Staking Launch & Upcoming Utility
The Polite Raptor staking is live! ✨ This article explains the utility behind $PRP and how you can stake your raptor 🦖
⚠️ Disclaimer: The PRP token should not be seen as an investment. There is no guarantee that it will have or increase in value. Staking your raptor is fully optional and future rewards are not guaranteed. The Polite Raptors team is not liable for bugs in the involved smart contracts, wallets or faulty user actions.
Upcoming Utility for $PRP
As described on our website $PRP will be needed by projects to attract the attention of the raptors pack! We will build a dashboard where projects can stake acquired $PRP to get on the pack’s radar. We are looking forward to support upcoming NFT drops together as a pack! 🔥
How else can we create utility for $PRP and also add value for the projects catching the pack’s attention? We are proud to announce that we’ll ship a community driven NFT analytics tool in February 2022 which integrates $PRP as the token collections will need to be listed. A sneak peak of what’s being worked on will already be shared in the first week of January! Our goal is to create an NFT analytics tool by the community for the community! ❤️🔥
How to stake your Raptor?
ℹ️ We recommend to fully read this article once before executing transactions.
We don’t have a custom staking UI yet. Luckily etherscan.io provides a great interface to interact with smart contracts like our staking contract.
Step 1 — Approve
First step to interact with the contract is to approve the contract for managing your raptors. This is required so that the raptors can be actually deposited to the staking contract. Navigate to this page and connect your wallet. Compare with the screenshot below to see if you did it right.
Scroll down until you see the method name “setApprovalForAll”. Uncollapse the item by clicking on the row. In the “operator” field add the address of the staking contract which is:
➡️ 0xA8A38d0AbF0c8a7BC378adEb55d6843D516Dd92f
In the “approved” field, enter the value “true”. The form should look like:
Click on the “Write” button to submit the transaction with your wallet. Wait for it to complete.
Step 2 — Stake
To navigate to the staking contract, follow this link. Connect your wallet again. This time it is important that the option “Write as Proxy” is selected. Do not choose “Write Contract”. Connect your wallet if not already connected and the page should look like in the screenshot below.
Choose which raptors you want to stake: You will need the IDs of your raptors here. The easiest way to figure out the IDs is to inspect your collection on OpenSea. Each of your raptors will have the ID in its name. You can stake up to 255 raptors per wallet and up to 32 raptors per transaction. For each raptor staked you may claim 1 $PRP token per 24 hours. You don’t need to claim everyday but accumulate over time.
Choose how long you want to lock your raptors: The minimum staking lock period is 15 days. That means after staking a raptors, you can only withdraw after 15 days have passed. If you choose to lock your raptors for a longer timeframe, you will earn more $PRP. Locking your raptors for 45 days will let you claim 2 $PRP per day. Locking your raptors for 180 days will let you claim 5 $PRP per day. The only available lock options are 15, 45 and 180 days.
Scroll to the method named “stake” and click on the row to uncollapse the item. Example: To stake the raptors 159 and 158 for 45 days, enter the following data in the form and submit the transaction:
Unfortunately, there is a gas cost that increases with each raptor staked. The staking cost is comparable to the cost of buying an NFT on OpenSea.
Step 3 — Claim $PRP
You can check how many $PRP you may claim by switching to “Read as Proxy”. Expand the “claimableTokens” method to see the amount which can be claimed. The $PRP token has 18 digits which means that 1000000000000000000 equals 1.0 $PRP. Within the first 24 hours, the claimable tokens will show 0.
Step 4 — Withdraw Raptors
Scroll to the “withdraw” function to unstake one or more raptors. Use the same format as for the staking transaction. Please keep in mind that you must wait until the lock time has expired. Otherwise the contract will throw an error and still charge you gas fees for the transaction. The following screenshot shows how a withdraw of the previously staked raptors would look like:
We prioritise utility for $PRP over creating a staking UI. That’s why a staking UI will follow later.
FAQs
These are questions from our official Discord.
1) If I stake my raptors now, will I get my refund?
Staked raptors do not qualify for a refund as mentioned here.
2) Does the pack token have any other use besides selling for people not involved with projects that want to incubate?
The $PRP token will be involved in the upcoming NFT analytics platform built by the Polite Raptors.
3) I assume staking takes away my raptor from my wallet; does that mean I can’t participate in trait based DAO and voting?
Voting will be still be possible through a custom API we’re working on.
4) A video of how staking is done would be awesome
Awesome idea, we’ll put that on our todo list!
5) The NFT analytics tool, will it be like a directory of sorts for NFT projects?
Kind of; we’ll provide some news about it shortly.
6) Do we know how non-NFT-project stakers will use $PRP with the tool?
Not yet, we don’t want to publish details about $PRP involvement in the tool too early.
7) Staking, unstaking and claiming rewards, will there be gas fees for each transaction?
Unfortunately, yes.
8) What’s the initial price of $PRP
There is no initial price as long as nobody adds liquidity on an AMM.
9) $PRP fixed or inflationary?
Inflationary for now but a cap or a lower minting rate might be introduced in the future.
10) Can we get a list of all the actions that cost gas and what type of transaction it’s comparable with? Would be nice to know up front. Like approve, stake, claim coins, unstake etc.
Yes, we’ll provide a doc for that!
Join the Pack
Discord: discord.polite-raptors.com
Twitter: twitter.com/PoliteRaptors
