The BreederDAO Staking Version 2 project is designed to enhance the staking experience by introducing a series of strategic improvements by transitioning from Vault.inc to our inhouse platform to improve flexibility and customization. As we prepare to launch new products on the Polygon network, this upgrade aims to provide a streamlined user experience that aligns with our upcoming products. Being able to claim on the Polygon network, in effect allows users to directly use current and upcoming products without the need to bridge. Furthermore, users will benefit from increased accessibility and flexibility, as they can opt to claim rewards on either the Ethereum or Polygon network. By moving to our own custom staking platform, we have the flexibility to add and develop more features for future use cases such as, but not limited to, POAP staking and more use cases for our tokens.
Rationale for the Migration:
Upcoming Product Rollouts on Polygon
a. BreederDAO plans to launch a suite of new products on the Polygon network. For example, in May, we launched our first product called AI Skins which utilizes BREED tokens on the polygon network. The new features included in version 2 of the staking protocol aims to integrate seamlessly with these products, offering users a cohesive and optimized experience.
Economical Gas Fees
a. Improve your staking experience by leveraging the dual-network reward system. Although our primary staking protocol still operates on the Ethereum network, we offer the distinct advantage of enabling users the option to claim their rewards on either the Ethereum or the Polygon network. This not only substantially reduces transaction costs but also aligns with our upcoming product releases on Polygon.
Accessibility and Flexibility
a. Enhanced accessibility is achieved by providing reward claim options on both the Ethereum and Polygon networks. Users are thus empowered to select their network of choice for claiming staking rewards, affording an additional layer of convenience and flexibility. Experience staking with both economic efficiency and strategic flexibility.
Creating more token utility
a. Having full control of the staking platform allows the team to create more token use cases for the different tokens such as BREED and even eBREED. This gives users and holders more choices and activities to do with their tokens.
Multi-Chain Reward Claiming System
a. Multi-network Support (Ethereum and Polygon): We are extending the reward claiming feature to include both the Ethereum mainnet (ERC-20) and Polygon (MATIC). This allows users to claim $eBREED and $BREED on their network of choice, a feature designed for superior flexibility and cost-efficiency.
- i. If you claim your eBREED rewards on the Polygon network (MATIC), after the lockup period it will convert to Polygon (MATIC) $BREED.
- ii. If you claim your eBREED rewards on Ethereum Mainnet (ERC-20), after the unlock period it will convert to Ethereum Mainnet (ERC-20) $BREED.
b. A familiar user experience
- i. User-friendly UI and UX for new and existing members
a. Community-Centric Rewards: One of the main goals is to incentivize and encourage the community to participate more within the ecosystem. The platform will be built with features that promote community engagement. An example would be enabling POAP tokens and POAP staking to commemorate special events and activities.
eBREED token use cases
a. Presently, eBREED is nontransferable and only acts as vesting collateral for BREED. With the new design and implementation of the staking platform, eBREED will have the opportunity to be used on whitelisted products under the BreederDAO ecosystem. This gives stakers with vesting tokens more use cases and opportunities. More details will be supplied in the future.
In conclusion, the BreederDAO Staking V2 Migration proposal aims to improve the user experience in the staking landscape, especially as we prepare to launch new products on the Polygon network. By introducing economical gas fees and a Multi-Chain reward claiming system, we address critical barriers to broader adoption while giving users the flexibility to choose their preferred network for claiming rewards. Features like robust smart contracts, a user-friendly interface, and customizable token lockup periods further contribute to a more streamlined staking experience. Additionally, security will be enhanced with additional thorough code audits, and community engagement will be promoted through different initiatives like POAPs. The update signifies BreederDAO’s commitment to delivering a cohesive, economical, and secure staking environment, ensuring we meet the community’s needs while setting new industry standards.