On February 24th, we’re launching the next component of the Genesis Worlds ecosystem. Governance Staking allows you to stake your GENESIS tokens, earn more GENESIS tokens, and participate in governance votes for Genesis Worlds.
You can stake GENESIS in the staking pool to earn additional GENESIS tokens. You don’t need anything else to do this, so it doesn’t matter whether you’re farming, mining, or buying GENESIS on an exchange.
The total staking rewards for each day is equal to 50% of the total GENESIS mined for that day – the more Mining Claims bought, the higher the rewards. As long as your GENESIS is staked in the staking contract, you share in those tokens. And, even better, the staking rewards are auto-compounded in real time. You don’t need to do anything, just leave your tokens staked, and the new GENESIS tokens you receive are automatically compounded and staked without you needing to do anything.
Let’s do a quick example. Currently, there are just over 9,500 mining claims. Those claims generate staking rewards of roughly 6.3 GENESIS per day each, which works out to a total of 60,000 GENESIS per day. This GENESIS is split between all existing stakers. Based on that daily rate, if we had 10 million GENESIS staked in the governance pool, the APR would be 220%. And that doesn’t even take into account the fact that more mining claims will be added as more worlds go on sale, and this will boost APR even more. This is a huge win for everyone who’s currently farming or mining GENESIS. Not only is it a great reward rate, but it also encourages more people to buy GENESIS and stake it.
And, just like with our farming pool (https://genesis.game/farming) and our mining claims (https://genesis.game/mining), there’s no lockup for this staking. You can stake and unstake whenever you want.
The APR is just the beginning – staking in the governance pool is also how you turn your GENESIS tokens into voting rights. You have one vote for every single GENESIS token staked in the governance staking pool. And yes, that includes one additional vote for every GENESIS you earn from staking rewards. We’re doing our initial governance votes on snapshot.org, which is a fantastic decentralized governance tool (we’re big fans of the Snapshot team, and what they’ve built). We’ll set up the first votes in the coming weeks; let us know what you think should be voted on.
So, to keep it simple:
- Stake your GENESIS in the governance staking pool when it goes live on February 24th
- Earn more GENESIS with a fantastic APR
- Use your staked GENESIS to vote on community proposals
I always like to take a look through the code of a new smart contract before I use it. You can read the code for the staking contract here: https://polygonscan.com/address/0xff362eaF35a0208Cbc6E8a631BC9C5080fdAEBE9#code
The staking code is based on well-tested and audited single-token staking protocols from sites like Quickswap and Sushiswap. Any GENESIS staked into the contract via the deposit() function will give you voting rights and earn staking rewards; you can unstake that GENESIS using the withdraw() function at any time. Each time deposit or withdraw is run, the contract also pulls in all accrued GENESIS from mining rewards. This guarantees that when you withdraw, you collect everything you’ve earned.
You’ll note that there’s a few more things inside this contract. Not only does it manage staking rewards, and track people’s staked GENESIS for governance, it also has all the tools required to perform on-chain governance. This will not be turned on initially. We’ve all seen the recent spate of DAO horror stories, where badly-defined code caused entire project treasuries to be drained. Instead, we’ll work with the community to define effective governance mechanisms, that really work, and have solid safeguards against both bad actors and coding screwups. Most likely, this will include measures such as cold wallets (managed by the Foundation) and hot wallets (managed via on-chain voting). But, more on that in coming