Metis will launch its Decentralized Autonomous Company (DAC) Staking program on Friday, November 26, with the first stage beginning at 3 pm UTC. We’ve compiled this fact sheet to answer all of your questions regarding the DAC Staking program. As always, you can ask more questions and interact with other Metis community members in our Telegram channel, https://t.me/metisdao.
Onto the facts!
DACs open for registration on Friday, Nov 26, at 3 pm UTC.
Staking begins on Friday, Nov 26, at 7 pm UTC (this is the starting point for calculating APY).
The NFT that you have from our previous Tribe NFT minting event will be used to boost your DAC mining power. The conversion is as follows:
* Important Notice
Members of the Metis community recently banded together to form their own DAC, Titans DAC. Titans DAC is a Decentralized Autonomous Company with the mission of funding future irl Metis community events, as well as charitable giving. It’s the first Community DAC in Metis history. As you can see from their Github, this DAC has lots of plans!
As its kickoff venture, Titans DAC recently minted and released a set of Launch Edition NFTs. This is a limited edition of 15 collectible NFTs launched on Andromeda, via Metis NFT partner MetaCraft. Created in collaboration with the Titans DAC and the Metislab Foundation, this collection commemorates the launch of the Metis Andromeda Layer 2 network and grants special privileges to its collectors.
Holders of this NFT will receive membership to the private Titans DAC group chat, where they will be able to influence future decisions of the DAC. In addition, each NFT grants a boost in mining power at the start of the Metis DAC Staking program.
Portions of the proceeds of each NFT sale will go to the NFT’s creator, Metis’ Marketing Associate and Graphics Designer Ander Magri, as well as charitable initiatives and community initiatives that will be shepherded by Titans DAC.
To bid on Launch Edition NFTs and win these benefits, including a chance to boost your mining power for the DAC Staking program, visit the MetaCraft auction page.
The initial APY is calculated based on these assumptions:
So the initial APY=0.0185*60*60*24*365/2000=291,708%
The APY is calculated for the entire pool. As more members join and stake, the APY will be diluted accordingly.
Your staking rewards are related to the number of Metis Tokens you stake, the mining power you have, and the percentage of your weighted mining power compared to the overall weighted mining power.
Inviting your friends to join your DAC will boost your mining power; the more you invite, the higher mining power you can get.
To acquire your staking rewards, click “Claim”. Your staking rewards will then accumulate in the Metis Vault with other people’s staking rewards. You may withdraw your rewards from the vault at any time. If you withdraw your rewards from the vault, the system will deduct 10% of your rewards amount, and share those rewards with all the other people in the Vault who have claimed but not withdrawn. If you are the last DAC member who withdraws from the vault, the remaining 10% from your rewards deduction will be donated to charity.
***Remember to keep claiming your rewards as they accumulate. Only the token rewards that you’ve claimed(which is in the Vault) qualify to benefit from the 10% deduction sharing pool.
The ranking of a DAC is calculated based on the number of DAC members. The higher ranking a DAC has, the higher possibility it will have to win the lucky draw, which will be granted every week until the pool is closed. The winning DAC in the weekly lucky draw will receive 50 Metis Tokens, with the rewards to be distributed to the wallets of every member of the winning DAC.
You may dissolve your DAC directly if you have fewer than 20 members. If you do, the Metis Tokens you staked will be returned to your wallet and your staking rewards will be deposited to the Vault, which you may withdraw manually.
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