1Square Ecosystem
1Square connects Decentralized Finance & NFT (Non-fungible tokens), you can stake your OSQ tokens and farm reward points. Points are earned every day based on how many OSQ tokens you stake. These points can be traded for NFTs available in the platform. In short, 1Square is a decentralized protocol for farming NFTs
Farming refers to the act of staking tokens in new DeFi protocols to earn the platform’s native governance token. DeFi projects use it to attract and incentivize early adopters.
Non-fungible tokens (NFT’s) are cryptographic tokens that represent something unique. Fungible tokens like Ether (ETH) for example are not unique. Each unit of Ether is equivalent to the next whereas each NFT is verifiably unique. NFT’s are used in several applications that require digital scarcity and digital ownership, like crypto art, crypto collectibles and gaming. First popularized by CryptoKitties, the boom of 2017 saw the rise of Crypto Kitties, a fun collectible game that was embraced by the crypto community for its uniqueness and innovative concepts. Now in 2020 we find ourselves in the same creative pattern and what better way to express yourself than to link DeFi with Non-Fungible Tokens (NFT’s).
With Square, instead of farming for yield like most DeFi projects, users stake assets to earn limited edition NFTs from some of the top artists in the Ethereum space. Each user can stake tokens. In return, they receive points (expressed in Square points) which they can redeem against the NFT’s available on the platform.
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