🏦Staking pool
Last updated
Last updated
Staking pool - is one of the key features of our NFT game. Thanks to a specially developed smart contract within the WAX blockchain network, our players can passively receive our game coin - the MEAD resource as a reward. This resource is key in our project. What is the peculiarity of this resource? The MEAD resource will be needed by players to create new NFT bees, which are necessary to obtain Honey, and therefore all the energy that players will need for any action. Due to the fact that this coin has a limited supply - no more than 10,000,000 MEAD coins will be issued in total, this resource will have a high value in our gaming world. How can I get these coins? To do this, you need to become a Staking pool member in which all participants receive an award every hour according to the share of their contribution.
Resource Mead is created and distributed between users within the framework of the stacking model in the liquidity pool. That is, new cryptocurrency coins are minted (created) and distributed as a reward for stacking in a special pool and they are distributed among depositors in proportion to their contribution to this pool. The liquidity pool for stacking consists of a MEAD / WAX pair. That is, players must provide part of the liquidity from their wallet in the form of WAX cryptocurrency and MEAD coins in certain proportions (X Mead + X/2 WAX). Thus, a deposit is formed in this pool and the funds in it are frozen. Further, these funds can be withdrawn from this pool by the player at any time, but you should take into account the withdrawal fee, which depends on how long the funds have been invested in the pool. This coin should allow the project to create a sustainable DAO ecosystem. This is when users will be able to jointly regulate the economy of the game, thanks to their direct participation and the distribution of rewards among themselves, depending on the contribution made to the community. This coin has deflationary mechanisms, due to its limitations and due to the demand in the game. After using a coin in the game, this one is destroyed / burned, which means a decrease in the supply of coins over the course of the game.
The issue of new “MEAD” tokens has a regressive scale. Conditionally, the issue of new coins in one minute is higher at the start of the token issue launch and decreases over time. This decrease is not linear, but should be guided by a certain logic, which is presented in the corresponding table (see 1) and graphs 1 and 2 below. The amount of coins that are issued at each stage is strictly set. The size of the coin issue is regulated depending on the time intervals called “stage". The token issue starts at Stage 1 at launch, and at this moment it has the highest level of emission. With each subsequent stage, the volume is reduced. The duration of one stage is equal to one week or 168 hours.
Table 1. Distribution of MEAD coin awards according to weeks (stages)
Graph 1. Weekly emission rate
Graph 2. Distribution of the total number of MEAD coin awards
Graph 3. Distribution of awards in shares
To stabilize the value of new tokens at the start of the project and create a predictable balance of supply and demand for the coin both on the crypto currency market and for gaming processes a special model of blocking the issuance of awards to depositors from the liquidity pool was implemented. The amount of the reward in the form of the “Mead” coin, which the players from the betting will receive, is divided into two components: unlocked reward and locked reward. The unlocked reward can be transferred to players' WAX wallets at any time.
The blocked reward has a ban on transferring to users' wallets until it is unblocked. The blocked reward not only cannot be transferred to the users' personal wallet, it also cannot be used in the game.
For example, starting from Stage 1 (there will be 96 in total), 5% of the rewards received by the user are unlocked, and 95% of them remain blocked. Going to each of the subsequent stages increases the percentage of unlocked rewards by 1%, which means that in Stage 2, 6% of rewards are unlocked for users, 94% of them remain blocked and so on following this logic. An important condition that must be present - if the player decides to collect his reward without waiting for 100% of the amount to be unlocked, then he will receive only the percentage of the reward in the unlocked form that corresponds to the stage when he does it. For example, if a player decides to pick up his reward in the second stage, he will receive only 7% in the form of an unlocked reward, the remaining amount of 93% becomes blocked until the end of the last stage (Stage 96). After the last 96th stage, the rewards will no longer be blocked, and the player will then be able to transfer them to his WAX wallet.
To accelerate the receipt of part of the reward from the category of blocked coins to the category of unlocked coins “MEAD”, players can complete specific quests. Sea trading expeditions will also help you to get your blocked reward earlier, without waiting for the end of all 96 stages.
There is no commission for placing tokens in the liquidity pool from players. However, in order to protect ourselves from market manipulation, we have introduced a commission for withdrawing invested funds from the liquidity pool, the amount of this commission is set according to how much time has passed since the deposit was created. Moreover, each withdrawal of funds (for example, partial withdrawal of funds from the pool) resets the timer to the initial values.
