Hippo Finance, a community governed DeFi hedge fund, recently announced an upcoming sub ecosystem for users to earn rare non-fungible tokens (NFTs). The team aims to strengthen the value of HIPPO tokens by providing an additional use case for dHIPPO tokens through NFT farming. Excitingly, the NFTs known as Hippo Cards, are not just crypto-collectibles as they will be usable within the platform from launch.
Hippo Card NFTs Overview
There are five tiers of Hippo Cards with an increasing rarity and power level: Hippo, Angry Hippo, Dark Hippo, Golden Hippo, and Hippo God. Users can stake their Hippo Cards to boost their farming APY returns.
The boost depends on the power level of the NFT staked. Investors have two options for acquiring the NFTs: stake in the Hippo-Farm or buy them directly in the Hippo-Mart.
Additionally, the Hippo Cards can be freely traded in the platform’s native NFT marketplace known as the Hippo-Auction.
What is the Hippo-Farm?
Hippo-Farm is where users will be able to start NFT farming for Hippo Cards. It lets you farm wMELON tokens which you can use to buy Hippo Cards in the Hippo-Mart. First, you will need to provide liquidity to the dHIPPO-ETH pair on Uniswap. Currently, you can acquire dHIPPO tokens directly on Uniswap, or farm dHIPPO on the main platform. Once live, you will be able to earn wMELON tokens by staking your dHIPPO-ETH Uni LP in the WaterMelon Pool.
Furthermore, users will be able to stake their Hippo Cards to boost their farming APY in the pool depending on the NFT’s power level. Meaning the Hippo Cards immediately have a use case within the ecosystem!
What is the Hippo-Mart?
This is where users will be able to purchase NFT Hippo Cards with their farmed wMELON tokens. However, the rarer cards with higher power levels will only be purchasable with dHIPPO tokens.
Additionally, there will be a Random and Special Lottery where users can buy tickets using wMELON or dHIPPO for a chance of winning the rarest Hippo Cards. Lastly, the team is also planning partnership deals to provide more use cases for the NFTs, such as using the cards to buy other products.
hGRASS Energy Token
Hippos need to eat, right? To provide a more gamified experience to users, the power level that boosts your farming APY will decrease over time. To recharge the boost, you need to feed your Hippo by staking hGRASS tokens.
Users can farm hGRASS tokens in the Hippo-Gym by providing liquidity to the Uniswap pairs of wMELON/ETH or hGRASS/ETH and staking their LP tokens. Note that the hGRASS/ETH pool features an x1.5 multiplier so will provide you with higher rewards.
Interest and demand are growing massively around collectibles from DeFi users and crypto investors alike. The move by Hippo Finance to expand into NFTs is a positive sign that the development team is watching market trends closely. It is also great to see that the sub ecosystem’s design provides immediate usage for the minted NFTs. These are not just crypto-collectibles for future price speculation with zero usability.
As a result, the cards themselves could see massive buying pressure via the Auction-House as farmers want to increase their APY. Will be interesting to watch the price discovery on the launch!