In today’s article, we are going to introduce the new innovative NFC staking feature as we’re sure many of you are eager to know more about it. It’s going to be nothing like you’ve seen before because almost all major Cronos NFT collections will be listed and available for staking. The reward system will also be steady so that you always know what you’re going to earn! So Cyborgs, let’s dive into the mechanisms of the feature.
The Non Fungible Cyborg (NFC) staking platform will be based on a slot allocation system, unseen on Cronos so far. There will be a maximum total allocation of 10,000 NFT staking slots at the beginning and of course this capacity can be adjusted if needed. Only one NFT can be staked per slot so it means that when the platform runs full capacity, 10,000 Cronos NFT will be staked in the pools. Each collection will have a dedicated pool and some projects might have several pools opened for their collections. For instance, a pool will be opened day 1 for our friends at Croskull’s collection. But you will only be able to stake your Croskulls in the pool, not your Evoskulls, not your cro pets or your potions. But in the near future, an Evoskull pools might open, a Croskull pet season 1 might open, and so on… Now that the basics are set, let’s go back to the slot allocation system! Each pool opened on NFC staking will have a basic allocation of 50 slots, thus in theory we could open 200 NFT staking pools. We definitely won’t do that for several reasons. First of all, we won’t list all Cronos collections. Many collections won’t be listed because there are only a few holders and we want to create a platform that most of the Cronos NFT collectors can use. We cannot afford to spend slots on collections owned by only a few people. Secondly, even if for some collections with a limited supply, 50 slots can already be great, for the 10,000 series it’s definitely not enough, and we must be able to open more slots for many pools!
We will open 50 slots for basic pools for most Cronos projects for free. By doing this, we’re giving almost any NFT collector a chance to earn with their favorite pieces. We want to reach all Cronos Chain communities and become a rallying point for the NFT #crofamily. When the 50 slots are filled, no more NFTs can be staked in the pool, until someone unstakes their NFT(s) from the pool. In order to prevent whales from taking all the pool slots, only 1 NFT can be staked and unstaked at a time. Bulk staking won’t be an option in order to prevent one person taking all the slots instantly. Moreover, in order to favor our community, the NFC Tiers System (detailed in a future Medium article) will also play a major role in the slots attribution. When a pool opens, for the first hour, only Tier 5 users will be able to stake in the pools. The following hour only Tier 4 & 5 users will be able to stake in the pools and so on. A whitelist mechanism will allow non-tier users to stake as soon as the pool starts, even though their NFC is 0. This whitelist mechanism will be strictly limited so that most of the slots will go to NFC Tiers holders and projects will have to burn NFC to get these WL so that it will benefit the whole ecosystem!
Obviously, project owners will be able to open more slots for their NFT collection’s pool by burning a certain amount of NFC tokens. This mechanism will allow bigger communities to enjoy more slots for their collections and participate in continually reducing the inflation! These extra slots will be live for a limited period of time, based on the quantity of NFC tokens burned for the opening. At the end of the time, all NFTs staked in the pool will be automatically sent back to their owners, and the pool will go back to 50 empty slots. This way, everyone will get a new chance to enter the pool! Of course, if the project renews the extra slots before the timer ends, the NFTs will remain staked in the pool and the timer will simply reset.
The feature staking/unstaking fees are another of the multiple mechanisms we designed to reduce the NFC inflation. Every time an NFT is staked or unstaked, an NFC fee based on your Tier level must be paid, from 3 NFC to 0.5 NFC. Please note that harvesting your pending rewards will also require you to pay an NFC fee. As a reminder, we designed the NFC like the layer 1 token of the Non Fungible Cyborg ecosytem. It’s the gas that fuels the platform! Every NFT staked earns 1 NFC per day, no matter the collection. You can thus calculate precisely how long it’s going to take for you to be profitable if you stake your NFTs, based on your Tier Level! The math won’t change by the NFC price action! However, don’t forget to also take the CRO gas into account!
Non-native NFT staking pools will also be opened on the platform by NFT project owners. In these pools, the projects will simply fill the rewards themselves with any Cronos Chain token they want. It can be WCRO, USDC, their own token or any other Cronos Token. These pools will be limited on time, and will stop when all the rewards have been distributed, unless the projects refill them. Of course to stake, unstake or harvest in these pools, NFC fees will apply as if it was a native pool so that it can benefit the whole ecosystem!
This concludes our NFC staking feature coming soon! Staking Pools, Tier Levels, balancing improvements, and much more. The Cronos chain NFT world is about to be changed forever! Be ready for our next update Crofam!