What is a Pepper Stake?
🥩 Pepper Stake is a new service🚀 for the effortless creation of staking utilities within the WAX ecosystem.
Anyone can create a staking system where users can stake NFTs or a token built on the WAX blockchain and get a reward.
The staking system is fully decentralized, so anyone can use its UI and/or use any WAX explorer to communicate directly with the Pepper Stake smart contract. No centralized services are used to make the system work.
How to create a staking system on 🥩Pepper Stake?
To create a staking system, the user has to register in Pepper Stake with their WAX account using Anchor or WCW and perform the following steps:
- Add token and/or the list of NFTs that can be staked (token or NFTs of any WAX project)
- Reward token (a token in which the reward will be paid)
- Fill up the form with configuration data (characteristics of pools, conditions of the Staking, number and duration of staking periods, start time, time to wait to unstake)
- Summarize (carefully check everything before the start)
To initialize the staking system, the user has to press the Open Space button (to book the memory in the contract for all staking periods). Then press the Activate button to send the whole amount of token needed for the staking reward.
What benefits of creating a staking system?
Use Pepper Stake and reach your goals within the WAX community
- create new use cases for NFTs of your project or any projects you like;
- raise awareness about a token of your project among users;
- expand your community on WAX
- create cool events for your community using 🥩Pepper Stake as a tool to reward them. Just place the link leading to the staking on your site, and welcome users to join.
Anyone can create a staking system within Pepper Stake, no matter if they have their own project or not.
What is required from the creator
If you decide to create your own staking, you need to have two things:
- the whole amount of the token, which will be paid as a reward during the duration of staking.
- RAM is reserved for all the staking periods.
Also, it’s good to think ahead about the structure of your overall staking. Which NFTs/token will be allowed for staking, how many periods will it last, what duration will be, and what will be rewarded for each type of NFT or some amount of token?
What are the technical requirements for a staking token in Pepper Staking?
Both the staking token and token for reward should be issued on WAX.
What are the technical requirements for NFTs, which can be used as staking NFTs in Pepper Staking?
It can be a token or NFTs of any WAX project. Only AtomicAssets standard. (SimpleAssets are not compatible. It should be NFTs with a template).
How will rewards for different NFTs be distinguished?
The staking creator will be able to set up different rewards for staking different types of NFTs within one schema.
The staking creator will be able to choose an attribute of an NFT, by which the reward will differentiate. The most common attribute is rarity and then enter a weight for each value of this attribute.
If this staking already contains a token, users will be able to see the amount of the staking token equivalent to the weight of the NFT.
The Pepper Staking system is developed fully on blockchain
What are the benefits for users?
- Stake unused NFTs to get some profit.
- Explore the WAX ecosystem to be the first one to learn about new promising projects on WAX.
- Choose perspective projects and get their token as a reward for staking.
Can I unstake my assets any time I want to?
You can unstake your assets partly or in full any time you want. Yet some staking pools might set up a time for assets unstaking. In this case, you’ll have to wait this period until assets are available for withdrawal.
How safe is Pepper Stake for NFT storing?
Pepper Stake is developed and revised by a team of highly qualified specialists. The project is built entirely on the blockchain. The contract is open, and you are welcome to review it before staking your assets for any project.
Do I need any WAX resources to use Pepper Staking?
Yes, on your account, you will need to have RAM and CPU necessary for the account creation and staking process.