Why staking, and how does it work?
At Boson, we have now achieved our initial goal to build the decentralized commerce infrastructure for the Web3 economy, comprising: a highly generic decentralized commerce protocol enabling trust-minimized exchange of any real-world assets without centralized intermediaries, just code and independent dispute resolvers; and a domain-specific dCommerce dApp enabling anyone to sell physical things as NFTs online, in-metaverse and on NFT marketplaces.
In December we launched our initial pools which gauged interest and engagement from token holders in the future network incentive structure, which will be focused on network and seller staking. After the success of previous staking campaigns, we are excited to announce a new reward pool for Boson token holders which will be more closely calibrated to future seller and buyer behaviour, with a larger, 360 day pool, and a higher initial reward amount.
Core terms:
- 12 months fixed term staking
- 687,000 Boson reward pool
- Max pool size 10million BOSON
- Rewards issued pro-rata to pool participants at a rate of 1908.33 Boson per day
- Minimum reward rate: 13.47%
- Rewards paid out in BOSON
How to participate
The new campaign “Boson staking June 2024 – 360 day pool” will run from the beginning of June 2024 for 360 days with a reward pool of 687,000 $BOSON tokens.
The campaign is running on a familiar platform from AllianceBlock, called DeFi Terminal at the following address: http://bosonprotocol.defiterm.io/
Reminder: The role of $BOSON in network incentive design
Boson’s vision is to enable a single digital market for physical things (think ‘Uniswap for e-commerce’); where all the world’s products and services are listed and searchable, with commerce automated via code (think TCP/IP for commerce).
Boson is built on decentralized infrastructure as a minimally extractive coordinator, with value mediated by the $BOSON token, ensuring that participants can share in the value they create.
The $BOSON Token is the core economic unit of the Boson ecosystem – used to govern the protocol, incentivize different actors and share in the value created. Token utility falls into a number of key categories:
Governance
Boson Protocol is on a path of progressive decentralization, following a milestone based approach of technology development and community governance.
Fees
Boson implements a minimally extractive fee that can be activated by the Boson Protocol DAO through the Protocol fee switch. Fee’s accrue to the DAO treasury. Marketplaces & Resellers can charge additional fees, allowing a diverse set of business models to evolve.
Staking
Boson is implementing a mechanism which enables ecosystem participants to stake behind sellers they trust for a fee.
Benefits for previous staking participants
Participants in the previous 180-day campaign can save on gas
Existing participants of the December 2023 – June 2024 180-day campaign can either withdraw their tokens or migrate them to the new campaign to enjoy the benefits of additional rewards in a gas-efficient way without waiting for the original cooldown.
How to migrate your tokens to the new pool
To migrate your stake and rewards to the new campaign, please follow these steps:
- Visit the Boson Staking portal at http://bosonprotocol.defiterm.io/
- Go to the Active Campaigns in the menu on the left and click Connect your wallet.
- In the existing campaign “Boson staking – 180 day pool”, click on the “Migrate staking” button (next to the Withdraw button). A migration dialog will open where you select the staking campaign to migrate to.
- Select the new campaign “Boson staking 2024 – 360 day pool” by clicking on the “Migrate to this campaign” button.
- After approving the transaction in your wallet, your existing staking and reward tokens are allocated to the new campaign. And you have saved on gas!
How to withdraw tokens
To withdraw tokens, follow these steps:
- Visit the Boson Staking portal at http://bosonprotocol.defiterm.io/
- Go to the Active Campaigns in the menu on the left and click Connect your wallet.
- In the existing campaign “Boson staking – 180 day pool”, click on the Withdraw button that will initiate your exit.
- You will be able to transfer your stake plus reward via the Claim button, pending the cooldown period.
How to join as a new participant
Joining the new campaign is very straightforward. Please read the terms and conditions beforehand, then follow the steps:
- Visit the Boson Staking portal at http://bosonprotocol.defiterm.io/
- Go to the Active Campaigns in the menu on the left and click Connect your wallet.
- Click on Stake to open the staking details.
- You need to Approve the amount of tokens you wish to stake in your wallet.
- To complete, click on the Stake BOSON Token button and you are now an active participant!
