Kanpai Pandas NFT Staking
  • Kanpai Pandas NFT Staking
  • STAKING
    • How staking works
    • Staking technical design
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  • Overview
  • Supported Collections
  • Staking Mechanics
  • Authentication
  • Cross-Chain Monitoring
  1. STAKING

Staking technical design

PreviousHow staking works

Last updated 4 months ago

Overview

Kanpai NFT Staking allows users to earn rewards based on their NFTs without the application taking custody of the assets. The staking mechanism operates off-chain, meaning users retain full control of their NFTs within their wallets. The system supports multiple chains, including Solana and EVM-compatible chains, and monitors ownership and transfers across all supported chains.

Supported Collections

The staking platform supports the following collections:

- Kanpai Pandas

- Infinity Pandas

These collections are available for staking across all supported chains.

Note: Honoraries are not eligible.

Staking Mechanics

  1. Score Calculation

Staking rewards are calculated daily using the formula:

  • The currentStrikeDayCount refers to the number of consecutive days the NFT has been staked.

  • dailyEarning is a value attached to the NFT metadata and is determined by the Kanpai rarity model. This value reflects the NFT's rarity and other metrics and is fetched from an internal source.

2. Daily Score Updates:

  • Scores are calculated daily, considering the consecutive staking period and the rarity of the NFT (dailyEarnings).

  • The application updates these scores once every 24 hours, ensuring accuracy and consistency.

3. Ownership Transfer Impact:

  • If a user transfers their NFT to another wallet, even if it’s their own, the following actions occur:

    • The staking score and days in a row are reset to zero.

    • This behavior applies to transfers across all supported chains.

4. Unstaking Mechanics:

  • Users can choose to unstake their NFTs, which:

    • Pauses the staking score and days in a row.

    • Retains the accumulated rewards and strike count.

  • If an NFT is transferred while unstaked, the staking score and streak are reset, and no further rewards are earned.

Authentication

To participate in staking, users must authenticate with the application by:

1. Connecting their wallet.

2. Signing a message using the appropriate standard:

  • SIWE (Sign-In with Ethereum) for EVM-based chains.

  • SIWS (Sign-In with Solana) for Solana.

Authentication ensures the integrity and security of staking operations while linking the wallet to the user's app profile.

Cross-Chain Monitoring

  • The application constantly monitors NFT ownership across all supported chains, including Solana and EVM chains.

  • Changes in ownership are detected in real-time to ensure accurate updates to staking data.

  • This monitoring ensures that transfers, even to self-owned wallets, trigger a reset of the staking score and streak.

Key Notes

  1. Scores are calculated daily. This is a critical aspect of the staking mechanism, ensuring that rewards reflect the ongoing commitment of users.

  2. Ownership transfers reset staking progress. Regardless of whether the transfer is to the user's own wallet or another, the system resets the staking score and streak.

  3. Unstaking preserves progress, but transferring NFTs while unstaked will result in a reset.

  4. Listed NFTs are not eligible. If listing your Kanpai Pandas NFT for sale, all progress earned from staking is lost and you do not continue to earn tokens.

  5. Staking and authentication processes are secure, user-friendly, and compliant with blockchain standards.

  6. Dapp is not taking custody over user assets, the soft staking approach makes sure that NFT is not leaving the user's wallet.