Metamatician Minting is Live!
Metamatician minting is live! Visit defrag.fi now to mint yours and check out detailed walk-through below.
A quick recap:
DeFrag will launch in phases, gradually adding features as the protocol matures.
In order to provide a frictionless borrowing experience, the protocol needs to raise liquidity which will be used to underwrite the loans. This is where Metamaticians come in.
Metamaticians are randomly generated NFTs based on famous mathematicians. By owning a Metamatician you will have a stake in the first Underwriting Pool to earn premium fees. A Metamatician NFT serves as an entry ticket into the DeFrag universe of NFT collateralized loans. During the mint, a random 8 digit number and a greek symbol associated with risk in pricing out financial instruments are generated and assigned to each Metamatician.
The 8 digit number will be used to generate unique properties on your NFT which can boost your abilities in our financial ecosystem. A few examples include - improving your collateral ratio in other words the ability to borrow more. Another example is increasing your stake in a liquidity pool. Once the protocol is live, the community will be able to vote in other interesting dynamic variables to be derived from 8 random numbers and real-world events.
All minting proceeds are automatically deposited into the DeFrag DAO Treasury. Once the community votes in the initial NFT project to be used as collateral, ETH will be transferred over from the Treasury into that initial underwriting pool. As borrowers begin to take out loans, the protocol will automatically issue the required # of NFT put options and lock up required ETH to underwrite them. Learn more on docs.defrag.fi
Step-by-step visual guide on how to mint Metamaticians through DeFrag.fi homepage.
Step 1: Connect your Ethereum Wallet.
Step 2: Choose the total amount of Metamaticians you would like to mint.
Step 3: Confirm your transaction.
Optional Step: View minting transaction process via Etherscan.
Step 4: View your Metamatician on OpenSea.
Minting via Etherscan.
Why should I know this?
Minting directly through the smart contract allows the user to bypass the website interface. This is critical to know in case the website experiences downtime, which is common with hyped NFT drops. The steps below apply to most NFT projects.
Step 1: Search the Contract Address on Etherscan.
Copy and paste the contract address into the search bar on Etherscan and click the address that pops up.
Contract Address: 0xdD93258A9C8b4C4EA900FD3043fc59Be05D624A6
Step 2: Navigate to “Contract” Section.
Once you search the contract address you’ll see this window. Click on the contract section.
Step 3: Click on “Write Contract”
Step 4: Connect your Ethereum wallet.
Step 5: Click on the “mint” function.
The naming of this function can be different depending on what the developers named it.
Step 6: Input Mint Price and Amount of NFTs you want.
You want to get this information from etiher the project site or discord. Make sure you have the correct price per mint and the max amount of NFTs you can mint in 1 transaction.
The deadline is time now in seconds from epoch + 20 minutes in seconds.
new Date(new Date().getTime() + 20 * 60000).getTime()
Step 7: Confirm the transaction.
Once you’ve confirmed the transaction, the Matematcian(s) should arrive to your wallet shortly. In the meantime, you can view the status of your mint transaction on Etherscan. Simply paste your wallet address into the search bar as you did in Step 2. You’ll be able to view your most recent transactions.
Step 8: View your Metamatician on OpenSea
We will use the most common marketplace for viewing your NFT(s) in this example. Go to Opensea and connect your Metamask wallet.