by 0x4fee6e3f77767046780237a23dd55ffec03502ca (Wix)
Stake Decentraland, Land, L1 Wearables & Names for Mana Rewards. Mana to be paid from in conjunction with DAO & Foundation’s treasury.
Duration: Staking period is 30 days minimum. All rewards to be paid after 30 days. If the NFT is withdrawn within that 30 days, staker will not be compensated.
Land Staking Rewards: 5 Mana Per Land, Per Month
Name Staking Rewards: 0.5 Mana Per Name, Per Month
L1 Wearables Staking Rewards Per Month:
Mythic: 5 Mana
Legendary: 0.5 Mana
Epic: 0.05 Mana
Rare: 0.001 Mana
Uncommon: 0.005 Mana
This is an initiative to help boost the market & bring awareness to DCL NFT’s. It was an idea I had for a while but didn’t know how or when to do it. Now that we are in the bear market & there is little to no marketplace activity in the aforementioned nft classes, I figured this would be a good time. Staking feature to be implemented in Decentraland’s Marketplace. Please share your thoughts.
I would like to know more. Would the land, names and L1 wearables still be useable during that time period? Im interested to see how this might evolve.
Excellent question. There are two different approaches. One is, all staked NFT’s can still be used while being staked. Other is NFT’s can not be used during the staking period at all. There are positives & negatives in both cases. One positive for the latter is less available supply on the marketplace if most or many NFTs are staked leading to higher prices. Negative out of this scenario is higher prices may result in increased entry point for new users.
I guess with the first option NFT’s can still be used while being staked. They should forfeit all staked rewards if sold within that staking period maybe. Not referring to loosing all previously earned rewards, if it makes sense.
I mean a better model would be to come up with another token like sMana with limited supply, which will only be used for the staking rewards. I don’t know if this is possible to do or not. So for now we stick to Mana
I think the selling part is a definite. If sold or put on the market it cannot be staked. Many names don’t get used so for most staking them is not a problem. Maybe the same with some L1 wearables. The land part however, if not able to be used, is not ideal IMO as we want people to build on their parcel if at all possible.
Have you done the math for what it will cost both the DAO and Foundation on a monthly basis? That will give everyone a clear understanding on the financial undertaking that this proposal will cost.
480k MANA per month (a fifth of what we get from the vesting contract) with LANDs and Names alone, for absolutely no benefit at all.
Huge waste of money.
I like the idea of staking but it isn’t sustainable considering the capital outlay, even if we split if halfway with the foundation.
Perhaps a different kind of staking reward like VP for MANA, Lands and NAMEs will be good. Once unstaked, the corresponding accumulated VP is also revoked.
Along with the VP 1ex mentioned, perhaps adding loyalty point system (prob need some wordsmithing for a better name) that can be redeemed in some sort of rewards system may be beneficial. The reward system can vary and be used to redeem raffle tickets, VP, parcel giveaways, etc.
