The Battlefield (Escrow Swap Contract)
The Battlefield is our innovative two-way escrow swap contract which allows you to swap your Titan Legends NFT for $LGNDX tokens and vice versa. It has two main user functions:
User Function 1: Claiming the Bounty
By locking NFTs in The Battlefield, a user can claim $LGNDX tokens as a bounty for sending your dragon to battle. From the claim, 3% of the $LGNDX from the transaction is burned forever.
User Function 2: Paying the Ransom
To retrieve an NFT from the Battlefield, you must pay a "Ransom" back to the Battlefield in the $LGNDX token. This payment includes the bounty amount plus a 3% premium. Once paid, the NFT will be transferred to your wallet. Similar to claiming a bounty, 3% of the $LGNDX from this transaction is burned forever.
Paying the ransom to purchase an NFT is excluded from the Early Claim Burn if a user purchases an NFT from the Battlefield then wishes to claim the tokens linked with the NFT.
This mechanism may sound complicated, but it is very simple in practice with 2 button user operation. The Hybrid NFT model simply links the value of the Titan Legends NFT with the $LGNDX token, meaning that if the price of $LGNDX moves, so does the "Liquid Floor Price" of the NFT since each NFT represents x amount of the $LGNDX token.
IMPORTANT: ANY USER IS ABLE TO PAY THE RANSOM AND CLAIM ANY NFT THEY WOULD LIKE TO PURCHASE OUT OF THE BATTLEFIELD AT ANY TIME. This means if there is a super rare NFT that another user had already claimed the tokens for, that a different user can come and purchase that same NFT for the "liquid floor price" from the Battlefield, further enhancing the game theory of the protocol.
Last updated