Kick off the New Year with OCIF Staking on the InvArch Tinkernet!
Before staking goes live on the InvArch Tinkernet, an incentivized public testing event will take place over an approximately 30-day period, open to all members of the InvArch community. During this period, participants will be the first to test out the On-Chain Innovation Funding (OCIF) protocol’s staking feature & will earn TNKR tokens from a prize pool!
The public testing period will take place on the InvArch Brainstorm (solo-chain) testnet. Each participant will be given 500 Brainstorm test tokens (symbol: 🧠⛈) to use during the event to stake towards INV-Cores (NFTs) on the network.
While the staking rewards received during this time will be in the form of test tokens, users will be incentivized for their participation. All who participate will share a prize pool of fifty-thousand (50,000.00) TNKR, which will be proportionately distributed based on each participant’s final balance of test tokens (🧠⛈) after the event has concluded.
When & How to Participate?
The public testing event will:
- Be live starting on January 2nd, 2023 at 12:00 AM UTC.
- Last for approximately 30 days (216,000 blocks).
- End on or before February 1st, 2023.
To participate, a guide will be provided before the end of the year that will walk through all of the steps to participate successfully. The team will also be providing a simple staking UI for participants to use during the public testing period. A test token faucet will be made available in the InvArch Network Discord server at the start of the event.
To be prepared before the public testing event, participants should:
- Have the Talisman Wallet browser extension installed.
- Make sure you’re a verified member of the InvArch Network Discord.
- Follow the InvArch Tinkernet on Twitter to stay up-to-date.
What is OCIF Staking?
OCIF Staking is the staking feature present in the InvArch Network’s On-Chain Innovation Funding (OCIF) protocol.
OCIF Staking is different from other forms of staking yet seen in the Polkadot or Kusama ecosystems. Inspired by the concept of dApp Staking which was first introduced by the Astar Network, the OCIF protocol is designed to take advantage of the network’s staking system as a means of providing economic opportunity to creators on the network.
What’s unique to the OCIF protocol is that it allows creators to register NFT-based repositories & DAOs (called INV-Cores) to the network which can then be staked toward by network token holders. By staking toward a project, Tinkernet community members are able to determine the distribution of funds which are derived from network inflation & reserved towards empowering creators. In exchange, those who stake using OCIF receive rewards in the form of APY which is determined by the staking participation rate of the network.
Below, an example (using example numbers) can be found that provides a very basic review of the rewards flow for OCIF Staking:
Using a starting token supply of 20,000 as an example, the example above features 4 users with 500 tokens each & 3 INV-Cores that are available for participants to stake towards.
1. Token stakers select an INV-Core that they support.
2. Token stakers determine the total support behind an INV-Core
3. Tokens are produced via network inflation for OCIF staking rewards.
4. These rewards are split: 60% for INV-Cores & 40% for token stakers.
5. Rewards are allocated to INV-Cores depending on their share of support.
6. Other rewards are allocated to holders based on their staked share.
The token supply figure above is not proportionate to the actual TNKR supply & demonstrates a hypothetical example over the course of one year.
Additionally, the process & experience for creators to access OCIF support is streamlined & autonomous. Rather than using network governance as a filter for projects seeking to register their INV-Cores, the process of filtering & registering/onboarding INV-Cores is integrated into the process of staking itself, essentially allowing individuals to vote & stake at the same time & through the same process.
During the public testing period, individuals will have the ability to both register INV-Cores & stake towards the network; however, any rewards accrued from registering INV-Cores will not count towards each participant’s final balance of test tokens (🧠⛈) after the event has concluded, which is what will be used to calculate the distribution of TNKR rewards to participants.
Further details will be released next week. For now, get prepared for some Tinkering!
We don’t want your email, but we’d love for you to join our community! 💜
Twitter: https://twitter.com/InvArchNetwork / (and @TinkerParachain)