Litepaper
Wafini Litepaper
Abstract This brief Litepaper offers clarity on the basic framework behind Wafini, A DAO powered NFT Marketplace on Cardano, the protocols, functionality, features, $WFI token and it's general utility on the Cardano blockchain.
#THE LITEPAPER IS SUBJECT TO CHANGE AND SHALL NOT BE CONSIDERED A COMPREHENSIVE REPRESENTATION OF FUTURE STANDING OF THE WAFINI ECOSYSTEM About Wafini
Wafini is an NFT Marketplace built on Cardano where users can list, buy and trade Non-Fungible Tokens & NFT collectibles.
Users also will be able to mint, list, sell and swap their Non fungible tokens in a fast and seamless way powered by smart contracts on the Cardano Blockchain.
Why Cardano?
We decided to build our marketplace on the Cardano blockchain as it’s one of the most sustainable 3rd generation blockchains with green energy vision and we at Wafini also share the same values and fundamentals hence the decision to build on Cardano.
Wafini is poised to become the first truly DAO owned NFT Marketplace on Cardano Blockchain, designed to be self sustainable without external control or influences.
Wafini Marketplace Homepage
The Wafini ecosystem will give the community of $WFI token holders and Genesis NFTs an opportunity to earn a portion of the transaction fees from NFT trades on Wafini marketplace.
This will promote an enabling fair and decentralized ownership and governance for the sustainability of the Wafini ecosystem.
The Wafini project envisions bringing NFT to all as we foresee a future of every ADA holder having at least one CNFT which will be available with multiple utilities and the creators being able to monetize and gain value from their works.
Wafini Vision and Value Proposition
The Wafini ecosystem will be designed to be a Cardano Decentralized Autonomous Organization (DAO) and as such, it is designed to allow for the community to be able to participate in Governance by holding and staking the $WFI Genesis NFTs and Token.
Being a member of the DAO also allow it’s members to get rewards through the funds generated by transaction fees and also become a pivotal voice in the future decisions regarding the further development of the Wafini project.
Wafini team vision to build an NFT ecosystem that encompasses a zero entry barrier, cheap, fast and scalable Marketplace can be reflected in the teams decision to build on top of the Cardano Blockchain rather than other blockchain which are notably extremely expensive, semi centralized and slow compared to Cardano.
We believe a low cost ecosystem will encourage more entrants to be involved in the Cardano NFT space.
We at Wafini fully abide by the philosophy of decentralization.
Problems Of Current Cardano Marketplaces
Sadly, almost, if not all of existing Cardano NFT marketplaces are not community oriented as users only use the marketplaces to flip and sell their NFTs for profit with little to no community attachment.
According to Chainalysis users have sent more than $26.9 billion worth of cryptocurrency to NFT marketplaces and collections in 2021, and the most popular collections now have weekly transaction volumes in the hundreds of millions.
The Biggest NFT Marketplace in trading volume Opensea takes a 2.5% on every transaction, this means for every $1000 spent on other platform they make $25 on every transaction, this might seem quite little but when compared to the volume of transactions the meager 2.5% runs into millions.
For context OpenSea handled roughly 13.065 billion Dollars in transaction volume in 2021 which netted a 326 Million Dollars in profit from transaction fees.
However the users who support and trade on these platforms don't seem to enjoy any part of these profits made by the platforms.
Most Cardano NFT marketplaces don’t make use of Smart Contracts and the ones that do have limited functionality, leaving users with just same basic functions like buy & sell.
Wafini Solution
Wafini is designed to be a DAO powered non fungible token Marketplace where the token holders have a say in how the marketplace is being governed, thereby giving further utility to the Wafini tokens and Genesis NFTs.
Features of Wafini NFT Marketplace
While Wafini is on a mission to extend the boundaries of innovations in the Cardano NFT space, below are a few core features of Wafini on launch:
Wafini NFT Marketplace will offer the basic marketplace access to users from creation to sale process of their NFTs.
