The L1X ecosystem is evolving, and we’re excited to introduce a revamped Tier NFT System designed to empower our community, simplify processes, and create seamless ways to engage. At the heart of the ecosystem are L1X-Swaps, driving innovation and utility, while the new Tier NFT System fosters deeper community involvement and engagement. By creating an interactive and rewarding experience, this system strengthens user retention, inspires participation, and ultimately accelerates transactions and growth across the L1X ecosystem. Together, we’re building a vibrant, connected community that fuels the future of bridgeless decentralized swaps.
This blog post highlights the key updates to the L1X NFT Tier System and how they differ from the previous structure, ensuring you stay informed and prepared to take advantage of the latest changes.
What’s New in the Tier NFT System?
1. Mint your Pawn NFT with no Strings Attached
Previous Structure:
- Users had to meet Initial Performance Criteria (IPC) to mint their first NFT.
- Actions within the L1X ecosystem were essential for tier upgrades.
New Structure:
- No IPC required to mint your first NFT.
- Users can mint their Pawn NFT by simply connecting their wallet. This is to make sure that there is a sense of belongingness to L1X established the moment user connects the wallet. Community building at the core of growth!
- While users can earn points without minting an NFT, a minted NFT is required to redeem points.
- Tier upgrading based on L1XApp actions is no longer available.
2. Purchasing L1X NFT Tiers
Previous Structure:
- NFT purchases allowed users to receive L1X Coins in return for the purchase amount.
- Purchasing with L1X Coins provided bonuses or boosters.
New Structure:
- NFT tiers can now be purchased using available cryptocurrencies displayed in the purchase section.
- Users will not receive L1X Coins for the purchase amount.
- No bonuses or boosters are provided for purchases made with L1X Coins.
- A simple buy process ensures users receive their NFT upon payment.
- Users can upgrade to higher tiers by paying the difference amount between tiers, instead of repurchasing at full price.
- Only Rook, Queen, and King tiers are eligible to earn revenue from the L1X App. The Foundation will hold a community poll to vote on including Knight and Bishop into this model.
- Previous users who purchased using L1X coins will still be receiving the multiplier L1X coins with the previous decided schedule.
3. Scoring Points (SP)
Previous Structure:
- Points could be earned through a variety of actions, including swaps, staking, and partner campaigns.
- Points were subject to expiration at the end of each calendar month.
- The Pawn tier multiplier was set at 0.1x.
New Structure:
- Scoring points are now limited to Swap actions within the app.
- Points will not expire and maintain a 1:1 ratio with L1X Coins.
- The Pawn multiplier has been increased to 0.5x from 0.1x.
4. Direct Entry Criteria
Previous Structure:
- Username NFT holders could mint the Knight NFT for free.
New Structure:
- Direct entry criteria for Queen and King tiers remain unchanged:
- Queen: $10,000–$19,999 in investment.
- King: $20,000+ in investment.
- Users with a Username NFT will no longer be able to mint the Knight NFT for free. We have reduced the price of the username. If you are a user who bought username previously and want to mint a free Knight NFT, create a ticket on discord to proceed with the process.
Activity Page Improvements
- The Activity page has been simplified, allowing users to:
- View their swap count.
- Track points earned in real-time.
- Redeeming points is now easier with a one-click redemption feature, ensuring a seamless user experience.
Updated Multiplier Points by NFT Tier
| NFT Tier | Multiplier Points |
|---|---|
| Pawn | 0.50 |
| Knight | 1.00 |
| Bishop | 4.00 |
| Rook | 10.00 |
| Queen | 40.00 |
| King | 200.00 |
Summary of Benefits
The updated structure simplifies the Tier NFT System and provides clarity for all users. Whether you’re new to the L1X ecosystem or a seasoned participant, here’s what you’ll gain:
- Simplified Access: Minting your first NFT is easier than ever with no IPC requirements.
- Flexible Upgrades: Upgrade tiers by paying only the difference, saving time and resources.
- Enhanced Point Redemption: Points never expire, giving users more flexibility to redeem them.
- Improved Activity Tracking: Easily monitor your activity and points via the simplified Activity page.
Next Steps
- Mint Your First NFT: Connect your wallet and mint a Pawn NFT to begin earning and redeeming points.
- Purchase or Upgrade Tiers: Explore higher-tier NFTs to unlock exclusive benefits and revenue opportunities.
- Engage with the Ecosystem: Perform swaps within the L1XApp to earn points and maximize your rewards.
Stay tuned for more updates and opportunities within the L1X ecosystem. For further details, visit our official channels or reach out to our support team.
