Goated Cards
The Solana blockchain would not be where it is without its early and passionate community. Thus, as we look to build on Solana, we believe that it is important to reward the early users of Solana.
Goated Mystery Cards were designed to rewards these early users of select Solana protocols.
Users of existing protocols can claim their mystery box NFT on www.goated.com/claim.
Selected Protocols
Solend
Orca
Marinade
Others..
Points Multiplier
Common: 1x Multiplier
Uncommon: 1.25x Multiplier
Rare: 1.5x Multiplier
Epic: 1.75x Multiplier
Legendary: 2x Multiplier
Burning to Upgrade NFT
Cards can be burned to upgrade to a higher multiplier.
Burn 5x Common Cards to create an Uncommon Card.
Burn 3x Uncommon Cards to create a Rare Card.
Burn 2x Rare Cards to create a Epic Card.
Burn 2x Epic Cards to create a Legendary Card.
Arbitrage Bounds
The burning mechanism creates arbitrage bounds for cards:
If Epic Cards are trading at less than 50% the price of Legendary Cards, an arbitrageur can buy two Epic Cards, burn it for a Legendary Card and sell the Legendary Card.
If Common Cards are trading at less than 20% the price of Uncommon Cards, an arbitrageur can buy five Common Cards, burn it for a Uncommon Card and sell the Uncommon Card.
Note that this arbitrage only creates a lower bound for lower ranked cards i.e. there is no mechanism preventing Common Cards from trading at higher than 20% of the value of an Uncommon Card (or even at a higher price than an Uncommon Card - but that would be very strange).
Ultimately though, it is up to the market to assign what they believe is the value of these cards (or if they even have value at all) and the above was just a note to assist people if they were engaging in these arbitrage trades.
Listings:
Goated Mystery Cards are listed on Magic Eden and Tensor.
Last updated
