Mission of Hooked Staking Program
Hooked Staking Program is our network’s fair share distribution system, to acknowledge and reward Hooked Protocol’s buidlers & supporters. This ensures that every backer’s contribution is recognized, fostering a vibrant community of shared success. Meanwhile, it provides our community with an exclusive opportunity to get a head start on mastering DeFi (Decentralized Finance) while earning
$HOOK tokens as rewards. We have thoughtfully crafted the Hooked Staking Program to be intuitive for newcomers and equally engaging for DeFi experts, ensuring our ultimate mission of onboarding users into the dynamic world of Web3 is accomplished.
Hooked Staking Program is structured in phases, each delivering a higher level of challenge and offering varying degrees of rewards. Early supporters of the Hooked Staking Program will become esteemed leaders in the DeFi space. Your involvement fuels our collective progress, helping to shape the future of Hooked Protocol’s DeFi.
Stake with us, Stay with us, Buidl with us!
Intent of Hooked Staking Program Phase I
Hooked Staking Program Phase I is a 1-year-long program, meticulously designed as a straightforward pathway for onboarding users to the realm of DeFi. From novices to experts in the DeFi space, this represents an excellent opportunity to gain DeFi experience while earning rewards, with minimal learning efforts.
Immerse yourself in the vibrant world of DeFi by participating in the unique Hooked Staking Program Phase I. Not only will you acquire valuable DeFi knowledge, your participation also signifies your support for our thriving community and you earn enticing
$HOOK token rewards as appreciation.
Mechanisms of Hooked Staking Program Phase I
What is Staking?
There are two types of staking. Flexible staking does not require token lockup time commitment, you can withdraw your tokens at any time. Fix-term staking requires you to lock up your token for a certain period of time.
$HOOK fix-term staking gives you much higher
$HOOK token rewards than flexible staking.
Stake
$HOOK , Earn
$HOOK !
Hooked Staking Program Phase I starts in June 2023, exact date will be announced soon. It is a 1-year staking program that provides our community the smoothest way to earn
$HOOK token rewards. The total 1-year reward to give out is 1,800,000
$HOOK , and we will distribute these rewards evenly in 10,000,000 blocks on BNBChain.
Hooked Staking Program Phase I offers two staking options. With both options, you simply stake your
$HOOK tokens to earn
$HOOK token rewards, without any additional fees. The only difference is the amount of
$HOOK token rewards you get as a result of your staking duration commitment — fixed-term staking has a much much higher
$HOOK token reward yield than flexible staking and requires you to lock up your staked
$HOOK for up to 1 year.
Fixed-term Staking
Fixed-term staking option allows you to maximize your
$HOOK token reward yield by locking up your staked
$HOOK tokens until the end of Hooked Staking Program Phase I.
The rules are simple -
✅ You can enter fixed-term staking option at any time during Hooked Staking Program Phase I.
✅ Always feel free to add more
$HOOK token to earn more
$HOOK token rewards.
✅ You can claim and reinvest your staking rewards at any given time.
🥰 Your
$HOOK token reward yield gets boosted by a tiered multiplier compared to flexible staking. Please see section [Staking Reward Calculation] below for more details!
❌ You CANNOT unstake or withdraw your deposited
$HOOK token until Staking Program Phase I ends.
Flexible Staking
Flexible Staking gives you the flexibility to unstake and withdraw your
$HOOK at any given time during the phase I staking program. However, it gives you a lower
$HOOK token reward yield than Fixed-term Staking.
The rules are simple -
✅ You can enter flexible staking option at any time during Hooked Staking Program Phase I.
✅ You can unstake and withdraw from flexible staking option at any time.
✅ You can claim and reinvest your staking rewards at any given time.
Staking Reward Calculation
The staking reward is calculated on a per block basis. The calculation formula is -
There are 3 variables in this formula -
your_hook_share is a weighted share of the
$HOOK you staked. See more details below.
total_hook_shares is the sum of all staked
$HOOK times varied multipliers.
$HOOK _REWARD_PER_BLOCK = 0.18 (The total
$HOOK reward for Hooked Staking Program Phase I is 1,800,000, and the total number of blocks the total
$HOOK reward will get evenly distributed is 10,000,000).
your_hook_share differs for Fixed-term Staking and Flexible Staking -
➡️ For Flexible Staking (no yield boosted multiplier)
➡️ For Fixed-term Staking
num_of_committed_blocks is your staking commitment calculated in terms of blocks. If you enter the program as soon as it starts, your_blocks_staked = 10,000,000 = total reward blocks.
tiered_multiplier is a tiered yield boosting multiplier, given based on the number of your committed blocks.
The sooner you enter Fix-term Staking, the higher the yield boosted multiplier you get. If you commit to stake -
10,000,000 ~ 7,500,000 blocks, tiered_multiplier = 6x
7,499,999 ~ 5,000,000 blocks, tiered_multiplier = 3x
4,999,999 ~ 2,500,000 blocks, tiered_multiplier = 2x
2,499,999 ~ 1 blocks, tiered_multiplier = 1x
The graph above shows the yield_booster you receive in respect of the num_of_committed_blocks.
Suppose -
You have 100
$HOOK for staking, num_of_hook_you_staked = 100
Total
$HOOK staked is 3,000,000, and the total_hook_shares = 20,000,000
You enter the program at the 50,000th block, thus your num_of_committed_blocks = 9,950,000 & tiered_multiplier = 6
⚒️ For Fixed-term Staking
You get ~ 0.000006273
$HOOK token as rewards per block, which translates to ~ 62.73% effective APY.
⛏️ For Flexible Staking
You get ~ 0.0000009
$HOOK token as rewards per block, which results in a ~ 9% effective APY.
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