NFT staking is coming to STACY. Soon, you will be able to stake Chads of DeFi NFTs for yield bonuses on the CHADS/ETH LP pair on ChadSwap, and Stacys of DeFi NFTs for yield bonuses on all LP pairs.
Our virgins have been checking and double checking the code, making front end tweaks, and running rigorous mathematical simulations to ensure that our NFT staking model does two things well:
- Locks up a large proportion of our NFT supply, making NFTs scarcer and more valuable
- Provides attractive yield bonuses which will drive demand for NFTs to stake
We’re pretty happy with what they’ve come up with. Without further ado, here’s the new model:
NFTs staked in ChadSwap now provide yield bonuses forever, as opposed to the original model where bonuses disappear after a set time period.
You can also stake multiple NFTs of the same type to stack yield bonuses (i.e., you can stake 3 Sam the Slick NFTs per account for an increased yield bonus). To counterbalance this, staking multiple NFTs of the same type have a yield decay, so subsequent NFTs staked won’t produce as big of a yield bonus as the first NFT staked.
NFTs staked for yield bonuses in ChadSwap will be locked forever, unless specifically stated otherwise. This decreases the effective NFT circulating supply.
See below for the staking bonuses on Chads of DeFi NFTs, which can be used for yield bonuses on the CHADS/ETH LP pair on ChadSwap:
- Common Chads of DeFi NFTs — 1% bonus per staked NFT, 1% yield decay per each subsequent NFT staked
- Rare Chads of DeFi NFTs — 10% bonus per staked NFT, 10% yield decay per subsequent NFT staked
- Limited Edition Inmates of DeFi NFTs — 60% bonus per staked NFT, only 1 NFT can be staked, can unstake anytime
Example: Becky stakes 3 Andre The Defiant NFTs and receives a total yield boost of 27.1% (10% for the first NFT staked, 9% for the second, and 8.1% for the third). If she stakes NFTs of a different type later, the bonus will be added to her current bonus
Chads of DeFi NFTs will be stakeable with the release of our NFT staking feature.
A Stacys of DeFi NFT set will also be released following our NFT staking launch. These NFTs will provide yield bonuses on all ChadSwap pairs and can only be bought using STACY. Each Stacys of DeFi NFT minted will decrease the circulating supply of STACY.