NFT specs

Minting

• Mint Phase: Always open

• Mint Cost: 1 E280 NFT = 1 ELMNT NFT

• Process:

  • User submits an ELMNT NFT to Protocol (on Ethereum)

  • Protocol burns the NFT, and collects the ELMNT tokens inside (on Ethereum)

  • Protocol converts ELMNT to E280 and sends to X chain (on Ethereum)

  • Protocol creates NFT backed by E280 tokens received (on X chain)

  • User claims E280 NFT (on X chain)

Supply

• Capped supply - E280 NFT is mintable only from ELMNT NFT which is a capped supply. So, the supply of E280 NFTs are capped at the total ELMNT NFT supply.

• Deflationary supply - Users burn NFT to claim E280 tokens

Rewards

NFT holders claim E280 tokens from the vault on a weekly basis. The tokens come from transfer taxes, and are not newly minted or inflating the supply. No lockups required. Just hold and claim. Sell or burn your NFT at any time.