Monoswap is the Blast native custom-built gamified DEX launched in 2023.
MonoSwap has integrated spNFT and Maestro's innovative technology and concentrated liquidity managers into the V3 AMM to improve and expand trading capabilities.
The most important innovation in MonoSwap is the introduction of a groundbreaking approach to liquidity, centered around non-fungible staked positions. These yield-bearing positions serve as an additional layer above regular LP tokens, incorporating new features that benefit both users and protocols:
- Dynamic Handling of Locks and Yield Boosts: Manage locking on staked positions and the accompanying yield enhancements.
- Increased capital efficiency by implementing a variety of custom staking strategies.
- Reusability, both within their protocol, exemplified by Maestro pools, and through the potential for external implementations.
Each LP MonoSwap has its own staking positions (or LP-NFTs) that users can mint by wrapping LP tokens (i.e., depositing them into the corresponding contract).
When a position is created, the deposit is directed to a specific corresponding NFTPool contract in exchange for the NFT of the staking position, which can be seen as a kind of deposit receipt.
Each staked position (LP-NFT) has the following basic information: unique identifier, LP deposit token, amount of LP token on deposit, an APY, additional lock settings (duration, start/end time)
multiplier information.
The owner of LP-NFT position has access to operations:
- Refill the position
- Reset the lock if the position is locked.
- Withdraw a specified number of tokens from a position. If the position is emptied, the LP-NFT is automatically burned.
- Harvest all pending rewards (xMONO and MONO) from the position.
- Lock an unlocked position for a specified period of time. If the position is already locked, renew or extend the locking period.
- Transfer a position to another address.
- Split the position into two, dividing the original amount between them.
- Combine positions into one.
- Locks. When creating a position, you can specify the duration of the lock, implying that nothing can be removed from the LP-NFT until the lock expires. Each wrapped LP MonoSwap has its own lock settings (maximum lock duration and its corresponding maximum lock multiplier). The lock will provide a yield bonus based on this multiplier if the LP position is incentivized, and may be a prerequisite for eligibility to bet in the Maestro pool.
Each profitable LP-NFT will have its own APY based on:
- The allocation set by the Maestro for the wrapped LP
- Lock Multiplier
- Yield Energize Multiplier
