On the pages of Lightpaper and DAOMaker we discussed the implementation of the following utilities for SKEB
- Payment: can be used as currency in the Skeb platform
- Buyback: Skeb DAO will receive up to 50% of the commission that Skeb receives through their service is used to buy tokens on the market
- Burn: Skeb DAO can choose to burn the tokens that they have buybacked
- Governance: in addition to these Buyback & Burn, various other decisions can be made by Skeb DAO’s Governance
Staking: Skeb will be implementing staking first!
How to Stake
Let’s try staking! It is not very difficult to do so.
First, click “Connect Wallet”.
Then you will see various wallet options, please select the one you are using!
We currently support Metamask, Rainbow wallet, Coinbase Wallet, Wallet Connect and imToken.
Staking cannot be done directly from CEX (OKX, Huobi, etc.). While staking, you need to send Skeb Coin from CEX to your compatible wallet.
When Connect is completed, you will see a screen like this.
When you press the ‘’Stake’’ button, you will see a screen like this. Just click on “Approve”.
Once approved, you will see a button that you can stake. Select the quantity, press the “Stake” button to approve the TX and it will be completed.
The transaction is now completed.
When stake is complete, you will see the results in the table!
Description of Functions
・Wallet: The number of Skeb Coins in the connected wallet
・Your total staked: The number of Skeb Coins currently staked
You can also check by importing stSKB into your wallet. The number of stSKB is the number of Skeb Coins you are staking.
Token address of stSKB: 0x0d30A2A29FdbD4F1683769cDC3DDB374562aDcDe
・Your total Skeb power: The number of Skeb power currently granted Skeb power is a point given depends on the number of Skeb Coins staked. It is used for determining the SBT tier.
Staking mechanisms and rewards
Lightpaper stated about Staking in this way
- DAO Participation: Only stakers can participate in the community DAO
- Lock-up: Staking is liquid but has a cooldown mechanism
- Deflation: Stakers who try to withdraw faster than the cooldown pay a fee
- Yield: Fees paid by early staking exits pays yield to stakers
What is the implementation in Staking that will launch this time ? We’ll explore it in detail.
The so-called standard in staking would be the one where if you lock a token, the same token is given out as a reward. This is the system we saw in the old Proof of Stake and scattered until 2020.This just about triggered Inflation.
When protocols are distributed through staking, there are two types of funding sources. There are coins for new issues (new circulation) and coins that are revenue of protocol.
In reality, however, most of them are newly issued, and the price per coin tends to depreciate over time due to the law of supply and demand. (if the valuation of the protocol itself remains the same).
We will of course let the new issue remain, but we prefer to explore a different path.So, we decided to use this staking contract.(This is a staking contract created by Step App).
This staking contract has the following features:
- When you stake it, you will receive so-called Skeb Points, which will be distributed regularly in the future for various rewards!
- If you withdraw earlier than the minimum lock period, a penalty will be charged based on a preset formula
Staking will update in the future. Stay tuned!
First reward — SBT
We will be dropping SBT (Skeb Boost Token / Soulbond Token) to $SKEB stakers.
SBT has 3 tiers; higher tiers will receive higher rewards.
Tier Requirements
Tier 3: Top 5% addresses or 500 addresses
Tier 2: Top 40% addresses
Tier 1: All stakers
What is SBT?
SBT is a non-transferable token that has intended applications such as #DID in the future.
For example, Binance grants SBTs issued by the BSC to all KYC’d Binance Users.
In the future, Skeb will use SBTs to identify rewards that are exclusive to SBT holders.
We will soon announce the rewards to be distributed to SBT. Keep an eye out for further announcements!
Follow us!
Website: https://skebcoin.com/
Twitter: https://twitter.com/SkebCoin
Telegram Announcement: https://t.me/skeb_coin
Telegram Chat:https://t.me/SkebCoin_chat
Instagram: https://www.instagram.com/skebcoin_official/
