DAOLama
DAOLama is a DeFi service on TON blockchain that allows users to pledge their NFTs as collateral and instantly receive Toncoin for them, as well as rent and lease NFTs. The service works on smart contracts.
DAOLama was launched in the summer of 2022. In less than a year, the volume of funds issued has exceeded 1M Toncoin. Now 67 popular NFT collections are available on the platform, including TON Diamonds, Anonymous Telegram Numbers, Arrakken Planet NFTs and others. The platform also features a marketplace for buying and selling NFTs.
Mechanics of the Platform
How to get TON using NFT as collateral?
To get TON, you need to authorize via wallet (Tonkeeper or TON Wallet), select an NFT from the supported collection, initiate the creation of a smart contract and send NFT to it, after which Toncoin will instantly arrive to the user's wallet according to the accepted terms of the transaction. The NFT can be returned at any time before the expiry of the term, which is set at the time of the transaction.
The main utility for the user is the ability to purchase the NFT by paying only a fraction of the cost. The rest of it can be borrowed on the platform.
For example, an Anonymous number can be purchased for 48 TON with a collection floor of 120 TON, and after 14-28 days, return the remaining 72 TON with an overpayment of 1-2 TON.
It is important to realize that the service does not have access to the smart contract, and thus the user's funds.
Ways to purchase NFT in parts
Payment of a part of the cost
The user pays a portion of the cost of the NFT. The seller receives the full amount at once — the balance is covered by the service.
Buyback or Sale
The user pays a portion of the cost of the NFT. The NFT is moved to a special smart collateral contract, from which the user can now redeem the NFT or put the NFT up for sale.
Closing the Loan
The user can sell the NFT during the pledge and receive a profit on top of the residual payment, which will be credited immediately after the sale.
What does the number of Toncoin issued depend on?
The platform focuses on the lower price of the collection and usually gives out up to 80% of the floor price. Other parameters also affect the estimate of the amount to be given out: pledge term, number of unique holders, size of the remaining pool for TON issuance, number of NFTs of this collection in the pledge, TON rate, etc.
NFT Rent
On the DAOLama platform, any user can rent NFTs from another user.
How does renting work?
- The renter creates an ad, specifying the daily rental price and the security deposit amount.
- The user sees the ad, initiates the creation of a smart contract and transfers the security deposit + rental cost.
- The owner sends NFT to the smart contract, it is then transferred to the tenant.
- At the end of the lease term, the NFT is sent to the smart contract and the tenant gets their security deposit back.
If the NFT is not returned on time, the owner automatically receives the security amount that is held on the smart contract.
From May 2024, an Anonymous numbers can be rented without a deposit, i.e. a user can get an anonymous number at his disposal by paying only for the use of the NFT during a certain period.
The NFT is transferred to the renter immediately when the ad is created and is stored on a smart contract.
In addition to the collection of anonymous numbers, the possibility of collateral-free rent will soon be available for more and more NFT collections.
Auctions
If the NFT pledge deadline has passed, the token owner has an additional 24 hours to buy their asset back. All NFTs that are not redeemed 24 hours after the end of the pledge contract go to a special section of the automatic auction, where owners of DAOLama NFTs with the Auctions property can bid and redeem them at a reduced price.
DAOLama NFT
In March 2023, DAO Lama launched its own NFT collection of 514 NFTs. DAOLama NFT holders receive various discounts and privileges, including interest-free loans on the platform, as well as the ability to redeem expired NFTs at auctions.
$LLAMA Token
The project is positioned as community driven, fully funded by the community. The tokenomics of $LLAMA provides for burn-in and buy-back mechanics.
$LLAMA is a utility token that allows holders to receive a portion of the service's profits, access to discounts and other benefits of the platform, the possibility of steaking and providing liquidity. The coin will also be used in new products of the platform.
The closed round of $LLAMA sales took place in March 2024 and was only available to DAOLama NFT holders. The sale lasted several hours and ended earlier than planned. The public sale round took place on April 29, 2024 and was completed in just 20 seconds.
$LLAMA was listed on May 1 on the DeDust and STON.Fi exchanges.
The token $LLAMA participates in The Open League, where it finished 8th in the Small League at the end of the 3rd season.
In June 2024, the $LLAMA/$TON farming pool was launched with a liquidity farming boost. According to DYOR.io, the available liquidity of the $LLAMA token exceeded $1.5M by the middle of the month.
At the end of June, the developers unveiled a $LLAMA Farming Mini-App where engaged users can obtain the $LLAMA token, use boosts to accelerate farming, and receive NFTs and bonuses from platform partners. The developers also announced the launch of a new utility for the $LLAMA token: a part of the service’s profits are regularly allocated to repurchase the $LLAMA token directly from DEX, thereby maintaining the price, with all repurchased tokens going to $LLAMA holders.
Providing Liquidity
The organizers have issued a special DAOLama LP Token (DLP) for liquidity providers on the platform. The raised liquidity is used by the protocol to issue loans: funds are drawn from the Vault, which acts as a counterparty between providers and borrowers. From each loan issued, 80% of the protocol's revenue is distributed to DLP holders, incentivizing users to hold funds in the Vault to generate revenue.
Referral Program
By inviting friends to the platform, the user receives 10% of the commissions. The payout is guaranteed by a smart contract. Each invited friend receives 100% discount on the first deposit, as well as an increased amount of TON. There are no time or amount restrictions.
All users of the service automatically participate in weekly NFT airdrops. Each pledge of the previous week and each DAOLama NFT gives +1 chance to get drops from partner collections. The more turnover on the service, the more valuable the NFT for drops. In June 2024, DAOLama held a $12800 airdrop in $LLAMA among the TOP-100 traders on DEX.
Future Plans
- Tokens Lending Protocol
- LLama Game — a P2E game with multiple modes, the prize pool will be replenished from the profits generated by the platform by redeeming $LLAMA token from the market. The game will allow you to earn/spend tokens by performing various actions and tasks. A separate NFT collection is envisioned for the game, which is scheduled for release in Q3 2024.
- In the next release of the platform, the developers promise to add new functionality and create their own private keys to provide even greater security and anonymity.