GumBall Protocol Launches on Arbitrum !
GumBall Website: https://www.gumball.fi/
GumBall Twitter: https://twitter.com/GumBallProtocol
Discord: https://discord.gg/yfyHfegmXg
LiquiCats Twitter: https://twitter.com/cats_liquid
GumBall Protocol has launched on Arbitrum, bringing a new class of digital assets to the Layer-2 ecosystem! The protocol’s launch saw major success, with GumBall ranking as the #1 Arbitrum NFT marketplace by volume and #2 by UAW for the first week.
“What exactly is GumBall Protocol?”
GumBall is a Creation Hub and Marketplace for Liquid NFTs. It is a collection of contracts that allows creators to deploy collections of assets that can be bought and sold instantly. When these NFTs are minted, the liquidity used to mint the item remains available for NFT holders to access. This means NFT holders can buy and sell unique digital items on GumBall, much like the typical experience with an automated market maker (AMM).
Trading collectibles on GumBall is easy. No listing or auctions necessary- liquidity can be found at the click of a button. Collection items can be staked on GumBall to earn swap fees from the collection, and staked items can be borrowed against without users risking liquidation or paying interest.
Sure sounds great, but how is this all achieved?
GumBall utilizes a novel architecture for creating digital assets. GumBall NFT collections consist of 2 parts:
- Collection-specific ERC20 tokens. The generic name for these is GBT (GumBall Tokens). Each collection will have its own token ($MEOW is the GBT for LiquiCats NFT collection, for example). These tokens are bought from a collection’s bonding curve and used 1:1 to mint their respective NFTs. These tokens are fungible and always represent a liquid position of 1 GumBall NFT.
- ERC721 NFT (gNFT)- the digital asset itself. This is what people think of as an NFT and is typically represented by a picture and metadata, but the possibilities of “what” a GumBall NFT can be are very open ended, with planned applications for fashion, GameFi, and more.
Collection ERC20 tokens are minted by users depositing a corresponding amount of ETH into the bonding curve. These tokens are then used to mint gNFTs. The liquidity in the bonding curve allows each gNFT to have a corresponding liquid position that facilitates a number of DeFi integrations, instant buys/sells, and more.
For more information on the architecture of the GumBall system, please visit our Gitbook: https://gum-ball.gitbook.io/gumball-protocol/
GumBall currently features core functionalities of the liquid marketplace. The very first collection to launch on GumBall was LiquiCats collectible NFTs.
LiquiCats launched with tremendous success, doing over 1,000 ETH volume in the first 48 hrs of minting! We are beyond grateful for the continued support of the Arbitrum community! Special thanks to the LiquiCats team for choosing to launch with us!
2 additional collections have already launched on GumBall. Check out the Gallery on the website link above.
GumBall V2 is right around the corner in 2023, and will include a complete UI overhaul, zappers for quick swapping, easier permissionless gNFT creation, expanded contract functionality, and numerous protocol integrations across the Arbitrum ecosystem.
One key expansion will be the inclusion of physical redemption options for NFTs. This system allows for NFT retail items such as clothing that earn users yield from owning them. Examples of this application are boundless, but can include clothing and fashion, limited edition collectibles, or even tattoos and other cosmetic services that earn yield! Combined with other upcoming innovations such as physical backed tokens, GumBall’s physical redemption contract creates never before seen possibilities for physical item integrations into DeFi and NFTs. Users can expect to see these redemption options in 2023.
A huge thank you to the Arbitrum Team and Community for the amazing support thus far! After building alongside so many talented teams on Arbitrum, and seeing the massive interest in our Testnet, it has become abundantly clear that Arbitrum would make fantastic home for the premier of GumBall! The first week has more than confirmed this!
Thanks for reading. Be sure to follow GumBall on Twitter and to join the Discord for the most up to date info about the platoform.
