TerRarity — A new story
Now that the Phoenix has risen and Terra 2.0 is live, we wanted to thank everyone who has delegated with us. You’re still early, and we’re ready to give you a small peek behind the curtains for all of you who have already staked with us and for any of you still looking to park your shiny new Luna with a trusted validator.
We are excited to be a part of the new, more decentralized Terra. Current staking rewards sit at 7% (LUNA 2.0 hardcoded inflation), and our fees for the moment are 10% (more on that below), yielding an approximate APR of 6.3%.
With that being said, we also intend to return 5% of those fees to our delegators via a points-based system.
How?
Without further ado, we are eager to announce that we will be gamifying our delegators’ experience via the aforementioned points-based system.
There will be a full medium article breaking this system down shortly, but until then, let us give you a brief overview of the latter.
1 Luna = 1 XP point per day
For the demonstration’s sake, let’s say you are a delegator looking to stake 10 luna with us.
The longer you stake with us, the more XP you gain, which can compound your 10 Luna to level 100, where you can earn the most rewards.
Back to the 10 LUNA, to give you a concrete example, you will have to collect your XP every day on TerRarity.io in order to level up and gain additional advantages.
It takes a certain amount of XP to obtain certain rewards.
These rewards range from Discord perks, value multipliers for the redistribution of the 5% fee mentioned earlier, White List Lottery tickets, airdrop tickets, etc. A calculator will also be released to show you the impact of such redistribution.
RISE Phoenix NFT
We can also drop some alpha here today. The first WL project will be the RISE Phoenix NFT mint, more details on that in upcoming posts.
Phoenix are immortal birds known to regenerate or reanimate from the ashes whenever they die. Just like how the Terra blockchain faced tremendous adversity on May 8th, 2022, it is finally reborn from the ashes on May 28th, 2022, marking a new era.
Phoenix are meant to represent this huge cataclysm and the glow perceptible from the ashes. Together, all members of the Phoenix DAO will play an important part in the future of the newly reborn Terra blockchain.
By owning a Phoenix you represent what it is to beat adversity and overcome it. As a member of the DAO, you will also be part of something bigger than yourself and have a direct impact in rebuilding the reborn lunatics community.
Being part of the delegators will earn you the chance of winning WL spots into this NFT. More details to come !
Now what
Additionally, we want to reward engagement and loyalty to be able to give smaller wallets the same benefits as larger wallets.
We will accomplish this by having our user base engage with our website daily to receive their new XP points. We reward daily interaction by not automating this and making you the delegator interact. Prizes not claimed will be redistributed amongst the active users, incentivizing interaction.
We think this is an excellent way to make an active community and not just another set and forget validator favouring large wallets. We want our validator to reflect the fantastic community of Lunatics, all the while being organic and sustainable.
Keep June 15th marked down in your calendars as that is the day everything is set to go live on our end.
We can’t wait to build back this community and give back to those who have given up the most. Together we will strive to make it back into L1 greatness again.
Sincerely,
The TerRarity Team
