blc · August 29th, 2023
The Basin BeaNFT Collection
An overview of the Beanstalk community's latest NFT collection.
Last month the BeaNFT DAO voted to introduce the Basin BeaNFT Collection that would coincide with the launch of Basin and the integration of the BEAN:ETH Well in the Silo. The Basin Integration BIP has been proposed and is scheduled to end on August 30, 2023.
The previous BeaNFT collections can be found on OpenSea, with their respective announcements:
- Genesis Collection on OpenSea | BeaNFT Genesis Collection Announcement
- Winter Collection on OpenSea | BeaNFT Winter Collection Announcement
- Barn Raise Collection on OpenSea | BeaNFT Barn Raise Collection Announcement
Basin BeaNFT Collection Theme and Attributes
Like previous collections, the Basin BeaNFT design retains that iconic BeaNFT silhouette with refreshed attributes. Your BeaNFTs are preparing for a day by the lake, on the beach or scuba diving in the ocean. Prepare to go swimming, surfing, snorkeling and diving with these new PFPs, reflecting their ambition to have deep liquidity in the BEAN:ETH Well.
Earning Basin BeaNFTs
To earn a Basin BeaNFT, Farmers are required to (1) deposit a minimum of 1,000 BDV into the BEAN:ETH Well in the 600 Seasons following the commitment of the Basin Integration BIP and (2) hold the Deposit in the Silo for a minimum of 600 subsequent Seasons. The longer the Deposit is kept in the Silo and the larger the BDV of the Deposit, the greater the rarity of the BeaNFT rewarded.
There will be up to 10,000 BeaNFTs generated for Farmers to earn. The 10,000 highest scoring Deposits (see Assignment section) will be rewarded BeaNFTs.
Rarity Boosts
In addition to Farmers receiving rarity boosts based on the BDV and duration of the BEAN:ETH LP token Deposit, a rarity boost is also given for historical participation in the BeaNFT community.
Assignment
Deposit size, duration and other rarity boosts will factor into the scoring of the eligible Deposit. Deposits will be scored and ranked, with BeaNFTs assigned to each Deposit in descending order from most rare to least rare.
BeaNFT eligibility will be triggered 600 Seasons after the qualifying Deposit is made. If a Farmer is daring enough to hodl their Deposit for 1,200 Seasons in total, their BeaNFT may get upgraded with a lil' easter egg.
Issuance
Basin BeaNFTs will be viewable on the BeaNFT pages of the Beanstalk UI after the 1,200th Season following the whitelisting of the BEAN:ETH Well. Easter egg upgrades will be shown on the BeaNFTs after the 1,800th Season following the BEAN:ETH whitelisting.
In Summary
- Decentralized: Similar to previous collections, the collection of on-chain data for the Basin BeaNFTs will take place in a decentralized fashion. After the the qualification period is complete, on-chain data will be used to calculate rarity boosts to distribute Basin BeaNFTs. Ownership of the contract will be custodied by the BeaNFT DAO Multisig as outlined in BOP-3.
- Fair Distribution: 10,000 Basin BeaNFT attribute combinations will be pre-generated and ranked based on their rarity.
- Qualification: Deposits in the BEAN:ETH Silo of 1,000 BDV or higher during the first 600 Seasons post-whitelisting that are kept in the Silo for at least 600 Seasons are eligible to receive a Basin BeaNFT.
- Minting: Basin BeaNFTs will be minted directly to qualifying Farmers' wallets. An announcement will be made once Farmers can view their new BeaNFTs on the Beanstalk UI.
- Easter Egg: If you are daring enough to keep your qualifying BEAN:ETH LP Deposit in the Silo for an additional 600 Seasons beyond the qualification period, be prepared for a cool upgrade to your latest PFP!
- BeaNFT DAO Membership: Ownership of a BeaNFT grants access to a range of benefits including participation in governance of the BeaNFT DAO and an exclusive members area in the Beanstalk Discord.