humanDAO Staking Release

Dual-chain staking available starting January 30th, 2022.

The next step in our roadmap is to further distribute HDAO tokens to our community and reward our earliest builders, investors and community members. From early February, a generous staking rewards program will be launched at https://staking.humandao.org (site release soon), allowing anyone to deposit their desired amount of HDAO tokens and start earning rewards.

What’s more, we are pleased to offer dual chain staking on Ethereum Mainnet and Polygon. The Polygon proof-of-stake chain provides an affordable alternative to Ethereum and reflects our mission of making web3 earning opportunities as broadly accessible as possible especially to our large community from developing countries.

Key information

  • Staking will be available at https://staking.humandao.org (site release soon)
  • Pools will open Sunday the 30th of January
  • You can start claiming rewards on Tuesday February 1st
  • 100,000,000 HDAO will be allocated for staking over 18 months to reward early investors and contributors, so claim your share
  • To get the highest rewards, use your HDAO to provide liquidity in one of the liquidity pools and stake the LP token for the maximum period of 18 months

In keeping with our mission, we want to give everyone a fair chance to be maximally rewarded for their support of the DAO. Being early to the staking pools will maximize your rewards, and this gives you a 48 hour window to do so, meaning you don’t need to race to get your transaction through in the first few minutes.

Staking options & calculating rewards

The staking program is designed to reward long-term stakers by adding a time-weighted element for calculating rewards. This structure follows the success of similar reward structures adopted by Illuvium ($ILV) and Merit Circle ($MC).

After the launch, all token holders (except locked tokens) are able to stake the tokens within two different vaults with two different tokens:

  • HDAO single-sided staking pool. This pool will receive 30% of the liquidity mining rewards by providing the HDAO token.
  • LP tokens from providing liquidity in the Uniswap HDAO/USDC pool on mainnet or the Balancer HDAO/WETH pool on Polygon. These pools will receive 70% of the liquidity mining rewards.

When staking the LP tokens you receive more rewards in order to incentivize a deeper, healthier market for DEX liquidity for the HDAO token.

You will also need to choose your lockup period, ranging from 0 (flexible — move tokens in and out as you choose) to 18 months (locked). The longer your HDAO tokens are locked up, the higher your share of the pool and the higher your rewards. Rewards are multiplied by a weighting according to this lockup period.

Below are some examples of how this mechanism will work in a range of scenarios ranging from flexible staking to locking for six months, for nine months and for a year:

  • Staker 1: Doesn’t want to lock the underlying tokens and therefore gets a weight of 1
  • Staker 2: Locks the HDAO tokens for 6 months and therefore got a weight of 1.33
  • Staker 3: Locks the HDAO tokens for 12 months and therefore got a weight of 1.67
  • Staker 4: Locks the HDAO tokens for 18 months and therefore got a weight of 2

Initially, 10% (100,000,000 $HDAO) of the total supply will be allocated as staking and liquidity rewards over 18 months for those early investors and contributors. It is important to note that when you claim your rewards is when they start vesting. Rewards, once claimed, take 18 months to unlock/obtain. You can claim your rewards every day, week or month. Just remember that once you claim they will then start to vest.

For example:

  • Staker 1 from the scenario above has accrued 1000 HDAO reward tokens after the first month. She uses the claim button to accept these rewards, which start vesting, and she will receive those 1000 tokens in 18 months. Since she did not lock her underlying tokens, she can now unstake them if she wishes, or leave them staked to continue earning rewards.
  • Staker 4 has earned 2000 HDAO in rewards, due to his higher multiplier (assuming both he and Staker 1 staked the same number of tokens at the same time). He can click Claim and his 2000 tokens will be available in 18 months’ time. Unlike Staker 1, he cannot take out his underlying tokens yet as he has locked them. They continue to earn rewards and can be withdrawn after his 18 month locking period ends.

