The Auto LST Deposit feature at BackBone Labs is designed to enhance capital efficiency within the NFT ecosystem by leveraging Liquid Staking Tokens (LSTs). This innovative solution allows users to maximize their capital's potential even while engaging in activities such as bidding, purchasing, and trading NFTs.
When users deposit coins into their accounts, the Auto LST Deposit feature automatically converts these coins into bASSETs. These LSTs represent staked assets that can be freely traded, providing liquidity and enabling users to earn yield on their deposits. This process ensures that users' capital is continuously working for them, even if it's reserved for specific NFT-related activities.
- Continuous Yield: By automatically converting deposits into LSTs, users earn yield on their assets, ensuring no idle capital. This provides a more DeFi-like experience within the NFT marketplace.
- Liquidity: LSTs can be traded freely, offering users flexibility and quick access to their capital when needed for bidding or purchasing NFTs.
- Enhanced User Experience: The seamless integration of Auto LST Deposit eliminates the need for manual conversion, making it easier for users to participate in the NFT marketplace.
- Capital Efficiency: Users can participate in bidding wars and strategic purchases while their capital earns interest, leading to better overall capital management.
Our auto LST feature embraces LST agnosticism, allowing users to deposit various types of LSTs, such as GraveDigger LSTs, ampTokens from Eris protocol, and stTokens from Stride. This integration simplifies the user experience by eliminating the need to manually switch between different LSTs.
The Auto LST Deposit feature also plays a crucial role in the counter bidding functionality of Necropolis. Users can place competitive bids on NFTs while earning yields on their staked assets, providing a strategic advantage by keeping capital active and productive.