If you’re new to the community or our GameFi integrations, you might be wondering about some of the unique features we offer, particularly the Bank and Mitama system. Let’s dive into how these work and introduce some exciting new things we are adding now that we have evolved beyond an NFT Marketplace and are also a DEX!

What is the Bank?

The Bank in Ebisu’s Bay is where you can stake $FRTN (Fortune tokens) to earn Mitama, a special soul-bound token that serves multiple roles within the ecosystem. Mitama not only governs your influence on the platform but also helps generate ryoshi (aka troops) to use in our gamified environment. These troops are essential for gameplay which we will touch on later. In addition to being granted Mitama users also earn a hefty staking APR as well which can be boosted by addition of our Ryoshi NFTs.

How Does Staking Work?

When you deposit your Fortune tokens into the Bank, you commit to locking them for at least 90 days. The longer you lock your tokens, the more Mitama you generate. Here’s how the basic calculation works:

This rewards players with higher governance influence if they agree to lock their tokens up longer. Also it allows balance in the community as a whale may lock a large sum up for the minimum time and receive the same governance ability as a small fish who locks up their tokens for the max amount of time. In addition to receiving more mitama for a longer lock time the APR increases with longer stake times as well.

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Introducing LP Token Banking

When our banking protocol was first released you could only add FRTN token, which was great to encourage our community to HODL their FRTN however it did nothing to help build liquidity for FRTN which is a crucial part to its success long term and for CEX listings. For this purpose we are announcing new support to create vaults using Liquidity Pair tokens containing FRTN. This way community members main participate in our gamified governance as well lend us much needed support in building liquidity for FRTN and they will receive a 2.5x bonus amount of Mitama!

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For example, let us say that Alice creates a vault with LP token containing 1000 FRTN tokens, as the nature of LP tokens is to represent a 1:1 pair of tokens which can be exchanged it would also have equal value worth of in this case WCRO (although also supported at launch will be USDC and zkWCRO). If Alice creates the vault for the maximum amount of time of 1080 days then had she just been staking FRTN alone she would receive 1000 Mitama based on the formula above. However in this case as she is staking LP tokens she also receives another 1000 Mitama for the value of the other side of the pair (in this example WCRO) PLUS she receives an additional 500 Mitama for being a super cool and providing LP, for a total of 2.5x Mitama for FRTN staked. Note, that the amount of Mitama for your LP deposit is static and locked in at the time of deposit depsite the underlying value of the tokens continuously changing.

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What is this Mitama?

We've mentioned Mitama and eluded its used in our Gamified Governance system but for those who are new to the community we'll now explain what this means! When we launched FRTN token we also launched our first Governance driven game with it, Ryoshi Dynasties. In this game our community of NFT holders compete against one another each week by capturing strategic pieces of land to determine which NFT collections will receive platform Listing Rewards in the following week.

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Introducing Yield Farming Quests

While Ryoshi Dynasties is a community favorite it only rewards those in our community who collect NFTs. However as you know since the launch of Ryoshi Dynasties we have grown beyond just an NFT Marketplace and are now also a fully functional V2 DEX. Now we are introducing the first new feature giving utility for those who prefer to participate in DeFi on our DEX side! Now our users may have the choice. Do they send their Troops off to battle on behalf of their favorite NFT collection OR send them to the Yield Farms in order to drastically increase their yield farming APR for a short time.

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Now when users are yield farming they may send their Ryoshi to increase the efficiency of their farms. Each Ryoshi used will boost your yield farming APR for 30 seconds. Therefore it would take 120 Ryoshi to boost your APR for 1 hour, etc. The amount of the APR boost is determined by your account Mitama. Starting at 5% APR boost for the lowest tier, while those who have achieved 2 million Mitama will receive a 300% APR boost! You can level up your account by doing many different activities on the Ebisu's Bay platform, the complete list can be found on our wiki. You will need to send Ryoshi to each farm you are participating in separately. Ryoshi can not currently be used to boost banking APRs as this is done by staking Ryoshi Tales NFTs in the Bank.

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Each time you complete a yield farming quest your account will receive XP and swapping grants XP as well so DeFi lovers should reach level 10 in just a few short months if not sooner! Players will note that they are only able to send 60 Ryoshi to the farms in the beginning, requiring frequent check-ins for maximum yield. However shortly after the launch of Yield Farm quests Ryoshi Heroes will be used to escort your Ryoshi letting you send enough Ryoshi for even days at a time. The charisma of a Hero will influence how many Ryoshi they can lead at one time.

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Yield Farming boosts, like the rewards earned from Ryoshi Dynasties go into your Platform Rewards Vault. Your vault has a 90 day timer starting from when it is first created until it can be fully claimed. If you open your vault early you forfeit some of your rewards. The amount of rewards burnt for early withdraw lowers linearly as the 90 day time goes on until it approaches zero. It is possible to compound your rewards into a Bank Vault without penalty.

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This will lesson the pressure on the FRTN token as the traditional yield farming rates will be slashed in favor of giving even higher APR to those who hold our tokens and participate in our platform and community.

Conclusion

We are really excited about these new features designed to both bring more value and utility to our platform token FRTN and to help build liquidity. Players can begin to see how we will be putting into effect our Hero assets as well and we can expect to see more games brining further utility to FRTN designed to cater towards the community who keep the liquidity for their tokens on Ebisu's Bay granting them yield farming rewards of FRTN as well and even greater synergies for those communities who have both NFT collections and a token or who are using 404 protocols.