Fancy Hibernation (aka Staking) in details
We’re proud to announce you the details of the Fancy Bears Hibernation system that was announced in the initial roadmap. We were working on it for the past month. The most important blockchain aspect we had to consider was the Trait Swap. Our goals was a system where you can stake the Bear — but still use it in the Trait Swap. It was a challenge, as in most staking systems the NFT lands in a separate contract and goes of your wallet. We developed a solution that’s forward thinking and Trait Swap compatible.
Details of the system:
1. The staking system will be launched on 28th September, and will work through a dedicated app. The first batch of staking rewards will be sent to the contract on 1st October.
2. Only Fancy Bears with level 2+ will be able to participate in the staking system.
3. There will be 4 differents pools with separate token allocation:
- for level 2–4
- for level 5–9
- for level 10–14
- and for level 15+
The token allocation is set for the pool and it’s being divided between all the Bears staked.
Staking in higher pools will also give additional benefits (rare traits, access, priorities, WLs).
4. Pools will be calculated by an algorithm on a monthly basis.
5. When you hibernate a Bear, there will be a 14 days awakening period before you’ll be able to remove the Bear from the cave (unstake).
6. Pools will be calculated once per month, you will have to cave your Bear before the cut off date if you want it to take part in the monthly allocation of tokens
7. Tokens are distributed once per month. The number of tokens you will get will be the minimum number of tokens you will get at the end of the month. You don’t need to claim once a month, you can claim once a quarter or even all tokens at once before the event.
8. If you unstake your Bear during the staking window, you lose the Honey he’s eligible to.
9. There will be two types of pools as well:
- claimable to your wallet
- locked inside the Bear forever (spendable in the Trait Swap apps)
10. $HONEY will be listed next year on centralized exchanges of our partners.
11. Update regarding Honey Jars role will be published in October.
Please keep in mind that staking is separate to HONEY tokens that were already distributed to Bears and Jars. These tokens will start to unlock today, as per the initial schedule hardcoded inside the contract.
The new HONEY tokenomics will also be announced in Q4.