PolkaFantasy NFT Staking — Development Update
Welcome back, Heroes! As the “Fantasy Box, Legend” event is approaching, we’re here to share exciting updates on our development progress on PolkaFantasy NFT staking:
- Smart Contract Implementation
- Staking Rewards Mechanism
- UI Development
*External staking partnership will be announced later.
NFT is an important element within the entire PolkaFantasy GameFi ecosystem. In the long run, we would like to integrate as many utilities as possible as we continue to grow. We are delighted to share some updates for NFT staking:
PolkaFantasy’s Native NFT Staking Platform
Smart Contract Implementation
The PolkaFantasy team is currently building its own NFT staking platform where users can conveniently stake their PolkaFantasy NFTs (e.g. Character NFTs and Fantasy Lands).
The entire development phase would approximately take up to 1.5 month to complete.
We are currently aiming to complete the Smart Contract for staking by the end of the month. As we are filling the rarity information from IPFS to the contract, this should be completed in the following week. Upon completion, we will go through multiple testings and assessments to ensure the accuracy and smooth experience of the staking process.
As usual, we will work with an audit firm to make sure that our smart contract is secure.
Staking Rewards Mechanism
At this moment, we are running simulations with our expert team to find a proper balance for our staking rewards. We will be opening different pools with different APY%.
Pool will come with different staking periods. As we are finalizing the percentages distinctively for each tier and rank, you may expect more updates in future.
Our design team is now developing the user interface design for the staking platform where pools, APY% and token rewards earned would be shown in one dashboard in a clear way.
It is estimated to finish the UI implementation by Feb 25.
As we are developing the NFT staking platform, our team is also working on the $XP staking platform.
PolkaFantasy native token, $XP, is an important element in our GameFi ecosystem. As this ecosystem is expanding with more integration of different services (Token Bridge, Marketplace etc) and partnerships, we see the opportunities to bring $XP to a wider audience. Our team is currently developing a service which can expand the utility scope of $XP in a significant way. We cannot wait to share more information about this new initiative.