0.01% commission if the user leaves the pool after 28 days;
0.5% commission if the user leaves the pool after 14 days, but before 28 days;
1% commission if the user leaves the pool after 5 days, but up to 14 days;
2% commission if the user withdraws funds from the pool in less than 5 days;
4% commission if the user withdraws funds from the pool in less than 3 days;
8% commission if the user withdraws funds from the pool in less than 24 hours;
25% commission if the user withdraws funds from the pool in less than 1 hour.
The commission is charged on all types of coins that were present with the stacking pool, that is, both the Mead coin and the Wax coin.
The maximum possible offer of the “MEAD” token is 10,000,000 coins. The distribution of coins is uneven, most new coins are generated in the first few weeks.The amount of awards is determined by time intervals - Stage, the duration of which is 168 hours (week). The entire coin generation process lasts 16128 hours (96 weeks). Initially, 100,000 so-called seed coins will be issued using a smart contract based on the NFT card burning mechanism. The list of these NFTs and the amount of reward that will be received by the user when burning the NFT is shown in Table 2.
Table 2. NFT burning reward.
NFT name | Burning reward |
1 Mead | 1 Mead coin |
10 Mead | 10 Mead coins |
50 Mead | 50 Mead coins |
100 Mead | 100 Mead coins |
These first coins can then be placed by the first public investors in the stacking pool. From this it follows that with the help of stacking, a maximum of 9,900,000 new coins will be generated. At the same time, the pool of rewards generated in stacking (9,900,000 coins) is divided into several parts, according to the proportions below.
Reward for players (public pool) - investors: 70%;
Award to the team of creators: 15 % - go towards continued development;
Reward for early investors: 12%;
Award for Marketing and special gaming events: 3% - are used for business partnerships and to support marketing activities.
In order to distribute the coin supply evenly and partially balance in the conditions of early and later investors, a system of separation awards from the pool was divided into two categories: a) locked rewards; b) unlocked rewards.
The share of rewards that should be unlocked for a player in the pool differs from the previous one in each new week. During the first week, 5% of the total rewards that depositors receive should be unlocked, in each subsequent week this share will increase by one percentage point + 1% of the total player's reward. In the second week, 6% of the total accumulated reward will be available to the player. This logic is valid until the player withdraws the unlocked rewards to his wallet. After each withdrawal of funds [unblocked share of rewards] to your wallet, the entire blocked [by the time of withdrawal] part remains blocked until the end of the 96th week and is not taken into account in further calculations. In other words, when further distributing new rewards between the categories of unlocked and locked coins, only the total reward [that was received after the last withdrawal] will be taken into account.
For example:
Let's take as a basis the data with the following conditions: the depositor invested 100 coins in the pool at the very beginning of the stacking; his share in the stacking was unchanged throughout the time. The depositor will have the opportunity to choose from different investment strategies, examples of which can be considered in the two scenarios below.
Scenario A
The rewards earned in each stage are requested during each of these weeks (stages) and are not reinvested further. The table below shows the size of awards in different categories during the first 10 weeks.
Table 3. Depositor's reward by weekly withdrawal
Summary of scenario A:
Total reward of the depositor: 3943.7888 coins
The reward that the depositor received to his wallet in 10 weeks: 292.399254 coins
Reward that remains blocked until the end of the 96th week: 3651.389546 coins
Scenario B
Awards are not requested until the end of the 10th week (stage 10). The table below shows the sizes of awards in different categories during the first 10 weeks.
Table 4. The depositor's reward by withdrawal of the reward at the end of the 10th week
Summary of scenario B:
Total reward of the depositor: 3943.7888 coins
The reward that the depositor received to his wallet account in 10 weeks: 552.130432 coins
Reward that remains blocked until the end of the 96th week: 3391.658368 coins
Results of the example:
Based on the results of the example, it can be noted that with a more conservative strategy, when a depositor withdraws his contribution once a week, he receives less reward until the end of week 10 than he would withdraw the reward at the same time at the end of week 10. That is, the user who keeps the reward in the pool for a longer time gets a higher risk premium. The choice of strategy remains entirely on the player's side.
To receive a reward to your WAX wallet, you must have an award in the form of unlocked coins on your account in the stacking pool. Please note that the user can transfer to his account only the entire reward that he has accumulated in the category of unlocked coins by the time he applies to the smart contract.
