Dynamic NFTs & Artwork
LUSD Chicken Bonds feature dynamic NFTs. Users receive a generative ERC-721 egg when creating a bond with four attributes: border, card, egg color, and egg size. The first three are rolled randomly while the egg size scales with the deposited LUSD amount.
Eggs NFT represents the bond; they are tied to the deposited assets, like Uniswap V3 LP NFT. By selling the egg NFT the user transfers also the bond and deposited LUSD.
Chicken Bonds is pioneering Dynamic NFTs: you always hold the same NFT but its visual representation changes (egg, chad chicken or runaway chicken) based on your actions in the system. Further, the rarity of the NFT will depend on the users' bond size and current on-chain activities within Liquity’s ecosystem.
Three types of NFTs can be acquired:
- 1.When a bond is created, the user obtains an egg
- 2.While chickening out, a runaway chicken
- 3.While chickening in, a chad chicken
The egg attributes carry over to the next forms, and additional attributes are also gained while Chickening In.
The concept of "affinity" makes it more likely to roll attributes from the same family. The egg attributes are picked sequentially: obtaining a rainbow border makes it more likely also to get a rainbow card or egg.
There are different rarities of the traits in each of the NFT types (Egg, Chicken In, Chicken Out). Users can increase their chances to receive a more rare trait - these properties are considered for your bonding Ethereum address. Larger quantities correspond to a higher chance of receiving rare traits:
- Bond size
- Size of Liquity Trove (size of LUSD loan)
- LQTY staked (either directly, or through Pickle)
- veCRV devoted to LUSD/3CRV & LUSD/FRAX gauges
Chicken Bond NFT artwork traits are in part randomized. Different traits have different “weights” - that is, different likelihoods of being picked. Some traits also have “affinities” - e.g. a certain card color may be more likely to lead to a certain image component - etc.
The art and initial generation script for the visual of the Chicken Bonds NFT were made by Luchador, creator of an eponymous Play 2 Earn NFT-based game on Ethereum and Polygon. He worked hand in hand with the Liquity team, which proposed the concept and iterated on the attributes allocation to improve the rarity distribution.
All artwork is in SVG format and is generated fully on-chain by core LUSD Chicken Bonds system smart contracts. The artwork is not hosted on external servers.
Only one visual representation can be displayed for each NFT. If you are bonding, an egg will be displayed. If you Chicken Out, the visual representation will change and a runaway chicken will be displayed. A user action like Chicken In or Chicken Out will irreversibly change the visual representation that is displayed. If you want to keep your beloved egg - you might want to keep the bond open and accruing bLUSD forever.
Some NFT marketplaces are slow to refresh their metadata. This can result in a bond being shown as still bonding, while in reality it is already Chickened In/Out. You can check a bond's status on this Etherscan page.
Scroll down until you find
18. getBondStatus, enter the bond ID and press
The result will be either 1, 2, or 3.
1 = Still bonding
2 = Chickened Out
3 = Chickened In