Vortex firmly believes that the long-term development of the platform comes from mutual growth with its core users. According to the currently disclosed economic model, nearly 70% of the VTX token distribution is closely related to user incentives. Vortex has innovatively launched a customer loyalty program, which ties together the VTX tokens burned by users with their membership levels, referral rewards, and node dividends, based on PoB (Proof of Burn) mechanism. Core users participating in the loyalty program can achieve up to 300% APY from burn mining output and share 10% of the platform’s monthly trading fees as dividends.
To continuously record and incrementally increase the rights of core users for their comprehensive trading behaviors on the Vortex platform, and to enable the splitting and trading of those rights, Vortex has found an innovative technical solution. Vortex has introduced DID-ERC6551, a user trading identity NFT based on the ERC-6551 protocol, bringing a whole new set of changes and possibilities to the user growth system.
What is ERC-6551?
ERC-6551 is a standard for token-bound accounts on the Ethereum network. It was proposed in February 2023 and deployed on the Ethereum mainnet on May 7, 2023. This standard allows for the creation of smart contract wallets for each ERC-721 NFT, enhancing their composability, dynamism, and interactivity.
This standard enables the creation of Token-Bound Accounts (TBAs), which are smart contract wallets with creation interfaces and registries owned by ERC-721 tokens. This endows NFTs with two important features. The first is the ‘ability to own assets,’ whether they are ERC-20, ERC-721, or ERC-1155 tokens. The second is the ‘ability to participate in community governance,’ such as becoming a signatory for multi-signature contracts or voting on community proposals.
This provides community members with more incentives to deeply engage in Vortex’s trading ecosystem. After acquiring a DID-ERC6551 identity NFT, users can interact with different product features, meet token burn requirements, become members or dividend node members, and participate in the platform’s Staking and Lending functionalities to earn corresponding rights tickets. This opens up countless possibilities for Vortex’s loyalty and reputation systems.
Vortex Builds a Trading User Growth System Through ERC-6551
ERC-6551 allows for the creation of token-bound accounts for each NFT, giving NFTs the direct ability to control assets and participate in governance. This provides a foundation for Vortex to construct a unique user incentive system. The features and applicable scenarios of this standard align well with Vortex’s focus on membership systems and user governance. Therefore, Vortex plans to use ERC-6551 to create a one-of-a-kind trading user growth system, which is a first in the DeFi sector.
Vortex will issue identity NFTs called DID-ERC6551s, built on the ERC-6551 standard, to user accounts that meet certain criteria. Users will have an upgradable, growing NFT account. DID-ERC6551s not only record membership rights and verify asset credentials but also have transferable and appreciable properties.
Characteristics of DID-ERC6551:
1.Accumulates upgradability and growth along with trading behaviors
2.DID-ERC6551 is tradable
3.DID-ERC6551 can own multiple assets
4.Various assets/rights NFTs within DID-ERC6551 are transferable, tradable, and combinable
The Vortex Equity Trading Platform is about to launch.
Benefiting from the ERC-6551 standard, Vortex users will have a unified NFT account, integrating membership management, equity records, and reward redemption. Moreover, users can interact with other on-chain DAPPs in partnership with Vortex using this NFT account. Data can be accumulated in the NFT account, recording all the user’s rights and interaction records.
DID-ERC6551 will be able to own or manage the following assets:
Management of membership level NFTs
Membership benefits include but are not limited to mining acceleration packages for destruction, Launpad WL tickets
Monthly node reward tickets
RWA asset certificates purchased by users
Tickets for user participation in staking, lending, etc.
Periodic airdrop incentive NFTs
Joint equity tickets launched by Vortex and other cooperating parties and listing projects.
Since various data and rights are encapsulated as NFTs and users can freely dispose of them, this unique equity system also brings more innovative gameplay to users. Based on DID-ERC6551, the Vortex Equity Trading Platform is about to launch. Through the Vortex Equity Trading Platform, users can mint, split, and trade Vortex NFTs, Vortex membership rights, and rights provided by Vortex partners. This allows users to have more comprehensive control over their rights.
Vortex places great emphasis on user contributions and platform loyalty, rewarding users through various economic incentive models. The ERC-6551 standard provides Vortex with new possibilities to further enrich the user growth system. Through the perfect combination of technological innovation and mechanism design, Vortex will create an unprecedented user growth system, allowing users to truly become the core force of the platform and benefit in the long term. Vortex is leading Defi into a new era of user governance and continuous incentives.
Website: http://www.vortex.ink
LinkTree: linktr.ee/VortexDex