Game Credits’ ambitious “100-year” metaverse project, Genesis Worlds, has announced plans to launch a staking program for their GENESIS token. Basically, GENESIS tokens are earned by staking GAME tokens or owning Mining Claims. Direct token purchases are also available on Quickswap and other token markets. Now, GENESIS token holders earn a passive, compounded income and, eventually, a say in how Genesis Worlds is governed.
Genesis Worlds is all set to add a new way to earn GENESIS tokens after selling their first mining claims in January. As a result, owners of Mining Claims will receive GENESIS payments on a regular basis simply for owning the NFTs. Furthermore, starting on February 24th, those GENESIS tokens will be able to generate their own passive income thanks to a GENESIS governance staking program.
How does the GENESIS Governance Staking work?
The Genesis Worlds team refers to GENESIS token staking as ‘Governance Staking.’ This is because, once the governance layer adds to the ecosystem, staked tokens will function as votes for community proposals. Meanwhile, token owners who participate in the pool earn more GENESIS tokens.
The reward pool is dynamic and is paid on a daily basis. Every day, the pool fills with tokens equal to half of the GENESIS generated that day from Mining Claims. This is not a small sum. Currently, there are over 9.5 thousand Mining Claims, each of which generates about 6.3 GENESIS per day. So half of that, or the game will add 30 thousand tokens to the staking pool every day.
The reward pool grows as players purchase more Mining Claims!
There is no lockup period when staking GENESIS tokens. Owners can even stake or un-stake tokens at any time. The game automatically compounds the rewards. Even if you don’t want to buy a Mining Claim, simply owning and staking tokens provides passive income and the opportunity to help shape the game’s future!
Mining Claims, called Liquid NFTs, are sold on a bonding curve. This means that every time a Claim sells, the next Claim becomes more expensive to purchase. Projects like Euler Beats and Gala Nodes use the same concept. It provides a soft limit to the number of Claims created based on what the market is willing to pay. Ten per cent of each Mining Claim sale goes to the Genesis Foundation for the development of tools for Genesis Worlds, such as clients, quest systems, map editor, etc.
What exactly is Genesis Worlds?
Genesis Worlds, created by the creators of the GAME token, bills itself as a “multi creator gaming universe.” Genesis Worlds intends for the community to build out their metaverse from the ground up. Though the Game Credits team initially shepherds and builds the idea and process, the ultimate goal is for true community governance and creation.
Currently, Genesis Worlds are selling Mining Claims. Mining Claims generate GENESIS tokens on a daily basis. They will also have the chance to convert into a land NFT at some point in the future. Genesis Worlds runs on the Polygon network.
In other news, Gala Games Announces Their ‘Project GYRI’ Gaming Blockchain.