The MoonEdge Staking System is now live!
We are thrilled to announce that MoonEdge staking is now live! Our goal in providing our community with a staking system is to reward long-term users with residual reward and also provide an opportunity to move up to higher tier levels.
The release of this system marks MoonEdge’s evolution from a holder snapshot model to a staker snapshot model.
Important Info to Make Note Of
Be careful, once you staked your tokens, you cannot withdraw or deposit more tokens until the lock period is over!
- Users can participate by staking $MOONED and/or MOONED-USDC LP tokens
- Each staker will have a rMOONED balance in the staking contract associated with their wallet
- When staking, remember that your tokens will be locked and cannot be withdrawn until the locking period has terminated
- Tokens can be locked for a period of 1 to 730 days (2 years)
- Stakers that lock their tokens for longer periods will receive higher rMOONED value. An example diagram of our staking system can be found below
- A participants tier level is determined by their rMOONED contract balance
- Stakers whose tokens are currently locked will be able to participate in upcoming IDOs. For those whose token status isn’t locked, they will be required to re-stake their tokens for a certain amount of time
- $MOONED will be rewarded during 2 years to all MOONED-USDC LP stakers, proportionally to their staking pool share.
The rMOONED token
The debut of our staking system will introduce the rMOONED token to our community. When staking $MOONED and/or MOONED-USDC LP tokens, the rMOONED value is automatically calculated through the staking contract. The rMOONED value is determined by the initial amount staked and duration of the lock period.
Note that the rMOONED tokens will not be transferred to your wallet. Instead, the rMOONED tokens are states within the staking contract and their balance is associated with your wallet. Your staking status will only be marked as Active during the period in which your tokens are locked. Your staking status needs to be Active to participate in any upcoming IDO.
Another important benefit of holding rMOONED tokens are the future governance rights that they will provide to stakers, such as community voting and administration of our DAO.
Your staking status needs to be Active to participate in any upcoming IDO.
How to Stake
- Go on the MoonEdge staking portal
- Connect your MetaMask wallet
- Input how many $MOONED and/or MOONED-USDC tokens you wish to stake
- Enter the time length that you wish to stake (between 1 to 730 days)
- Approve the staking contract to interact with each token that you wish to stake
- Click on “Stake”
- Read and understand the warning message about your tokens being locked for all the duration of the staking (you cannot withdraw nor add more tokens during this locking period)
- Check the box “I understand”
- Click on “Confirm”
The Staking System’s Design
The staking system was designed to reward MoonEdge long-term users. On this basis, the design chosen is a time weighted staking model. The longer users stake, the more rMOONED they get.. Exponentially!
As shown in Fig. 3, the rMOONED calculation follows an exponential function for both $MOONED and MOONED-USDC LP staking. Stakers will receive a more optimal return when locking tokens for a period of 2 years. Staking $MOONED will yield a return of 5X, while staking
MOONED-USDC LP Tokens will yield a 10x return. In both cases the rewards are reflected in rMOONED tokens.
When the chosen lockup period is over, your staking status will be marked as Inactive. In order to participate in upcoming IDOs, users must have an Active staking status. As mentioned earlier in this article, users with an Inactive status who want to participate in IDOs will be required to withdraw their tokens and stake again for a period greater than the date of the IDO they wish to participate in.
Please note that the rMOONED calculation may be inexact since we will utilize the Taylor series to approximate the exponential function. This will avoid the possibility of an overflow in Solidity.
How to Acquire MOONED-USDC LP Tokens
Stakers that opt for MOONED-USDC LP tokens will be required to provide liquidity on QuickSwap. The LP tokens are given as rewards to incentivise providing liquidity. Whenever users provide an equivalent amount of both $MOONED and $USDC to the Quickswap pool, they automatically become a liquidity provider (LP). The LP tokens received are proportional to their share of the total liquidity in the Quickswap pool.
Also, in addition to the greater rMOONED multiplier (10x for 2 years staking), users staking LP tokens on MoonEdge will receive $MOONED tokens as reward since they take higher risk (see impermanent loss). They can claim this $MOONED reward when withdrawing their tokens at the end of their locking period.