Staking is live! Below find some common questions about the Pesky Penguins staking experience and how it's different from what you may be used to with staking.
Q: Where can I stake my Pesky Penguins?
Q: Does it work with Ledger?
Not yet! Ledger support is coming, and there are a lot of other teams waiting on some core functionality (message signing).
If all goes according to plan, ETA for Ledger integration is sometime in April 2022.
Q: What is soft staking?
Unlike traditional staking which requires you to lock up your asset into a smart contract in exchange for rewards, soft staking allows you to retain custody of your asset -- i.e., your penguin will remain in your wallet even once staked.
Q: Why soft staking?
There are a couple reasons. The primary reason we've chosen to do this is that it will allow you to retain your Penguin in your wallet for integration with external applications. For instance: instead of having to unstake a penguin (and potentially miss out on rewards) to play as a penguin avatar in the Sovana metaverse, your penguin remains in your wallet and you can freely interact with it -- and the manifold projects and applications that recognize and utilize Pesky Penguin ownership!
Outside this, soft staking also allows us to keep accurate ownership counts (because the penguins remain in your wallet and don't get lumped into an escrow wallet), prevents artificial supply squeezes and the up-and-down price movement that can go alongside that. Quite simply, it also just makes it easier for penguin owners to keep track of their assets. The number of times someone thought their penguin had been lost or stolen when it was actually still just staked with Honey was pretty damn high!
Q: Is there a lock-up period?
No. You are free to unstake your penguin at any point in time. However, if you unstake before a pay period is complete you will not receive a $PESKY allotment from that pay period. The length of pay periods depends on which "Pesky Places" your penguin is staked, but the minimum pay period duration is two hours.
Q: What happens if I sell a penguin that is staked?
When a staked penguin is listed for sale, the lister loses to the ability to claim any unclaimed $PESKY that penguin has accrued. The listed penguin will continue to accumulate $PESKY while listed. If that penguin is purchased, the penguin's new owner will be able to claim any $PESKY that penguin has accrued while being listed, on top of any $PESKY that wasn't claimed by the lister before listing the penguin.
Q: Which Place should I stake my Penguins at? There is no right answer to this question! This is the "Gamified Staking Experience!"
Every Pesky Place has different staking parameters. Some will give you $PESKY quickly, but in small amounts. Some will give you large chunks of $PESKY very slowly. Some have a large earnings cap so you can "set it and forget it" for long periods of time.
Stake at the Place that best matches how you'd like to earn $PESKY! In the future, you'll be able to make your own Places and customize your staking experience even further.
Q: What is the "Max per penguin" stat? This is an earnings cap on how much $PESKY each penguin can accumulate before it stops earning. You will need to claim your $PESKY and re-stake your penguin in order for it to keep earning. There are a few reasons for this:
- Staking variables are "locked in" when you stake your Penguin.
- If a Place is upgraded, your staked penguin will not automatically earn at the new rate.
- An earnings cap encourages un-staking so players can re-stake and earn
$PESKYat a higher rate.
- An earnings cap incentivizes players to withdraw their rewards more frequently
- This promotes the circulation of
- People with
$PESKYin-hand are more likely to spend it on upgrades, creating a virtuous cycle.
- This promotes the circulation of
- There will be in-game mechanics that trigger on the withdrawal of funds.
- This relates to a SECRET that we have not yet revealed. Stay tuned!
Q: So what can I do with $PESKY?
Right now, nothing. We are taking this time to reward holders and seed the circulating supply of $PESKY so that there is a healthy supply to be spent when the first phase of the the Nootopia GAMIFIED staking platform is launched. The first purchases players will be able to make with $PESKY will be "Pesky Places" -- "Land" NFTs that allow you to upgrade the staking parameters of your penguins and increase your daily $PESKY output!
There are many, many more use cases for our $PESKY utility token planned; these potentially include but are not limited to: Pesky Places upgrades, minting or "hatching" of new NFTs, purchase of Chillchat Gen 2 or Gen 3 Origins, in-game item acquisition, quest expenses, vanity naming rights -- the list is exhaustive and will grow as the development of Nootopia continues!
Q: What are the tokenomics for $PESKY?
There will be a maximum $PESKY supply of 500M. The relative value of the $PESKY token will be managed through judicious burn and recirculation initiatives to ensure that token price remains stable without encouraging holders to hoard $PESKY; we want penguin holders to feel comfortable with spending $PESKY to immerse themselves in the Nootopia experience without also feeling like the token is valueless.
The present allocation of the $PESKY supply is as follows. Please note that while we are in the $PESKY seed phase (stake only; no game) these percentages might be subject to minor tweaking and some change -- the total supply of $PESKY will remain fixed at a maximum of 500M. Allocations of $PESKY will be immutable prior to the launch of Nootopia Phase 1 (our gamified staking platform).
- 140M $PESKY (28%) for ecosystem development and community rewards
- 10M $PESKY (2%) to NootDAO, a community-led DAO for all holders of Pesky Penguins. The DAO leadership will assume control of the $PESKY and can do with it as they see fit (vesting for the DAO begins effective July 1 2022 at a rate of 500K $PESKY/month until the entire 10M has been distributed.).
- 330M $PESKY (66%) for game/staking emissions
- 20M $PESKY (4%) to the dev team (vesting for the dev team begins effective March 1 2023 at a rate of 1.5M $PESKY/month until the entire 20M has been distributed.)