What do Potion Unlock NFT Symbolize and Commemorate?
Published in Coinmarketcap.com
- We like it
- It’s original
- It’s buzzing on social media
- The team are trustworthy
- The project is entirely on-chain
- There is a whitepaper
- There are 6 rarities
Conclusion: we’d certainly buy it!
The project in question is called Potion Unlock, a novel launch mechanism designed to release the Potion Protocol into the public domain. At the heart of all this lies 10,000 unique NFTs. This article will explain the symbolism behind these non-fungible tokens, as well as a little background on the groundbreaking achievement they’ve been designed to commemorate.
Let’s start with what these NFTs are going to unlock.
Each NFT contains a fragment of a VERY long encrypted password. When enough fragments are brought together by NFT holders, they will be able to unlock the entire code and documentation of the Potion Protocol, a new, powerful risk management layer in DeFi. Specifically, the protocol allows for the autonomous management of cryptocurrency investment risks based on Automatic Market Makers (AMM).
Read Potion Lab’s whitepaper for further information on the mathematics and blockchain architecture underpinning the protocol’s power.
Here is an example of a Potion Unlock NFT:
As you can see, there’s a lot going on here! Let’s break it down step-by-step.
Firstly, in its entirety, the NFT represents a Kelly Potion recipe.
Perhaps we got a bit ahead of ourselves. The Potion Protocol is based on the Kelly Criterion, a systematic risk allocation strategy used by some of the best risk practitioners in the world. More precisely, Potion Labs have created their very own Kelly Machine, which allows LPs to exchange collateralized risk contracts openly and transparently on-chain. The 10,000 NFTs have therefore been designed as a Kelly Dictionary of insurance contracts (‘potions’) generated by the machine.
As a result, each NFT contains graphics representing each feature of an insurance contract. This means that every symbol has both value and meaning.
Captured in the central area are three primary attributes:
- (Covered) Asset: assets were selected for their brand reputation and market impact, then placed into three different categories (crypto native, DeFi and Metaverse).
- Strike (Price) and Duration: these are represented by the two overlapping circles containing the asset. They display the maximum % price that the insurance will cover, as well as the coverage time window set for the insurance.
Moving to the peripheral attributes, the symbols at the top and bottom of the NFT are used to represent the protocol’s computations and constants. These features of the artwork also bring uniqueness, as they reflect the Kelly bonding curve that governs the insurance choice.
Displayed on the top and bottom of the NFT are Kelly Machine computations and constants. These sections of the artwork are also important for uniqueness as they reflect the bonding curve that governs the insurance choice.
- Training: by counting the number of curves (years) and the number of solid lines (months), you can calculate the time window within which the bonding curve has been trained.
- Curve parameters: these describe the 4 parameters of the one-of-a-kind bonding curve that each Potion insurance contract is based on.
The last two parts of the design to discuss are related to the embedded secret and generative naming; these attributes add empowering eccentricity and ownership to the concept.
- Secret: this is represented by an auto generated pattern based on a rune alphabet. It is the segment of the password that is needed to unlock the protocol.
- Naming Convention: the final sprinkling of magic — it translates the insurance parameters into a metaphorical potion made up of different sized vessels and levels of power.
You can read the full story behind NFT symbolism in Potion’s Deep Dive on Design.
Aside from being beautiful designs, Potion Unlock NFTs have a role to play in commemorating the Potion Protocol and Unlock game as historical breakthroughs.
Crucial to this are the 6 classes of NFT rarity that have been developed, each with their own rarity, unique attributes and color backdrops. This helps to transform the Potion Unlock game into a real metaverse environment, reflecting PotionLabs commitment to true decentralization
The rarities also allow individuals to perform various roles, influencing the citizenship and identity of the members who make up Potion’s DeFi community. IIf you think about it, there are an endless number of reveal strategies, converting Potion Unlock into an open-ended crypto-economic game.
Generally, two aspects affect the role users play in the Potion NFT unlock game?
- Decryption power works by distributing a ‘fragment’ of the password (the secret) to each NFT. The higher this is, the more decryption power you yield, and the more leverage you have in the Unlock game.
- Redundancy works by distributing repeated pieces of the password. The lower this is, the rarer and more valuable your NFT secret is.
By using NFTs as the main value driver of their project, PotionLabs are commemorating an approach that maximizes community involvement through “aggressive decentralization”. Furthermore, the revenue raised through NFT sales will go towards further Potion R&D and continued support of web3 public goods. It’s no wonder DeFi enthusiasts are buzzing.
As you can see, a lot of thought and hard work has been put into the design and conceptualisation of Potion Unlock NFTs. The initiative combines a strong and easy-to-use decentralized model with exceptional art, math, and tech to bring about an original and reputable brand.
If you’d like to take part in Potion Unlock yourself, and get your hands on one of these collectible NFTs, then join the public auction starting on March 14th 2022. To prepare, whitelist yourself at onboarding. potion. auction in advance.
Deep dive: https://Linktr.ee/PotionLabs