Introducing the Genius Yield Staking dApp
We are extremely proud to announce that the Genius Yield Staking dApp, part of the Genius Yield platform where users will be soon able to trade assets in our order-book Decentralized Exchange and use concentrated liquidity positions to maximize their yield, is live on mainnet since Wednesday, December 21st!
https://app.geniusyield.co/earn
Let’s take a deep dive into the Stakin dApp’s features.
Multi-Vaults
The Staking dApp will allow you to create as many staking positions as you want. We call them staking vaults. In each vault you’ll be able to stake $GENS tokens and NFTs.
Locked staking vaults
$GENS holders have the ability to stake their tokens in the staking dApp to earn yield with a fixed APY in locked staking contracts. There are 3 types of contracts:
- 6 months staking: offering a 9% fixed APY
- 9 months staking: offering a 11% fixed APY
- 12 months staking: offering a 15% fixed APY
Once the staking dApp is live, users will be able to stake their $GENS for either 6, 9 or 12 months. These locked staking options will be available until March 2023. We will provide the exact deadline and further details in the future.
Genius NFTs and Mascot NFTs staking
When creating a staking vault with $GENS tokens, you’ll be able to add APY booster NFTs such as Genius NFTs and Mascot NFTs, providing a flat 2% to 6% APY increase up to a year.
If you choose the 6 month or 9 month staking vault and use an APY boosting NFT, the NFT will be returned at the end of the staking period, and can be used in a new staking vault for the remainder of the utility.
For example:
User adds a 5% APY Boost NFT in a 9 month staking vault. The user would earn 16% APY for 9 months. At the end, he would be returned the 5% APY Boost NFT with 3 months remaining utility.
Only one APY booster NFT is allowed per vault. You can create multiple vaults to fit your needs and stake one APY booster NFT on each vault.
ISPO NFT Staking
We are pleased to announce that ISPO NFT staking will be available shortly after the first ISPO airdrop in early January 2023. Delegators will be able to use their ISPO NFT in the staking dApp to earn yield on their remaining 50% vested ISPO rewards! Users will have the option to create a staking vault for either 6, 9 or 12 months. You’ll be also able to increase your yield by staking an APY Booster NFT. You can even add non-vested $GENS tokens to this vault in order to increase your staking positions!
We want to remind you that any ISPO NFT will allow you to stake your vested $GENS tokens from ISPO.
ISPO NFTs are Diamond Hands S1 & S2, HODLer S1 & S2, FOMO S1 & S2, Ape S1 & S2, Degen S1 & S2, Shark S1 & S2 and Late Fan S1 & S2
APY Booster NFT utility dashboard
APY Booster NFTs such as Genius NFTs and Mascot NFTs start with 12 full months of APY boost. These NFTs provide a flat %APY boost and are very powerful. We consider the long-term effects of having such a power utility connected to an NFT, and therefor chose to limit their use to 12 months. Doing so maintains the health of our rewards program for years to come while still providing significant benefits to the owner. We’ll implement a NFT Dashboard where anyone will be able to check each NFT and see exactly how much utility-time is remaining. This way potential buyers on the second market can check the NFT and see exactly how much time is left.
What about flex staking and redistribution of the fees from the DEX and the yield optimizer?
We plan to support flex staking at the launch of the DEX. We will publish an announcement explaining how flex staking works closer to the DEX launch.
Once the DEX is live, 20% redistribution of the fees owed to $GENS stakers will be automatically added to the fixed rewards in the ongoing locked staking vaults, this on top of the locked staking rewards listed above!
In the second half of 2023, the Smart Liquidity Vault will be released and 20% of the fees from the yield optimizer will be redistributed on top of the DEX redistributed fees!
In 2022, we were mainly focused on building the infrastructure for our products. With these strong foundations now in place, we are ready to hit the ground running in 2023! Get ready and fasten your seat belt! This is only the beginning!
