HOPR Staking FAQs
As we move into Season 3 of the HOPR Staking program, we wanted to provide a refresher on how the program works and how it’s evolving. The information in this article supersedes the previous info on the staking program.
HOPR Staking Evolution
Season 3 of the HOPR Staking Program will launch soon, and it will bring some major improvements: new baseline…
To get started with staking, visit stake.hoprnet.org, connect your wallet and follow the instructions.
Changes from Season 2
In the transition from Season 2 to Season 3, we made some changes to rebalance the staking program and ensure that the majority of rewards go to community members with smaller stakes and higher participation levels, while still providing larger holders with generous rewards.
The four changes to achieve this are:
- Base rate reduced from 18.25% to 10%
- Boost cap reduced from 1m to 150,000
- HODLr NFTs no longer provide a boost
- Generally moving from having a few large-value NFTs to many more with smaller boosts.
To compensate for the temporary drops in APR, three NFTs will be available in the first week of Season 3. The most important of these is the Restaker NFT. To learn more about the changes and the new NFTs, read the article here.
Stake xHOPR tokens on Gnosis Chain to earn rewards. There’s a base rate of 10% APR, but this can be boosted by collecting HOPR Boost NFTs. Boost NFTs are cumulative, so the sky’s the limit. Earn Boost NFTs by participating in HOPR activities such as DAO experiments, testing, promotions and more.
Rewards are paid every block, and can be claimed as soon as you earn them. But your stake is locked until the staking season ends. Claimed rewards can be unwrapped and restaked for cumulative yields, but these restaked rewards will also be locked.
Rewards for the staking program are provided by the HOPR Association. Occasionally some extra rewards are allocated by the DAO, but in general community funds are not used for the program.
The address you use to send tokens and NFTs to the staking contract will be your staking address throughout the entire program. You’ll use it to connect to the staking UI, claim rewards, and any NFT boosts will have to be sent from this same address. Make sure it’s an address you have full control of and which can interact with our various contracts and widgets. A MetaMask wallet is ideal. Do NOT send tokens from a centralized exchange like AscendEX direct to the smart contract.
Gnosis Chain, xHOPR and wxHOPR
The HOPR staking program lives on Gnosis Chain, to ensure minimal fees when staking, claiming, and interacting with HOPR boost NFTs.
To learn more about xHOPR and wxHOPR, click here.
HOPR and xHOPR — cross-chain hopping
We’re reaching the final stages of the community-governed token distribution on Balancer LBP. Huge thanks to everyone…
Although the staking program primarily lives on Gnosis Chain, we plan to run events and testing on other partner chains as part of our mission to serve the entire crypto ecosystem. Do not try and stake tokens other than xHOPR, and do not send tokens to the smart contract address on any chain other than Gnosis Chain.
Staking proceeds in Seasons. Each Season has a start time and end time.
- Season 1: July 20th 2021 to Jan 17th 2022
- Season 2: Jan 17th 2022 to April 26th 2022
- Season 3: April 26th 2022 to July 26th 2022
All seasons begin and end at 2pm CET!
The base rate is the base APR which staked tokens earn before applying APR boosts from HOPR Boost NFTs. All staked HOPR tokens are eligible for this APR, even if you have more than the boost cap (see below).
The base rate for Season 3 is 10%.
HOPR Boost NFTs
The core of the HOPR staking program is our Boost NFTs. These are a way for us to reward active and engaged community members by boosting their stake.
You can earn NFTs from HOPR events such as testing, the HOPR DAO experiments, games and promotions, and partnerships with other projects to bring new users to HOPR.
HOPR NFT Overview
NFTs have been the focus of our gamified staking program since the first season began in July 2021. This post will give…
NFT boosts stack, meaning those who participate consistently and engage across the whole HOPR ecosystem will be able to boost their rewards well above the base of 10%.
NFTs can be exchanged and traded, but there are some constraints on how and when NFTs can be earned and redeemed.
Each NFT has four important parameters:
- Type: Each NFT has a type, which reflects the event for which the NFT was issued. You can only stake NFT of each type. If you earn and lock two NFTs of the same type, the contract will ignore all except the one with the highest rank.
- Rank: Each NFT has one of four possible ranks: bronze, silver, gold and diamond. Higher ranks confer higher boost APRs and require higher levels of participation. If you lock an NFT of a lower rank, it’s still worth earning a higher ranked one: the staking contract will automatically switch to counting the higher ranked NFT when you lock it.
- Boost Amount: This is the amount by which locking the NFT will increase your APR. This is cumulative across all eligible locked NFTs, and is added to the base rate of 10%. There is no limit to the total APR.
- Season: The season in which the NFT was issued. To encourage ongoing participation, NFTs are removed from the staking program on a rolling basis. Each season, only NFTs from the current and previous two seasons are valid.
The boost cap is the limit on how many HOPR tokens are eligible to be boosted by your NFTs. For Season 3 the boost cap has been changed to 150,000 tokens. Any tokens staked above the cap will only be eligible for the base APR of 10%.
Example 1: You have 120,000 HOPR tokens and locked Boost NFTs with a cumulative 30% boost. All 120,000 HOPR tokens are eligible for a boosted APR of 40% (30% from boosts plus the 10% base APR).
Example 2: You have 1m HOPR tokens and locked Boost NFTs with a cumulative 25% boost. 150,000 HOPR tokens are eligible for a boosted APR of 35% (25% from boosts plus the 10% base APR). The remaining 850,000 tokens earn an APR of 10%.
Since the Boost Cap is 150,000 HOPR tokens, it’s obvious to wonder about the possibility of having multiple staking addresses. The short answer is this is fine and indeed encouraged. However, there are some things to bear in mind:
First, because each staking address is treated separately by the smart contract, each address needs its own set of HOPR Boost NFTs to achieve the same boosted APR.
HOPR Boost NFTs can be transferred and traded, but in many instances it will not be possible for the same person to earn duplicate NFTs, especially in higher ranks.
For example, voting in HOPR DAO experiments usually earns a bronze NFT, and every address which votes is eligible. However, higher ranked DAO NFTs rely on forum participation, and eligibility is strictly on a one person, one account basis. We have checks in place to prevent Sybils in such instances.
The general rule of thumb is that when multi-accounting is useful (e.g., testing) or at least not harmful (e.g., certain parts of the DAO) it’s fine to participate from every address you control. In most other instances, you will only be able to earn one of each type of NFT. In situations where you legitimately earn multiple ranks of the same type of NFT, it’s fine to split them between multiple staking accounts.
That’s all there is to it. We’re looking forward to a whole new season of testing, growth, and rewards. Check back on the Hop on Board to see what the journey has in store!