Staking Chests

What are Staking Chests?

Jellyverse introduces an exciting innovation in staking. Unlike traditional systems that limit users to a single staking position, here users can create multiple positions, each beautifully represented as staking chests. Each of these chests grants users the flexibility to deposit, withdraw, or lock a distinct amount of JLY tokens.

From a technical standpoint, staking positions are embodied as NFTs (Non-Fungible Tokens). These NFTs store critical parameters such as staking balance, timestamps, freezing periods, and other elements pertinent to staking, directly on the blockchain.

Think of it like a receipt for entering the staking process. They empower users to easily manage their staking positions, which becomes especially valuable when users want to lock in a specific portion of their JLY holdings to enhance their voting influence and annual percentage rate (APR).

Frozen chests

To enter staking, a minimum of 1000 $JLY must be deposited and frozen for a minimum of 7 days and a maximum of 3 years.

A frozen chest allows users who want to commit to a longterm participation in voting and governance process of Jellyverse to obtain boosted voting power and annual percentage yield (APR). The frozen chest allows (or disallows) the following actions:

• Add JLY without affecting the remaining freezing period

• JLY cannot be removed.

• Offers boosted voting power and APR

The remaining freezing time is considered at its nominal value, resulting in a diminishing voting power and a reduction in APR boost as time progresses. To put it simply, users with the longest remaining freezing time will receive the most substantial incentive boost when they choose to re-freeze their assets.

Valuation of remaining freezing time

As previously mentioned users receive a higher boost in APR and voting power if they decide to freeze their position for longer periods.