Single-sided staking for the Fief token (FIEF) is live. If you do not currently own Ethereum FIEF, you can purchase it today directly via Uniswap V3 on Ethereum or bridge over your c-chain FIEF by following these directions.
Here’s what you need to know about FIEF staking, the reward system, and its utility within the broader Fief platform.
Fief’s single-sided staking system is a fork of the popular and highly reviewed vote-escrowed staking protocol by leading DeFi project Curve (veCRV).
With FIEF staking, users lock up their tokens for a period between 3 months and 2 years. In return for locking up their tokens, they receive a non-transferrable receipt token called Staked FIEF (sFIEF). The amount of sFIEF received is lock-period dependent with a max of 1 sFIEF : 1 FIEF if the 2 year period is chosen.
As an example, a staker who locks up 10 FIEF for one (1) year will receive the same amount of sFIEF as a staker who locks up 5 FIEF for two (2) years.
The amount of received sFIEF following initial lock decays linearly over time until the end of the lock date. If you desire to maintain your sFIEF balance, you can simply stake more FIEF or increase your lock period if you previously chose a period < 2 years.
A weekly FIEF distribution will be made to the pool of sFIEF holders. The sources of these rewards are protocol fees (real yield) from across the growing Fief platform, including the Fief Marketplace.
The amount of FIEF an individual user receives is determined by protocol usage and their percentage of the total sFIEF supply. In our early stages, we will be using a rolling fee distribution method where we reassess the weekly rewards based on the previous month’s protocol usage. This reassessment period will decrease as we scale.
To start things off, Fief has committed to providing 95% of all Fief Avatar sale rewards and 50% of all Genesis Unit Crate sale rewards to seed this pool. In total, 1,276,300 FIEF is already available for distribution – we are splitting this initial amount up by 52 weeks in order to have a reliable, minimum amount of rewards.
Therefore, the base weekly reward to be distributed to the entire sFIEF holder pool is ~24,544.23 FIEF.
As with every Fief protocol, FIEF staking is under the control of a Fief Faction. In this case, the Bishop Faction is the controller and beneficiary of the growth of single-sided FIEF staking.
Through our system, the Bishops will benefit from Concentrated Fee rewards that are deducted from each claimed reward made by all stakers. In short, a 0.5% fee will be deducted whenever you claim your weekly FIEF rewards.
This reward will eventually be converted into off-chain FIEF for in-game distribution via Fief: Blood and Coin. To benefit from this reward pool, you must hold a Bishop Oath and Bishop lands with the proper setup (more on this to come).
Please note, no fee is charged to the initial FIEF you stake – this deduction comes purely from the claimed rewards made possible through protocol fees.
Protocol fee distribution is just the tip of the iceberg as it pertains to the utility of sFIEF on the Fief platform.
We are building a suite of protocols and products on top of sFIEF to further reward stakers while providing substantial utility to the FIEF token economy.
With this system, sFIEF will function as a core unit of value to either a) unlock access to gated offerings or b) accelerate reward outcomes for un-gated offerings (this has huge implications for on-chain activities related to our games).
You can think of your sFIEF holdings as an ‘account balance’ within the Fief Platform. Every time you use a portion of it for access and/or boosts, that balance is deducted until you complete the specific activity. Upon completion, the spent balance will return – BUT REMEMBER – your sFIEF balance is always decaying over time.
This approach further incentives users to stake for longer periods of time in order to increase their sFIEF balance while efficiently aligning the FIEF token economy with all that we are developing.
The menu of sFIEF options will be substantial with some teasers seen in the image below. The Fief team is actively developing a number of these sFIEF protocols and products behind the scenes with releases set for Q4 2022.
September 21, 2022
September 18, 2022
September 15, 2022
September 15, 2022
September 13, 2022
September 13, 2022