How to Stake Your HDAO Tokens

The rest of this guide assumes you are already a token holder. If you need instructions on how to buy $HDAO, along with the other basics for web3 transactions such as setting up a wallet and getting your first assets onto a blockchain, refer to our $HDAO buying guide.

Step 1 — Access the Staking Portal

Navigate to https://staking.humandao.org and you will see this landing screen.

Step 2 — Connect Your Wallet

See that blue ‘Connect Wallet’ button in the top right hand corner? That will allow you to connect on your preferred network — Ethereum Mainnet or Polygon — via MetaMask or Wallet Connect.

You’ll know you’ve connected successfully when you see the screen below.

Step 3 — Select Your Staking Pool and Deposit Tokens

There are two options for staking. The first pool (HDAO) is a single-sided pool, meaning you only need to supply HDAO tokens. This pool will receive 30% of the total staking rewards. You can click on the ‘Details’ button to see more information about the current status of the pool (and any rewards you have earned, once they begin to accumulate), and then the ‘Stake’ button to begin the process of supplying your tokens.

You’ll be greeted with the popup window below where you can use the slider to select your lockup period, from no locking (flexible staking) through to 18 months, which earns the maximum 2X multiplier on your rewards.

Once you have selected your lockup period and the amount of tokens you wish to stake, you will need to finalize two transactions. The first is the approval for the contract to spend your HDAO tokens, the second will supply your tokens to the pool where they will start earning rewards. Both transactions will trigger a popup from your wallet where you can view the gas required and approve the transaction if you wish to proceed.

The second option is providing liquidity to either the HDAO/USDC liquidity pool (LP) on Ethereum, or the HDAO/WETH LP on Polygon. This will receive 70% of the total rewards to incentivize a deeper DEX market on polygon and Ethereum.

If you are familiar with providing liquidity you can skip the next section, which details the process of supplying tokens to the pool and receiving LP tokens in return. It is important to understand that you are staking the LP tokens, not HDAO tokens if you choose this staking option. LP tokens represent your ownership position in that liquidity pool. You take those LP tokens and stake them on our platform.

Please note, providing liquidity will be on OUR Uniswap V2/Balancer pools only, not any other pools that have or may pop up in the future. Our pools are the only that will receive staking rewards.

When providing liquidity on Ethereum mainnet, make sure you use our pool here

When providing liquidity on polygon, make sure you use our pool here

A video tutorial on adding liquidity on UniSwap is available here.

Token addresses for HDAO are:

  • Ethereum: 0xdac657ffd44a3b9d8aba8749830bf14beb66ff2d
  • Polygon: 0x72928d5436ff65e57f72d5566dcd3baedc649a88

Step 4 — Earn Rewards!

You’re all done. Rewards on your staked tokens will accrue as pending rewards approximately every 3 days. You can view your current status and claim any available tokens on the Rewards page.

Thank you for joining us on this journey

We are on a mission to help millions of people in underserved communities improve their lives through opportunities in the metaverse. Joining us by staking your HDAO tokens proves your long-term commitment to that vision. We will continue to find new opportunities to reward our loyal investors, builders and community members.

--

--

--

A decentralized autonomous organization using crypto to help underserved communities & provide new profound revenue streams to investors

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Auction — Alpha Testnet Release

SwissBorg Token Analysis

RefugeCoin Token Sale

Why We May See the Most Expensive CryptoPunk Sale Ever

Engines of Fury — An action-packed game to earn an arena fighter based on the blockchain metaverse.

Pros & Cons of Crypto Lending That You Need to Know

Crypto Quant profits with Supertrend Indicator

On TokenAnalyst and the state of on-chain analytics in 2020

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
humanDAO

humanDAO

A decentralized autonomous organization using crypto to help underserved communities & provide new profound revenue streams to investors

More from Medium

HDAO Liquidity Pool Now Live on Balancer

Crypto Mandala Partners with PolyientX to Provide Rewards

Weekly Update

SIKI UPDATE