Staking

Our goal is to Decentralize the Future, and as such, it requires innovative thinking to address common problems.

Doge Project's Staking Mechanism for its NFTs: A Hybrid Approach

Introduction:

In the Doge Project, we have introduced a unique and innovative staking mechanism that aims to provide rewards to our NFT holders while avoiding the common pitfalls associated with traditional staking models. By combining the best features of traditional staking systems with our custom solutions, we have created a sustainable and accessible method for our community to benefit from their NFT holdings.

Technical Overview:

Our staking mechanism is designed for the Doge is the New Gold, House of Doge, and House of Shiba NFT collections. Unlike conventional staking systems that rely on a native token with potential regulatory challenges and value fluctuation, we have chosen to create a reward pool derived from the lottery sales, called the "community pool wallet." This innovative approach allows us to distribute rewards without the drawbacks of traditional staking systems while maintaining regulatory compliance.

Staking Process:

1. NFT holders can choose to stake their eligible NFTs (Doge is the New Gold, House of Doge, or House of Shiba) in the staking smart contract.

2. Staking is available in one-week increments, enabling users to earn rewards proportional to the number of weeks and NFTs staked throughout the month.

3. At the end of each month, the smart contract calculates the total rewards accumulated in the community pool wallet, equivalent to 10% of the lottery sales during the staking period.

4. The smart contract distributes the accumulated rewards to the stakers based on their proportional staking duration and the number of NFTs staked.

Benefits:

1. Sustainable rewards: Our staking mechanism ensures that the rewards are derived from a stable and predictable source (lottery sales) rather than a potentially volatile native token.

2. Regulatory compliance: By not relying on a native token, we minimize the risk of potential regulatory challenges associated with token-based staking models.

3. Flexibility: Users can stake and unstake their NFTs in one-week increments, allowing them to adjust their staking strategy based on their individual preferences and needs.

4. Inclusivity: Our staking mechanism is accessible to all eligible NFT holders, providing a fair and transparent rewards distribution model.

Smart Contract-based Distribution for Enhanced Security and Transparency

Our project is designed with a strong emphasis on security and transparency. To ensure that the distribution of funds from lottery ticket sales is secure and tamper-proof, we have implemented a smart contract-based distribution mechanism. This means that the allocation of funds is directly managed by the smart contract, without any possibility of manual interference or unauthorized access.

When lottery tickets are purchased, the smart contract automatically divides the proceeds according to the predetermined distribution model. The funds remain securely locked within the smart contract, ensuring that they cannot be accessed or manipulated by any external party, including the project team.

This smart contract-based distribution system provides our community with the confidence that the funds will be managed securely, transparently, and in strict accordance with the project's rules and guidelines. It ensures that the allocation of lottery ticket sales proceeds remains fair and unbiased, fostering trust and confidence in the project's ongoing development and operations.

Conclusion:

Our hybrid staking mechanism is designed to offer a sustainable, flexible, and inclusive solution for our NFT holders. By leveraging the strengths of traditional staking systems and addressing their limitations, we aim to provide our community with an innovative and rewarding staking experience.