NFT Staking lifecycle
The NFT staking process follows a clear lifecycle, from pool creation to reward redemption. This guide will walk you through each stage and help you understand how rewards and points are computed.
1. Create Your Pool
Get started by creating your staking pool! You can import up to 5 of your existing NFT collections into this pool for staking. To ensure consistency and a smooth experience, please remember these key points:
One Chain Per Pool: Your staking pool can only operate on a single blockchain.
No Cross-Chain Staking (Yet!): We don't currently support staking NFTs across multiple blockchains.
2. Set Up Staking Mechanics
Once you've created your pool and imported your NFT collections, it's time for the exciting part: configuring your pool's reward system! Here's how you can incentivize your stakers:
🎮 Gamify Rare NFTs
Want to make those rare finds even more valuable? You can assign token and/or trait multipliers to specific NFTs within your collection. For instance, grant higher multipliers to your rarest NFTs to truly reward their holders!
🤝 Community-Based Rewards
Supercharge your community engagement by creating custom incentives for your loyal members:
Address Multipliers: Apply unique, custom multipliers to specific wallet addresses, giving an extra boost to your top supporters.
Boosters: Add flat bonus points to select addresses, perfect for rewarding active participants or running special campaigns.
💰 Deposit Liquidity & Fund Your Pool
Fund your pool by depositing ERC20 tokens as rewards.
You can deposit up to 20 different ERC20 tokens.
This is what participants will be able to redeem at the end of the staking cycle.
3. Publish the Pool
Once you're completely satisfied with your staking pool's setup, it's time for the final, exciting step: publishing your pool!
After you hit that publish button, here's what happens:
Your pool becomes publicly visible on the site, ready for the world to see.
Users can immediately begin staking their NFTs into your newly published pool.
This crucial step ensures pool visibility and protects users from any disappearing pools, providing a stable and trustworthy environment.
Important Heads-Up!
Once your staking pools are published, they cannot be deleted anymore. This permanent step ensures that stakers will always have a dedicated page for staking and unstaking their NFTs, providing long-term reliability and peace of mind.
4. (Optional) Set a Redemption Timer
Want to build anticipation for your community? You have the option to configure a visual redemption countdown timer for your staking pool!
Here are a couple of important things to keep in mind about this timer:
For Your Community's Eyes Only: This timer is purely a visual countdown and does not affect any smart contract logic. It's there to excite and inform your stakers!
Manual Activation: As the pool owner, you'll need to manually start the redemption period whenever you're ready for participants to claim their rewards.
5. Start Redemption Period
Once you're ready, it's time to initiate the Redemption Period for your staking pool!
During this crucial phase, here's what happens:
Pool Adjustments Pause: Most pool configuration functions, like setting new multipliers or boosters, will be temporarily disabled. This ensures a fair and stable redemption process.
Claim Your Rewards! Participants can now claim the rewards they've earned from staking their NFTs.
Automated Distribution & Easy Claim: The smart contract automatically distributes earned liquidity to each participant, proportional to their accumulated points. A simple click on the pool page is all it takes for them to claim their rewards!
After the rewards have been claimed, users will then be able to unstake their NFTs.
This officially marks the end of the NFT staking lifecycle for this pool!
✨ Understanding Your Reward Distribution!
During the redemption period, your pool's reward tokens aren't just handed out; they're carefully divided based on each participant's total accumulated points! It's all about how much commitment they've shown.
How We Compute Those Points:
Here's the formula that determines each participant's share of the rewards:
And just so you know how things begin, here are the default settings:
Default NFT Multiplier: Each NFT staked starts contributing 1 point per day to a participant's total.
Default Address Multiplier: This starts at 0, ready for you to customize and reward specific wallets!
Default Booster: Similarly, this also begins at 0, waiting for you to add those special flat bonus points.
Example
A
3
2
1
10
10
(3×2×10)+(1×10)+10 = 80
B
5
1
0
0
10
(5×1×10) = 50
Liquidity Split
Once the redemption starts, 97% of the liquidity in the pool will be split among participants proportionally to their total points.
The remaining 3% is allocated to Kingdomly as protocol fees.
FAQs
Will my points persist if I unstake early?
Yes, your total points are preserved in a separate tracking holder even after unstaking. This means early unstakers can still claim their rewards when redemption begins.
When can I see my reward share?
You’ll be able to view your share of the pool once the redemption period has started. The rewards are automatically distributed based on your total points earned relative to the entire pool.
Every when does my points add up?
Your points add up automatically, points are growing every second but is only rounded up for display purposes.
Where can I see others points?
On the following versions, we will be adding a leaderboard for better transparency purposes within the staking pool.
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