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TL;DR:
- Single-sided staking will go live in DeFi Land on 24th of February, 5PM UTC. You can stake your DFL in your village to earn DFL rewards that are immediately available.
- The staking user interface was built in-game and has all the full visual appeal of DeFi Land! We built a slick interface for starting and managing your positions and a dazzling first-person staking vault.
- Users will also be able to stake DFL directly from the website to easily access and manage accounts.
- You can choose between flexible and locked staking options. The flexible option allows you to remove your stake whenever you want. The locked option incentivizes you to lock your tokens for a set period of time by offering a higher APY.
- Your share of the rewards is based on the quantity of tokens you are staking and your weight in the pool. Your weight depends on how long you lock your tokens.
- Rewards are generated every second, but you can’t get those for 7 days after locking it and the last claim.
- Long-term stakers qualify for additional rewards, including free NFTs and white-list access to new features.
We are in an exciting growth phase where our team is consistently delivering new features that will shape the future of DeFi Land. We recently completed our Genesis NFT launch along with a preview of the Play-To-Earn features that will be enabled by owning at least one core NFT. We revealed the first use-case for the $DFL token, the first in-game collectibles and utility NFTs, and the steps we are taking to build upon our addicting gaming experience. In just 3 days, we have burned 2,000,000+ $DFL tokens.
Today, we have the pleasure of discussing an important feature that will reward our community and provide another powerful use-case for the $DFL token: Single-Sided Staking. This highly anticipated feature offers DeFi Landers the opportunity to support the project while collecting some sweet APY on their $DFL holdings. The staking platform is built in DeFi Land and is so much more than an ordinary staking platform. We can’t wait for you to see what we built!
What is DeFi Land Staking?
The word “staking” can take on several meanings in the world of DeFi. Staking in DeFi Land means you are locking your tokens for a fixed or flexible amount of time in return for a yield paid back to you. A flexible staking protocol allows you to collect yield with the freedom to withdraw your tokens whenever you wish. A locked staking protocol allows you to benefit from higher returns by committing to a specific time, during which you are unable to withdraw your tokens. In both cases, you are staking your tokens in return for yield paid in $DFL that you can withdraw.
At DeFi Land, we are motivated to create the best DeFi experience possible for new and experienced crypto users. Staking will not only be available through our game beta, but also we have shipped a dedicated website for it.
We built our staking experience to be inviting and informative. You can easily track APY, browse statistics about the staking pool, and initiate new positions. And it’s all wrapped into a user interface (UI) that captures the essence of DeFi Land. When you log into the game, you will notice the addition of a bank to your village. Clicking on the bank reveals the clean and user-friendly staking UI:
You can see in the pictures above that you can choose between flexible and locked staking options. This allows us to reward our community members who lock their tokens for a longer time period, similar to how a 30-year bond pays higher yearly returns than a 10-year bond. Our staking protocol is outlined below:
- Staking rewards will begin as fixed emissions of 5$DFL per second. These rewards will be distributed based on your weight in the staking pool. We do not plan on maintaining this fixed rate of emissions over time by the treasury
- For a flexible staker, your weight is 1, meaning your yield is proportional to the quantity of your staked tokens.
- For a locked staker, your weight increases in proportion to how long you lock your tokens. Stakers can choose any time frame between 1 and 104 weeks (2 years), based on their preferences. The highest weight a staker can achieve will be earned by the stakers who lock their tokens for the maximum time frame allowed. To calculate the weight, we chose to use a simple linear function f(x)=1+x/52. We were going with the mix of logarithmic and exponential functions but decided to make it simple for our players to understand.
- Staking rewards are available instantly to both locked and flexible stakers. This will make it easy for stakers to manually compound their yields. Auto-compounding is a feature we look forward to introducing in the future.
- Emission rate might get higher or lower in the future. We do not plan on maintaining this fixed rate of emissions over time by our treasury. Eventually, in-game mechanics and market fees will take over the role of emissions, resulting in a sustainable cycle of token distribution to our stakers.
Are there additional rewards?
As we push toward our future in Play-To-Earn, it only makes sense to us that we empower our stakers with tools to succeed in the game. In addition to yields paid out through staking, our long-term stakers will receive free NFT rewards and be first in line for other major releases (land sales, in-game resources, access to new features, and NFT drops). We welcome our stakers as members of our community and a key part of building a great game.
What’s in the Vault?
You might remember how our secret spot outside the village took you to a preview of our first-person mode. To build upon the already slick staking UI, our team built a dazzling first-person staking vault where you can track your yields. Entering the vault has a cinematic feel, kind of like you’re in a James Bond film. At the center of the room is a display of your $DFL staking position, with your rewards ticking up in real-time. Our users who enjoy tending to their yield farms are going to love watching their staking rewards grow in the vault. This fun update is coming soon and showcases the beautiful graphics that will be used in our Adventure Mode starting in Q2 of this year. For now, here’s a first-look at The Staking Vault:
We have a long-term horizon for this project, as we continue to build toward our ongoing ambition to gamify everything in the DeFi space. Staking offers DeFi Landers who share our vision the opportunity to join us on the path forward.
We have a supportive community in Discord, where you can join our Weekly Farmers Townhalls every Friday at 3 PM UTC. Feel free to join us if you have any questions or are excited to become a DeFi Lander, yourself.
Expect lots of different giveaways so don’t forget to join our communities and become part of our family!
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By: DeFi Land
nftnewstoday.com
