NFTs and Polkaswap referral program functionality live on the Sora network

PR.Dept March 18, 2022 155 Views 3 Min Read

Updated 2022/03/18 at 11:01 AM

3 Min Read

On March 15, 2022 – The Sora community implemented runtime 1.3.1 that includes nonfungible token (NFT) functionality and the Polkaswap referral program.

These functionalities were initially proposed as RFP, and users could test them as part of an incentivized testnet that ran from Feb. 28 to March 6, 2022.

NFTs on Sora

NFT functionality will be available to all Polkaswap.io users to mint, send and collect NFTs. There will be no NFT marketplace implemented on Polkaswap. However, RMRK pallet implementation on the Sora network is coming soon to allow seamless interconnectivity with users for both protocols and serve as a marketplace. More information on using NFTs on SORA is available here.

With the importance of NFTs in the decentralized finance (DeFi) space at an all-time high, such functionality on the Sora network is a natural step toward positioning Sora and Polkaswap as key players in the DotSama ecosystem.

Polkaswap referral system

The Polkaswap referral system will incentivize users to invite others by locking Sora’s native utility token, XOR, to generate a referral link. When someone uses the link, initial costs for joining the network will be covered by the referrer. Ten percent of transaction fees from subsequent transactions by members who joined Polkaswap with a referral link will go to the referrer. More information on using the referral system is available here.

All Polkaswap users will be able to mint NFTs, send them to others, add them to their wallets and generate referral links beginning today, March 16.

About Sora and Polkaswap

It is a new economic system that creates a supranational multiverse economic system with built-in DeFi tools. The SORA network implements a new method of parachain architecture on the Polkadot and Kusama networks capable of bridging external blockchains such as Ethereum to the Polkadot ecosystem.

One DeFi application coming to the Sora network is Polkaswap — a noncustodial, liquidity-aggregating, cross-chain automated market maker decentralized exchange designed for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind aggregate liquidity technology.