We are here to introduce ERC721AS, an Auto-Staking system for NFTs. Auto-staking is automatic staking (literally!) without requiring you to transfer your asset into another pool nor pay any gas fee during the process. With ERC721AS, you just have to hold passively. No requirements to prove your holding status whatsoever.
Traditional staking requires the holder to ‘actively’ prove his/her holding status. You had to click the staking button, transfer the token to a staking pool, receive another token as a proof, and so on… To be honest, it kills holder-experience, sets a high threshold for beginners and most importantly, IT DOESN’T HAVE TO BE THIS WAY.
The core idea of staking is to give time value. (nothing more.) Conventional staking where you, as a holder, have to prove your holding status by transferring your asset and paying gas fee is just ‘bad mechanics’.
That is why we introduce ERC721AS, a new standard based on the first principle of staking. We abstracted the process by exceptionally focusing on giving time value. This is how it works.
At the moment of mint, the contract will presume that staking begins. Since nothing is done manually, it will not cause any additional gas. When there is a need for time recognition, ERC721AS minimizes the gas cost by utilizing the empty data space in ERC721A.
At the moment of staking-reward claim, the contract will get the total holding period minus the lag time created by transfer.
At the moment of transfer, ERC721AS contract will record the time and stop the staking status for a certain period of time. For Zero X Gakuen in particular, we set the lag time to 5 days from the moment of transfer. This is in order to respect our long-term believers and reward the diamond hands for their time.
Staking only matters with differentiation in staking rewards. ERC721ASVariableURI, extension of ERC721AS, sets a certain period of time as a semester and different grades based on the total holding period of that semester. Tiers will be toggled automatically based on the policy of each project.
|Days||0 Days||10 Days||30 Days||60 Days||90 Days|
After staking-reward claim, total time will be reset at the beginning of each semester in order to encourage new stakers and set equal grounds for all. Since total time will be reset every semester, holders need to claim reward during the claim period or seasonal rewards will not be redeemable.
Moonbirds’ Nesting has similar mechanics as ERC721AS in terms of not requiring holders to transfer his/her assets. However, nesting still requires holders to click the nesting button, interact with blockchain to prove your holding status and this will cause gas expenditure. This entire process is unnecessary in ERC721AS. Let’s see the gas savings compared to Moonbirds’ nesting.
ERC721AS is a new paradigm of NFT staking. Focusing on the first principle of staking, ERC721AS only records the data needed and focuses on providing the best experience for holders.
However, ERC721AS is not a cure for everything but has a few give and takes. It will charge additional gas fees for the contract deployer and in return, diminish gas expenditures of holders and community. ERC721AS is a technical container of the community-friendly ethos of web3.
We also respect the open-source ethos of web3 and hope our idea can be implemented to the broader community to provide zero-gas staking experience and rich narrative for our NFTs to be truly alive among us.
That’s why we made ERC721AS public.