😻CHONK Overview

CHONK introduces a novel NFT x TOKEN Liquid Hybrid model through an innovative two-way escrow mechanism which solves the problem of liquidity in the NFT space. This innovative mechanism allows users to lock their CHONK NFTs in exchange for $CHONK tokens and vice versa, successfully blending 100% unique NFTs with the liquidity of an ERC-20 token. This not only creates a ultra hyper-deflationary NFT collection, but also supports deflation in the $CHONK token as users interact with the system.

Here are the main concepts that a user needs to know:

Claiming Your $CHONK By Locking Your CHONK NFT in the CHONKTANK

By locking your NFT in "The CHONKTANK" (our escrow contract), you can claim $CHONK tokens as a reward for securing your CHONK NFT to the CHONKTANK. From the claim, 3% of the $CHONK from the transaction is burned forever.

Retrieving Your NFT

To retrieve your NFT back from the CHONKTANK, you must pay a set amount of $CHONK tokens back to the CHONKTANK. This payment includes the original claim amount, plus a 3% premium. Once paid, your NFT is released back to you. Similar to claiming the $CHONK token, 3% of the $CHONK from this transaction is burned forever. The original user who locked their CHONK NFT in the CHONKTANK is the only one that can opt retrieve it back.

NFT x TOKEN Swap Rates

Each NFT is assigned a specific amount of $CHONK that can be claimed at any given time.

Total Supply: 420,690,000,000 $CHONK tokens

Total NFT Supply: 1,000 CHONK NFTs

Each CHONK NFT is claimable for 420,690,000 $CHONK (less the 3% burn).

Freedom of Choice

NFT holders have the freedom to pick and choose which NFTs you want to lock in "The CHONKTANK" and receive back, providing flexibility and control for users' participation.

The CHONK NFT x TOKEN LIQUID HYBRID model brings a wealth of game theory into play, which you can read about on the next page.