Version 0.1.0

The following document is a proposal for our staking system and the derivation of voting power. This is not final yet and subject to expect chaos as usual. If the high-level concept gets a green light, we start crunching numbers and calibrating formulas. Last phase is implementation.

I decided to make this proposal public, as the matters of our parachain and related governance model are public matters. It is meant to be discussed with our community. Feel free to give constructive feedback. As it’s not final, there is no reason to shoot me (yet).

Let’s start with the fig to get the TL;DR, then discuss the individual components.

I try to make it concise with bullet points.

Actor

It’s you. With your wallet.

SAMA

The native token of our parachain. Can be natively routed between chains with the Multiverse Portal.

veSAMA

Virtual voting power units. User’s voting power comes from the sum of veSAMA scores coming from veSAMA yielding assets. veSAMA of an account is momentary, if you transfer/trade the underlying asset that yields it, it’s gone too. We want veSAMA to correctly represent a person’s long term interests in the ecosystem. Just because someone’s wallet has a veSAMA score, doesn’t mean that person can participate in every proposal. Some proposals are NFT gated, and reserved for Moonsamas or Exos.

Stake NFTs

• User mints an NFT that represents their unique staking position. This is similar to how Uniswap V3 liquidity positions work which are NFTs.
• User chooses SAMA amount, and lockup length -> SAMA gets locked up in SAMA locker contract, NFT gets minted
• veSAMA score is calculated for the NFT. veSAMA score keeps decreasing with time as release period approaches. Stake NFTs have large veSAMA score as it represents a big commitment and vesting in the future.
• Holder of the Stake NFT gets yield in ESSENCE tokens (see below). Yield varies and is not constant/guaranteed.
• Inflationary model & interest rate for stakers: Going to be a function of SAMA TVL, ESSENCE, Moonsama Royal Mint NFT supply and various target rates. Exact formula TBA, but you can take DOT inflation model and Astar inflation model as similar examples.
• User actions:
  • Create: User can create as many Stake NFTs as they want.
  • Claim: Upon reaching the expiration date, maturity, holder can burn the NFT, getting back the initial deposit (including subsequent top-ups) of SAMA.
  • Top-up: Holder can “top up” the Stake NFT, either add more SAMA or increase the lockup length. This increases yield and veSAMA score.
  • Speculate: ****Holder can sell the Stake NFT on the open market (e.g. Raresama) if wants to exit sooner. Creates something similar to a bond-market. Want to get liquid sooner? Try to bargain with somebody for it. Other DeFi protocols might incorporate these NFTs.

ESSENCE (name changeable, WoW inspired)