Ownership Based Staking
Whitelists may work for the first mint of a project/team but long term we need a better solution. We need a system that rewards long term community members vs short term flippers.
Ownership based staking is used for a few of our NFTs.
Instead of sending your NFT to a smart contract you earn staking rewards by owning the NFT.
- Staking rewards are tied to the NFTs ID.
- Rewards CANNOT be transferred to other NFTs.
- We would like to prevent whales from buying multiple NFTs, merging rewards, and sweeping all redeemable prizes.
- Staking rewards can be used to upgrade the level of your NFT.
- Each NFT implements the level system in different ways but the basic idea involves NFTs with higher levels receiving access to rarer drops, resources, and staking multipliers.
- If you own a level 3 NFT, you will receive a 3x multiplier on weekly staking rewards.
- Once the NFT is transferred to another wallet the original minter multiplier is removed and cannot be earned again.
- It will take 6 months to earn the same 4x multiplier given to original minters.
The use of staking rewards is dependent on the NFT implementing Ownership Based Staking.
Last modified 9mo ago