Users will be able to create both single and multiple collection NFTs and be able to trade them on Wafini platform.
Staking & Governance: By staking $WFI tokens and Wafini NFTs, holders will be able to earn staking rewards of up to 20% APY, participate in governance and also be eligible to earn a percentage of the transaction fees on the Wafini NFT Marketplace.
Multi Asset Swap & NFT Offer Bundles: With Wafini protocol, users will be able to list offers to trade specific NFTs and choose to accept payment in ADA or WFI tokens. Instead of listing SpaceBudz NFTs for a certain amount of ADA, users can use Wafini to propose exchanging a SpaceBudz for a package containing a Cardano Fight Club, a Chilled Kong NFTs and a small amount of $WFI token.
Low Transaction Fees & Trade Commissions: Building on Cardano blockchain eliminates the idea that trading NFTs are expensive, as the Cardano Blockchain thrives for its low cost model which will be reduced further with the upcoming Vasil hard fork.
With the introduction of babel fees, Wafini will eliminate the high cost of minting and trading NFTs by introducing our token $WFI that will be deployed on the Cardano Blockchain. Users can opt to pay transaction fees with $WFI tokens.
Social Interactions & Impact
Cardano blockchain is one of the most sustainable 3rd generation blockchains with green energy vision. We also share the same values and fundamentals.
$WFI Token
The Wafini's ($WFI) is a Cardano Native Token which will have a critical role to play in Wafini because it will be the Native token and utility token that will power the Wafini Ecosystem.
Holding the $WFI Token will give users more and added advantage on the Wafini Ecosystem and will support many use cases.
How To Buy Wafini ($WFI Token)
You Can Join In The Wafini Token Sale In 5 Simple Steps
You Can Join In The Wafini Token Sale In 5 Simple Steps
2: Transfer the purchased ADA to a Cardano compatible wallet like Nami, Eternl, Flint Wallets, Yoroi and Daedalus
3: Visit the Wafini Token Sale Page https://sale.wafini.app/ you will be shown a page like the one below, then click on Buy $WFI.
4: Input the amount in ADA you want to purchase, and you would be shown the equivalent amount in $WFI you will be receiving (Note that the minimum Seed Sale amount is 500 ADA).
Also for every 100,000 WFI Tokens purchased, you will get a free Wafini Genesis passport NFT.
5: Copy the address or scan the QR code that is shown and send not less than 500 ADA to the Seed Sale address. Any amount less than 500 ADA will be refunded, minus the fees.
Token Utility
The WFI token will be utilized in the Wafini ecosystem in the following ways:
Community Governance: Wafini DAO is the governance arm of the Wafini Ecosystem. Only by holding $WFI can one participate in community governance on Wafini Ecosystem through voting to make decisions regarding features and Marketplace upgrade etc.
Staking: Staking $WFI will be another medium of added utility to the Wafini Native Token, by staking a minimum pre-determined amount of $WFI Tokens over a period of time, users will earn rewards in $WFI tokens.
Transaction Fees: Post Vasil, users can opt to pay for transaction fees in $WFI instead of ADA, this will be made possible with the Babel fees mechanism that will be coming on Cardano after Vasil Hard Fork.
Utility NFTs & Commissions: Utility NFTs are NFTs with use cases beyond just being unique digital assets. These are NFTs which grant their owner privileges, rights, or rewards which they would not otherwise be able to access.
Holding the Wafini Genesis NFTs will give holders percentages of trade commissions on the Wafini NFT Marketplace, thereby giving further utility to the Genesis NFTs which will ensure the sustainability and longevity of the Wafini Marketplace Trade.
Users can choose to receive their commission in $WFI tokens as well.
Tokenomics
The $WFI tokens is the official DAO Token of the Wafini Ecosystem and provides multiple forms of utility. Early adopters have the opportunity to become members of the Wafini DAO by acquiring $WFI Tokens which serves as a decentralized governance token for the Wafini NFT Marketplace.
