F1® Delta Time — All About Staking

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Staking is launching in F1® Delta Time on 15 September 2020. Read on to learn more about this exciting and innovative feature if you want your NFTs to generate REVV for you!

Staking enables owners of F1® Delta Time car NFTs to earn REVV by staking their NFTs. The amount of REVV earned by staking is determined primarily by the rarity of the NFT, with rarer items generating greater returns.

In blockchain, the term ‘staking’ usually refers to Proof-of-Stake blockchain protocols that use pools of that blockchain’s native token to produce blocks. Explained simply: if a user allocates an amount of this native currency to assist in block production, each block created returns a reward to that user. This system rewards users who are invested in the ecosystem by allowing them to earn dividends by allocating (staking) their assets.

Staking in F1® Delta Time is a little different in that it refers to the staking of non-fungible tokens (NFTs). This article explains how this ground-breaking feature will function.

The Staking Pool

F1® Delta Time has a total REVV allocation of 500,000,000. This total is divided across 4 main pools: Reserve, Game Operations, Marketing & Promotion, and Staking. The Staking Pool has a total allocation of 30,000,000 REVV.

For the upcoming Staking launch on 15 September 2020, there will be an allocation (from the Staking Pool) for 2019 Car NFT Staking of 12,040,000 REVV, split into two Staking Terms. The first Term will reward a total of 2,040,000 REVV, and the second Term will reward 10,000,000 REVV.

The first 2019 NFT Staking Term will run for 4 weeks, starting on 15 September 2020 (Hong Kong Time).

In this article we’ll focus on this first Term which has a reward pool of 2,040,000 REVV.

At A Glance: Payout Formula

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Full Staking Term Payout Schedule

The Payout Schedule in the below chart displays the amount of REVV earnable for each Claim Interval during the Staking Term.

The Claim Interval is the time interval before REVV can be claimed. REVV that has been earned is claimable every 3 days, also known as cycles. One Claim Interval is therefore three days/cycles. The below chart displays the amount of REVV that can be earned for each Claim Interval (the Claim Intervals are shown on the X axis).

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Earning Projections

The potential earnings from Staking a F1® Delta Time car NFT are dependent on the rarity of that NFT. This means that an Apex rarity car will have a higher yield than a Common rarity car.

But rarity is only one factor, because the Staking earnings are ultimately defined by the Weight of the NFT within the wider Staking pool. Higher Weight NFTs provide higher base returns, but those returns are also modified by the entire range of NFTs that have been staked.

To illustrate Weight, the below table displays the minimum potential earnings for a scenario in which the entire population of F1® Delta Time car NFTs are staked at the same time, for the entire duration of this first Staking Term.

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*One of the 7 currently available Apex cars — the Australia Edition — is a 2020 Season car, and will be usable for Staking after the 2020 Staking Term launches.

Staking Design and Terminology

Here we will highlight some of the core components and terms of Staking.

Staking Smart Contract

For those curious, the staking smart contract for this first Staking Term and the audit report (CertiK Foundation) can be viewed here.

What’s Next

With the launch of Staking only days away, now is the time to get some car NFTs. You can purchase suitable 2019 cars on OpenSea right now.

Also, if you haven’t seen it yet, we will be running REVV competitions for the upcoming Grand Prixs, starting with the Tuscan Grand Prix 2020. To learn more, check out this article.

Any questions, give us a shout!

Have any questions? Hit us up on social media at Twitter or Facebook, or join us on the official F1® Delta Time Discord.

Discord: https://discordapp.com/invite/dFBprfN

Twitter: https://twitter.com/F1DeltaTime

Facebook: https://www.facebook.com/F1DeltaTime/

And subscribe to our newsletter at https://www.f1deltatime.com/

The F1 FORMULA 1 logo, F1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trademarks of Formula One Licensing BV, a Formula 1 company. All rights reserved.

Written by

#F1DeltaTime is an official Formula 1® #blockchain game developed by Animoca Brands and running on the #Ethereum blockchain. Discord: https://discord.gg/eDrHew9

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