What are the details of the previous and upcoming staking programs?
Blind Boxes continues to focus on building dynamic and robust functionality for BLES. As we ease into the second half of the summer, let’s reflect on our most recent 90-day liquidity staking program plus preview the next staking initiatives that will soon kick-off.
Recap: BLES Vaults I
For this initiative, which ran May 8 — Aug 8, we had two distinct staking pools hosted on the Blind Boxes dApp. Users could stake BLES in either single or dual asset staking pools.
In the single asset staking pool, 1,121,193 BLES were staked for a total of ~ $325,000. The closing annual percentage rate (APR) was 72%.
In the dual asset staking pool, 8960 BLES-BNB-CAKE tokens were staked for a total of ~ $194,500. The closing APR was 540%.
The popularity of the previous staking program has prompted us to launch a fresh iteration. In developing the BLES Vaults 2 staking program, we heeded feedback from our community. Specifically, we are incorporating burn mechanisms and duration optionality to incentivize and reward long-term staking.
Start date: August 23, 2021
Duration: 180 days
Total per block rewards: 0.424 BLES
Total budget: 219,801.6 BLES
Structure: 4 pools of different durations
APR: automatically determined by market dynamics
Single asset staking (BLES)
0.05 BLES per block — open
0.05 BLES per block — 30-day lock
0.05 BLES per block — 90-day lock
Dual asset staking (BLES-BNB-CAKE LP V2)
4. 0.274 BLES per block — open
If a user withdraws their BLES before the end of their selected staking period, a percentage of their funds will be burned. The percentage burned will mirror the proportion of the remaining staking period.
Example 1: User A has staked his tokens in the 120-day pool. If he withdraws the next day (day 2), 99.1% (119/120) of the principal token value will be burned.
Example 2: User B has staked her token in the 120-day pool. If she withdraws on the 36th day, 40% (24/60) of the principal token value will be burned.