$WFI Token Details
Token Name: Wafini
Ticker: $WFI
Total Supply: 100,000,000
Token Allocation
Team - 15%
Seed Sale - 10%
Pre-Sale - 15%
Public Sale - 20%
Staking - 20%
Liquidity - 10%
Marketing - 5%
Airdrops - 1.5%
Advisors - 3%
Token Distribution
As the Tokenomics has been outlined above, here we will explain how Wafini token distribution will occur for the allocations.
There will be no vested or locked tokens for during token sales. Every purchase will be 100% released on purchase.
However, the team and advisory tokens will have a two months cliff and a 25% monthly vesting until fully expended.
Wafini Token Distribution & Team Token Vesting
Roadmap
Phase One
- Wafini Idea Brainstorming
- Social Media Channels Set Up
- Website release
- Litepaper Release
- Wafini NFT Marketplace Initial Demo Release
- $WFI TGE
- Seed & Pre-Sale to early investors
- $WFI Token Staking
- MVP Release On Cardano Pre-Prod Environment
Phase Two
- WFI Token Public Sale
- Wafini NFT Marketplace Incentivized Testing
- WFI Listing on Decentralized Exchange and Centralized Exchanges
- Implementation $WFI Token utility on Wafini Marketplace such as governance, discount on Transaction fees
- Launch of Wafini NFT Platform On Cardano Main-net
Phase Three
- Strategic partnerships with Cardano projects
- Further Development / improvement of the Wafini Ecosystem
- Milkomeda Side-chain & Algorand Integration
Technology Stack
Wafini protocol will consist of a set of Cardano smart contracts whose purpose is to manage the $WFI token and the marketplace buy & Sell mechanisms.
More in detail, the Wafini marketplace will use three smart contracts:
The first is a token minting contract which will allow users to create and manage their tokens while the second one is an NFT minting contract that enables the minting process of the NFTs created by Wafini.
The third smart contract manages, buy, sell and auctions using a fully on-chain and decentralized system, thus acting as an impartial escrow ensuring transparency and regularity of execution to all parties involved.
All smart contracts are built using Plutus V2 smart contract language and deployed on the Cardano Network.
Team
Check out the team behind this innovative marketplace on Cardano
We are also looking for passionate developers, auditors and designers who would join us on this mission to become the leading non fungible token marketplace on Cardano.
Conclusion
Wafini NFT Marketplace will revolutionize the Cardano NFT space with novel features and utilities never seen before on Cardano, with its design as a Decentralized Autonomous Organization (DAO) to allow for the community to be able to participate in Governance of the NFT Marketplace.
This presents an opportunity for the average user to have a say on how the Marketplace is being Governed.
Wafini is poised to become the first truly DAO owned NFT Marketplace on Cardano Blockchain, designed to be self sustainable without external control or influences.
Disclaimer
This Litepaper is dedicated for marketing purposes only, meaning it is not intended to be legally binding and is delivered “as is”. Nothing in this document shall be deemed to constitute a prospectus of any sort, or an invitation ,or a solicitation for investment, nor does it in any way pertain to an offering, invitation, or solicitation of an offer to purchase any security, ownership right, stake, share, future revenue, company participation, or other equivalent rights in any jurisdiction.
Information in this document also does not constitute a recommendation by any person to purchase tokens, currencies, or any other cryptographic assets; neither the Issuer has authorized any person to provide any recommendations of such kind.
Forward-Looking Statements
Observations contained in this document may constitute forward-looking statements or speak of future events or plans. Such forward-looking statements or information involve known and unknown risks and uncertainties, which may cause occurring events to be different. Errors, inaccuracies, or omissions may also occur in any such statements or information. Accordingly, no reliances should be placed on any such forward-looking statements or information, and all Issuer liabilities are disclaimed.
Thank You!
Email: [email protected]
Last modified 2mo ago