The world’s first move-to-earn NFT-based RPG game metaverse, Genopets, has launched its GENE Token Staking. The event holds at the official Genopets staking site and numerous benefits are attached to the staking event. They include GENE rewards, in-game boosts, feature access, NFT and KI distributions, and governance voting.
It is worth mentioning that the GENE token is the staking and governance token used with KI to level up Habitats, craft, and earn in-game. The token also serves as the primary token used for the purchase of Genopets NFTs during seasonal drops and minting games.
The time you have been waiting for has arrived.
With 4,000,000 in GENE rewards, GENE staking is HERE! 🐉
All the details are in this 🧵 (1/8) pic.twitter.com/FxQrKlZ6F3
— Genopets (@genopets) May 18, 2022
What are the Goals and Benefits of Staking?
The primary goals of the GENE Staking program include incentivizing long-term holding of the GENE token, encouraging GENE token usage in-game, maximizing DEX liquidity, and reducing GENE toke inflationary pressure. The benefits of the staking program come in five forms. They include:
- Rewards: This provides rewards from the reward pool to stakers. The rewards earned from the GENE Staking program are locked for one year. However, they can be withdrawn as sGENE. When withdrawn this way, they can be used in-game but would not have any protocol-designated liquidity.
- Initial KI Token Generation through Airdrop: The KI token initial generation will be shared with GENE token stakers through a vested airdrop. Suffice to mention that the KI Token is Genopets’ utility token earned in-game. It is also burned through different mechanics to ensure the stability of the game economy.
- Distribution: This refers to tokens, NFTs, and other digital assets distributed to stakers and could be as NFT airdrops or a new token launch. It can be locked or not and it all depends on the case.
- In-game Boosts and Private Beta Access: Stakers are given extra benefits and preference when it comes to in-game mechanics, depending on the in-game seasonal questions or campaigns. For instance, they will enjoy preferential treatments for future NFT Sales whitelisting, KI earnings boost, early access to features, and Private Beta access.
- Governance Voting: Stakers will also have the chance to vote on different governance decisions, including game mechanics, future token emissions, and others.
One of the major components of the staking architecture is the chance to withdraw locked GENE Token rewards to use in-game as sGENE. The sGENE cannot be swapped or listed on exchanges. It is burned after use. It should be noted that the staking program has a lifespan of four years with the rewards divided across different staking pools.