minted), 4% Random Redeem Fee (so 1.06 tokens can redeem 1 random NFT from the vault), and a 6% Targeted Redeem Fee (1.06 tokens are needed to choose the NFT you want from the vault).
When seeding the vault with liquidity and inventory staking you bypass the mint fees.
Eligibilities
A vault's eligibility list is an allowed list or range of NFT IDs that can be minted to this vault.
List Module
Use this setting for specific individual IDs to add to the eligibility list.
Eligibility Range
For blocks of eligible IDs, use this setting to specify the "from" and "to" (inclusive) IDs that will be added to the eligibility list. These work well for projects like Pi Protocol Phoenix which are all minted from the same contract but have distinct ranges for each Class.
Publishing your Vault
Before your vault will be visible on the app you will need to mint at least one eligible NFT.
Once you've added one or more NFTs to your new vault you will have the option to finalize your vault. Once the vault has been finalized the ownership is passed to the Project and you will no longer be able to update the Fees or Eligibilities.
Once confirmed you will be redirected to the vault detail page. This page will provide you with an overview of the vault details.
Verifying your vault
The Team will review your Vault creation and will approve it. You will be notified once it's approved and live.
FAQ
Why isn't my vault showing in the DaPP?
The most common reason for this is that your vault does not yet have holdings or has not been finalized. To add holdings, visit the vault management page and click "Deposit NFTs".
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