TL;DR
- The official Genopets staking website is: https://mainframe.genopets.me/staking
- Staking benefits include GENE rewards, NFT and KI rewards, in-game boosts & feature access, and governance voting.
- GENE Token rewards can be withdrawn as sGENE to be used immediately in-game.
- All GENE stakers will be airdropped KI Token as part of the launch for KI, the in-game earning token in Genopets.
- For detailed staking program information visit the litepaper.
- For help on how to stake, check out our step-by-step staking guide.
Since the release of GENE token, staking has been one of the hottest topics of discussion among the community; and for good reason. GENE token is the governance and staking token used along with KI, to craft, level up Habitats, and earn in-game. GENE has also served as the primary token through which players have been purchasing Genopets NFTs in our minting games and seasonal drops. The Genesis Genopet Fair Launch, Treasure Hunt, and Genesis Habitat mint required GENE and many of our future drops will too. The big question remains: “wen staking?”
Today, we’re excited to introduce GENE staking. Head to https://mainframe.genopets.me/staking to get started.
Motivations
Our staking proposal was inspired by three projects; Curve, Frax Finance, and Illuvium. Curve pioneered the vote-locking mechanism, Frax built upon that model and also introduced distribution rewards via stablecoin airdrops, and, finally, Illuvium was the first GameFi project to implement a DeFi-esque staking mechanism with multiple pools, weighted rewards, and sILV, a synthetic token that can be used in-game.
Staking for GameFi projects on Solana is growing, but best practices and staking contracts have yet to be clearly established in the community. After the launch of our GENE staking program we hope to inspire other projects in the Solana community to use similar mechanisms and contract design to align their token holders with the success of their projects.
Staking Goals and Benefits (Rewards)
Taking the above motivations into consideration, key architecture decisions, such as making GENE rewards usable in-game and tying the amount of rewards a Staker receives to the length of lockup, the main goals of the GENE Staking program are:
- Incentivize long-term holding of GENE token
- Encourage usage of GENE token in-game
- Maximize DEX liquidity
- Minimize inflationary pressure of GENE token
The benefits we aim to provide GENE token stakers will come in 5 forms:
Rewards
The first benefit of staking is, of course, providing GENE token rewards from the allocated reward pool. GENE staking rewards earned are locked for 1 year by default, but can be withdrawn without lock as sGENE which, though usable in-game, have no protocol-designated liquidity.
Distributions
NFTs, tokens, or other assets distributed to stakers from time to time. This could be in the form of NFT airdrops or from a new token launch (KI tokens). It may or may not be locked as it’s case dependent.
Initial KI Token Generation via Airdrop
The initial generation of KI token will be distributed to GENE token stakers via a vested airdrop. KI Token is the utility token that is earned in-game and burned through various game mechanics to stabilize the game economy.
In-game Boosts & Private Beta Access
GENE token stakers are given preference and additional benefits with regards to in-game mechanics, from time to time, based on particular campaigns or in-game seasonal quests. For example, KI earnings boosts, Private Beta access, whitelisting for future NFT Sales, and early access to other new features are all GENE Token Staking benefits.
Governance Voting
GENE token stakers will be entitled to vote on governance decisions such as future token emissions, game mechanics, and other foundation-related decisions as we work towards more community involvement in every aspect of the game. Governance voting weight is determined by the amount of time remaining in the lock period. The exact formula is outlined in the litepaper.
Using sGENE In-Game
A key component of our staking architecture is the ability to withdraw locked GENE Token rewards as sGENE to use in-game. Synthetic GENE, or sGENE, is for the sole purpose of in-game use, and cannot be swapped for GENE or listed on exchanges. After sGENE is used, it is burned. It doesn’t affect the total supply of GENE and cannot be swapped back for GENE after a staker chooses to withdraw it as a reward for staking. We believe this is critical to consider in all GameFi projects in order to simultaneously reward staking while maintaining the clear utility of governance tokens being used in the game.
Staking Rewards In-Game
While governance voting and staking rewards are the two most common benefits to staking across any protocol, as a GameFi project, we want to make staking GENE an integral part of the game economy. By aligning the token staking community with the overall sustainability of the Genopets game economy, we hope to create a more stable ecosystem for Genopets token holders in the long term.
GENE Token stakers will be granted private beta access in descending order based on the amount of GENE staked, multiplied by the remaining lock period. Simply, game accounts that stake more GENE and keep it locked up longer will be prioritized for private beta access.
Similarly, in-game rewards can be tied to staking; for example, GENE stakers may be whitelisted for seasonal NFT drops. In the future, GENE stakers will also receive Energy and KI boosts as they take steps and evolve their Genopet.
KI Token Vested Airdrop to GENE Stakers
KI tokens will be initially distributed among GENE stakers based on their reward weight. This way, KI Token, the in-game reward token’s initial distribution, will be proportional to the amount of GENE Token holders committed to the project through staking. This allows us to ensure alignment between all token holders in our Dual Token system instead of ending up with an oversized portion of tokens being held in the hands of speculative investors who may not be committed to the long term success of the game.
Note: more details to be announced soon on the launch of KI Token, but GENE Token stakers will be rewarded with KI Token.
Staking Pools and Program Settings
The staking program has a duration of 4 years with GENE token rewards split between different staking pools. To start, we will only have a GENE token staking pool, but we intend to have a KI/USDC staking pool as part of the KI launch to incentivize liquidity for KI Token.
- The total rewards pool for GENE will be 4,000,000 GENE distributed over 4 years.
- Locking period will be 1 month to 2 years. All staking comes with lock-up to deter mercenary stakers who stake to claim rewards or affect governance then unstake.
- GENE rewards can be withdrawn as sGENE to be used in-game.
- The balance of GENE staked * remaining locking period = voting weight for governance.
- KI Token will be airdropped to GENE Token stakers based on reward weight.
- Private Beta Access rights will be given based on descending order of voting weight.
Get Staking
GENE is the governing token of the Genoverse, but staking is what allows you to recognize its value. For all the Genovians out there, we believe this program will incentivize and reward the GENE token community while providing stability and liquidity to the Genopets game economy. Head to the Genopets Mainframe to get started with staking.
● ● ●
Summon your Genopet and start moving to begin exploring and evolving together. Stay tuned for future updates, and join the conversation in our community channels below. See you in the Genoverse!
About Genopets
It’s time to step up your game. Genopets is the world’s first Free-to-Play, Move-to-Earn NFT mobile game that makes it fun and rewarding to live an active lifestyle. A Genopet is your digital pet whose evolution and growth are inextricably linked to your own. The steps you take every day power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.
Join the Genopets Community
Private Beta Sign Up: https://genopets.me/
Twitter: https://twitter.com/genopets
Discord: https://discord.gg/genopets
Facebook: https://www.facebook.com/Genopets.me/
Instagram: https://instagram.com/genopets
YouTube: https://www.youtube.com/genopets
Telegram: https://t.me/GenopetsAnnouncements
Important Notice
This post and all other materials provided by us are subject to this notice (“Notice”). Please familiarize yourself with the terms of the Notice, as it contains important information, limitations, and disclaimers regarding Genopets and our Genoverse and digital assets, forward-looking statements, and other representations and warranties from you in accordance with the digital assets. By accessing Genopets, the Genoverse, the digital assets, or any of our material, you accept and agree to the terms of this Notice. The sale of tokens is not available to U.S. Persons (as defined by Regulation S under the Securities Act of 1933) or to persons located in a sanctioned country as provided by OFAC.
