Learn how to earn and stake CAIT
Yield farming has been a buzzword for well over 12 months now but one blockchain that hadn’t previously dipped its toe in is now fully immersed. CAIT, the first yield farming DeFi platform on the Wax blockchain is starting to show real signs of adoption as active users grow by over 700% compared to last week. This has pushed CAIT to 5th position in the overall dapp rankings according to DappRadar data.
The Collective Artistic Investing Token, otherwise known as CAIT, is a native WAX blockchain token that allows holders to have partial ownership of community-held NFT art collections.
In the last 7 days, CAIT has attracted 60,740 unique active wallets to the platform which represents a 716% increase week over week. Those wallets completed 122,680 transactions. As reported last week CAIT had seen a surge in active wallets to around 8,000 so to have grown that by approximately eight times in just over a week is impressive. Arguably, the hype around the new platform amongst Wax advocates is driving much of its early success.
One key driver of transactions right now is that users can receive airdrops by simply signing up by going to ‘caitairdrops‘ on wax.bloks.io. Here users are presented with four airdrops. Better still, drops are at one-hour intervals and currently appear to be free-flowing.
Another driver of activity in the last 24 hours has been that CAIT purchased a land plot on the Uplift.World’s Londom Survival Minecraft server where the team plans on creating a trading center for users. They also had their first Twitch stream on the 2nd of July and gave away around 1,000 WAX worth of NFTs.
A further stimulator came from the new NFT title, Metal War Game. This game brought a significant boost in the value in the last 2 weeks reaching almost a 10x increase in value over that time. Interestingly, CAIT initially purchased “Wolf” units for 110-125 WAX each, and they are now selling on the market for over 1200 WAX. Right now it’s a simple mining game where every hour users send units on mini-missions and they collect shards, but the shards are also tokenized (SHW, SHA, SHS, SHE, SHH).
Furthermore the addition of the DUSTCAI liquidity pool with a starting APY of over 2,000%. Last week the 3 supported pools, WAXCAIT, TLMCAIT, and DUSTCAI had a shared rewards pool of 80,000 CAIT.
Micah Dewey, the founder of CAIT, hopes to end the stereotype of the starving artist. “We’re a community giving back to another community in a materially significant way.” According to Dewey, he started the company with a $450 investment into WAX. His goal is to return any of the profits gained to the community. Along that journey, he realized he could bring more artists onto the project and sell their content. That money could then be reinvested into yield-earning platforms and returned to token holders.
The company invests in the WAX ecosystem and returns profits to the artists and CAIT token holders. So far, that $450 investment has gone a long way. The project already has 1,000,000 WAX worth of NFTs in reserve and 300,000 liquid WAX. With that growth, CAIT has already accumulated several NFTs by purchasing lands and miners for many popular WAX-based dapps. Including R-Planet, Alien Worlds, Alcor Exchange, and Atomic Market, Metal War Game, and Uplift. You can see the current NFT pool here.
With the surge of blockchains that enable faster and cheaper transactions, decentralized games can be upgraded by financial features to create unique ecosystems. GameFi combines the traits of DeFi, games, and NFTs to create an entertaining option to generate passive income.
Furthermore, as the NFT space appears to cool down, in-depth numbers say the opposite; the number of sales and the daily average of unique active wallets spiked 111.46% and 151.89% respectively from the previous quarter. The attraction of metaverse games can become an important catalyzer in the search for mass adoption. In the volume visualization below, a massive improvement can be seen by WAX. Most of it is driven directly by Alien Worlds, an innovative DeFi metaverse that combines unique NFTs and tokens with gaming experience whilst enhancing WAX’s own marketplaces like Atomic Market.
CAIT seems to offer a unique service but of course, it may be possible to gain better returns by directly investing in these projects yourself. However, as the whitepaper puts it, users won’t have to spend time and energy staying up to date on release schedules, drops, market volatility, and staking. There is a lot going on within WAX and it can be impossible to keep on top of everything. CAIT is looking to provide a tangible solution to this issue whilst presenting users with earning opportunities.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, SAFEMOON, SDAO, CAIT, CAKE, LINK, GRT, CRO, SHIBA INU, AND OCEAN.