Staking as a Service — Staking Platform
“Stake is defined as an interest or share in an undertaking or enterprise or something that is staked for gain or loss”.
In the cryptocurrency world, staking refers to “locking up” a digital asset by “staking” it to secure a blockchain network. They stake coins and receive a share in the block reward from the newly minted coin.
In the NFT world, the locked-up asset is the NFT, and it doesn’t secure any blockchain nor anything, it contributes to the ecosystem. Basically, the entire newly-created economy/ecosystem is built around the NFT, which is producing tokens from the token.
Long story short, there’s a need for staking in the Solana NFT ecosystem right now.
Staking as a service(STaas)
Staking-as-a-Service refers to a platform that enables NFT projects to offer staking to their holders, offering tokens as rewards; a third-party service that takes care of the technical aspect of the staking process.
The entire idea behind the Staking-as-a-Service platforms in the NFT ecosystem is to enable any project, even those without development teams, to enable staking for their projects.
Therefore, Solluminati Staking platform will be available for anybody in the industry, covering any type of use case, and allowing projects to think about any type of rewarding system.
How will it work?
The staking platform scope is to take the complexity out of staking for the NFT projects by managing the entire process. Infrastructure, administration and management tools, all of them offered in a single solution.
The projects will need to provide the rewards. There will be no Solluminati token involved at all. The NFT projects will get access to the platform as to any other service, by paying a fee for the platform.
In short words, any NFT project that wants to use our Staking platform will have to provide us with the exact scenario and the rewards for it. Exact APY, rewards type, locked/flexible staking, distribution scenario everything has to be offered by the NFT project.
Platform FEEs
The platform is FREE to use for projects. 0 cost, with 4SOL as costs for deployment on mainnet.
The monetization model is through micro-fees taken from users for the STAKE and UNSTAKE operations. The model is also very simple here:
Stake operation— 0.009SOL fee
Unstake operation — 0.01SOL fee
*These fees apply for basic requirements. Small differences might appear when based on project requirements, all being discussed individually.
Contract models ready
In order to be able to cover the needs of as many projects as possible, we have already written multiple contracts that cover different types of necessities for projects.
1. NFT Staking — SPL token Reward — Flexible Staking
2. NFT Staking — SPL token + NFT Reward — Flexible Staking
3. NFT Staking — SPL token Reward — Locked Period Staking
4. NFT Staking — NFT reward — Locked Period Staking
5. NFT Staking — SPL token + NFT reward — Locked Period Staking
6. SPL Staking — SPL token reward — Flexible Staking
7. SPL Staking — SPL token reward — Locked Staking
For each of these contracts we have an entire list of features already available, which will be published separately. Furthermore, we are looking into covering the following features very soon:
a. Rewards — based on attributes/ranking/combination
b. Multi-NFT staking — stake more NFTs at once
c. Paired(dual/combinations) NFT staking — combine NFTs for different APY rest
Staking platform — Governance and support
50% of the incomes of the Staking platform will be offered as staking rewards for The Eyes holders initially — passive income. The rest of the amount(50%) will be used for further developments, treasury building and eventually, will be added as other types of rewards.(eg. 3 months staking bonus, 6 months staking bonus).
There will be 2 other types of revenues available from the beginning for The Eye holders, but as active income.
- business development — signing bonus — commission from the sale
- support department — weekly/monthly — based on solving support tickets
The Eye — Staking
- Staking contract will be available for 1 year, after 1 year we might change it and have some other ideas
- Staking is based on epochs — 1 epoch = 1 week means that for 1 year we will have 52 epochs
- Reward amount is given after each epoch — At the beginning of each epoch/week we will fund the Reward Treasury Wallet for OG NFT Staking Contract with some SOL.
- The amount of SOL put in the Reward Treasury each epoch/week = % (maybe 50%) from the amount of SOL earned from other contracts fees with a week before (calculated from the “Bank Treasury” above) — we will send this amount probably with a script that we can do internally
eg: If on Epoch/Week 2 since we start the epoch we total a 10 SOL earned from fees we will send in the Reward Treasury 5 SOL which will be available as Reward for Epoch/Week 3 and so on.
We will calculate the reward daily as such. Eg: For Epoch/Week 3 we know that we have in the Rewards Treasury 7 SOL. 1 Week = 7 Days. We need to calculate everyday how much each staker will get. So 7 SOL / 7 days = 1 sol per day. If we have 10 stakers that day, that means that for each day each staker will get 0.1 SOL. If the next day other 10 stakers join the Staking Pool, means that instead of 0.1 each will receive 0.05. And so on. On the last day of the Epoch, a Claim button is available, and users can claim their reward (sum of each 7 days calculation), or they can leave it there and claim it some other time. On the claimable amount we need to add just after a stake completed with an NFT an entire epoch. If the user unstakes on day 6 of an epoch he will not be able to claim the reward for that epoch. If he has other unclaimed rewards from previous epochs that he did not claim until then, he can claim whenever. The amount that was calculated for the user who unstated in day 6 of a Epoch will remain in the Rewards Treasury and will add to the Rewards for the nest Epoch/Week
- The amount of Reward Treasury that can be rewarded in a treasury is calculated a day before another Epoch starts. This amount can t be changed during an Epoch. Eg: if we determined that for Epoch 3 the Reward Treasury contains 100 SOL, we can not change that. If during the Epoch 3, another 100 SOL will appear in the Reward Treasury, those 100 SOL will not be taken in consideration as Reward for Epoch 3. They will go as rewards for Epoch 4
- Whatever the amount we have in the Reward Treasury, the day before an Epoch starts, that is the reward for that Epoch.
- On the first Epoch the amount will be set by us, we will send an amount of SOL to the Reward Treasury
Vision and the future
We are looking to further develop and sustain this as The Eye DAO product. For the beginning, both support and development will be totally centralized, but in a later stage we are planning to have them both as decentralized as possible, with members of the community “taking care” of all aspects.
In regards to the business development part, this is the subject we can work together from the beginning, trying to streamline processes and build an effective DAO work environment.
As you know, we strongly believe together we are stronger. This effort represents our vision for a product-centric DAO approach and we are going to do our best to fulfil this vision. The Eye is watching!
Actual Status + TLDR
The biggest bottleneck we (still) have is the audit company. We have initiated discussions with all the available companies, but without any success until this moment. This is a very important topic due to the fact that we are doing this for 3rd parties, so we can’t afford any mistake.
Otherwise, we are currently working on finalizing the frontend and we will be adding a dummy smart contract for tests. This phase should be covered by mid-next week, allowing us to proceed with a live, test-contract (not the epoch based one) immediately after. In the meanwhile, the auditing partner should appear, allowing us to proceed further with 3rd party implementation too.
- Staking as a service — explained
- Staking platform — providing technical & infrastructure needs
- Solluminati = the staking partner
- Fees Structure — Both B2B and B2C monetization type
- Multiple contracts types are done and ready for 3rd parties
- 50% of the fees will go to The Eyes rewards
- Staking for The Eyes will be done on Epoch. 1 week = 1 epoch, the money generated this week will go for rewards next epoch
- Vision — product-centric DAO
