$MODA Staking Is Now Live
We are excited to announce that MODA staking is now officially live! After passing a successful DAO vote last month, the staking smart contracts have been deployed, and the staking platform is open at moda.audio/staking.
This means MODA holders and liquidity providers can now access $MODA token rewards by participating in the staking program. There are two ways to exercise staking:
1) MODA Core Staking
Stake your MODA tokens directly to accumulate more MODA. It’s a simple yet rewarding way to grow your MODA holdings.
To start core staking, visit moda.audio/staking and connect your MODA wallet. Select the amount you wish to stake and click Stake. You can stake any amount of MODA.
You can lock your staked MODA up to 12 months as an optional boost. This will increase your rewards weighting by up to 2x! For example, if you lock your MODA for a maximum of 12 months, you will receive double the standard rewards rate. Just don’t forget to come back in a year to unlock them and remember the DAO approved the initial rewards period for 6 months.
All core staking rewards must be manually claimed. When claimed, the rewards are subject to a 150-day vesting period before they can be transferred or sold. This ensures long-term alignment for participants.
The APY shown on the platform indicates the annual MODA rewards rate based on the last 24 hours. This will fluctuate over time depending on participation.
2) MODA/ETH Liquidity Provider Staking
The second way to stake is by providing liquidity to the MODA/ETH pair on Uniswap V2. This benefits the protocol by adding trading liquidity to the market while achieving reward milestones.
To provide liquidity:
- Acquire an equal value of MODA and ETH tokens
- Go to Uniswap V2 MODA/ETH and provide liquidity
- You will receive MODA/ETH pool tokens — these are your LP tokens
- Visit moda.audio/staking and stake your Uniswap V2 LP tokens
- Access MODA rewards!
MODA LP rewards automatically tip into the Core pool when compounded or adjusted. You can optionally lock your staked LP tokens for 3–12 months for a reward boost of up to 2x. Don’t forget to return at the end of your lock period to unlock your staked assets.
As with core staking, you must manually claim your LP rewards, triggering a 150-day vesting period. APY is displayed on the site.
Initial Rewards Distribution
Based on community votes, the initial MODA rewards distribution will be:
- Total Rewards Pool: 500,000 MODA
- Duration: 6 months
- Core vs. LP split: 40% / 60%
This means 40% of the pool (200,000 MODA) is allocated to core MODA stakers while 60% (300,000 MODA) goes to LP stakers.
The rewards are distributed evenly over the 6 months. However, since it’s a fixed pool, earlier participants will access a higher APY because the rewards are split between fewer stakers initially.
The DAO may vote to expand the rewards program based on ecosystem needs at the end of the initial period.
Other Key Points
- Rewards displayed in the staking UI are PENDING rewards until they have been claimed and compounded. The APY, and therefore the pending rewards amount, will vary when people join or leave the staking pool.
- This means that regular claiming and compounding may be necessary to optimise your rewards. Since you are also required to claim the rewards to trigger the 150 day vesting period, it is advised to check the pending rewards amount regularly and decide if it is an amount worthwhile for you to pay gas for claiming.
- The app will auto-claim whenever you adjust staked amounts to make sure your don’t lose those rewards owed.
- There is no minimum or maximum amount required to participate in staking. All amounts are welcome to build rewards.
- Both staking options involve some risks. Please DYOR before taking part.
- Staking is crucial to align incentives and distribute network rewards leading up to our major product launch planned for 2024.
IMPORTANT: Staking, locking tokens and providing liquidity all come with their own risks and require a level of research, experience and understanding before participation. Please understand these risks, as well as your own tax obligations before participating in the program. MODA DAO does not share any risk or provide any support on these matters.
Ready to Start Staking?
If you’re ready to begin building MODA rewards through staking, head over to moda.audio/staking and start right away!
For any questions, visit our Discord: https://discord.gg/gbm2ZNjGPK
Or Telegram: https://t.me/modadao
Thank you for supporting the growth and vision of MODA. This is only the beginning!
