Canada’s regulated DEX, Timechain launches its own line of NFTs with special utility!

Canadian regulated decentralized exchange (DEX), Timechain, is expanding its utilities to offer users more than yield earning opportunities by announcing the launch of its non-fungible tokens (NFT) collection, Crypto Cups, today. The new line of NFTs aims to offer Timechain app users and stakers unique earning capabilities, the statement reads. 

The Crypto Cups NFTs will feature a total of 10,000 collectibles with six visible traits and a seventh unique trait (skill), which will distinguish the uniqueness of the NFT. The digital asset will be classified by the rarity of the seventh unique trait including the common, rare, epic, legendary, or unique classes. 

The Crypto Cups NFT started off in the Timechain Labs development studio where a couple of lab technicians stumbled upon the idea while having coffee. According to the team’s statement, One scientist spilled the coffee on his computer, accidentally summoning the Crypto Cups in a bright flash of white light. The idea carried on with the sudden burgeoning market of NFTs, bringing to life the genesis mint of Timechain DEX’s NFT collection. 

“The Crypto Cups found us, and now it is our duty to them to let them see the light on Ethereum and Fantom,” said Louis Cleroux, CEO of Timechain. “This is a unique collection designed with special utility for TimechainApp users, but we also believe that holders will enjoy the art. Looking forward to the mint day!”

Timechain DEX gained following back in 2020 after the Canadian financial authorities registered and regulated the firm, in a first-of-its-kind move in the DeFi scene in the country. Since its launch, the company has built a mobile app, a multi-chain DEX aggregator that provides DeFi services, a cryptocurrency fund that invests in other cryptocurrency projects, and integrated its native TCS token to the platform to incentivize users. 

The launch of Crypto Cups will increase user acquisition on the platform, enticing both the Timechain crypto community and non-native crypto users. Crypto Cups are designed with utility in mind, offering boosts within the Timechain ecosystem. By staking Crypto Cups NFTs in the app, users can earn additional daily TCS tokens, in addition to boosting their rewards rate by 1% on TimechainApp assets. Notwithstanding, the users can re-stake the earned TCS on the TimechainSwap platform to earn more rewards. 

The lower the level of rarity of the NFT, the more capital it is required to boost it, starting from $10,000 for common NFTs and up to no cap for legendary and unique cups. The bonuses can be stacked as well, so 10 common NFTs are equivalent to one rare, and thus offer a 1% boost on accounts up to $100,000 in value.

The company will release the NFTs in a private mint for whitelisted participants with the public sale of the NFTs launching a day later. The minted Crypto Cups will be revealed a week later once sold, or following the public sale, the statement confirms. NFTs will be launched on Ethereum with the team planning future launches on other scalability solution blockchains including Fantom, Terra, Polygon, and Solana. Holders of at least three NFTs on Ethereum will receive one on Fantom for free. There is also a possibility of obtaining a special Crypto Cup serum, potentially related to the Timechain lab scientist who came up with the idea from spilling coffee. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.