Hey Pxy fam!
TLDR:
- Staking goes live Saturday, 24 September on pixels.icp.xyz
- Pxy NRI affects rewards — slightly higher rewards for common Pxys (around NRI 50%)
- Staking is non-custodial, secured by smart contracts. 10-day locking period.
- Second Pxy Mint: 1-October-2022
We appreciate your patience as we built.
🤕 It took time, but we completed it — all the while our staking neuron grew. We can’t wait for you to stake Pxys. 🥳
(Early stakers might find a surprise. 😳)
So much happened since our April launch. Crypto rollercoaster took a plunge, regulation fears stung, inflation struck, hacks and bankruptcies, tornados dried out cash… We’re all affected somehow, but we’re in this together. With wise decisions, we’ll make it. Pxy is here to stay, to keep building and focus on opportunities the future has in store.
Today we reached another roadmap goal.
Staking is launching Saturday, Sep 24. Mark your calendars. 🥳
Our team worked hard and built something out of retro style Pixel Art, of which we love. 😍
We’d like to thank Pwoseidon for constructing the ‘staking formula’ — Cryryin further improved it to honor Pxy holder of all NRIs. Further, Cryryn helped plan the next set of utilities and roadmap, strategized sales and many other things. We are blessed to have a wonderful team. 🥰
We are excited for a surprise to come… our lips are sealed for now. 🤐🤫😉
Have your Pxys on hand, ready to send them into their staking ‘Hexicles.’ Staked Pxys receive PxyX points, which are exchanged for ICP at later time. More details in FAQ.
Rest assured that our Staking feature has undergone stringent testing — by the team and by various community members. The feedback has been positive thus far — we’re delighted! (We even tried exchanging ICP for PxyX points.)
Quick Staking Video
NRI affects PxyX point accumulation — it is fair?
Each Pxy is unique.
We must analyze several dimensions to capture the true variation in the Pxy collection. For simplicity, we rely on the unidimensional method known as NRI to represent rarity as a percentage.
Our ‘staking formula’ is the mathematical calculation to derive PxyX rewards for a given staked Pxy. It is directly dependent on a Pxy’s NRI.
Background: Staking Formula
(Note: feel free to skip this section!)
The rarity calculations by DGDG are among the more complex rarity scores in IC NFT ecosystem. They hint at the possibility that NRI may be a two-tailed, normal distribution curve (i.e. a bell curve) — although, Entrepot has communicated that NRI is a value derived from a single-tailed curve.
Until we can plot the data, the question is up in the air, however, I designed the ‘staking formula’ under the assumption that NRI is a two-tailed value, meaning the higher NRI are equally as rare as the lowest NRI. Under this assumption, the highest NRI Pxys are as valuable as those with values closer to zero NRI. The staking formula took a ‘socialist’ approach by rewarding a slightly higher amount of PxyX points to Pxys with NRI around 50%.
The initial concept gave an extreme advantage to “common” Pxys in the NRI bell curve, thus generating value for common NFTs. This was under the assumption that, higher NRI Pxys had greater inherent value so they received lower staking rewards to offset the value-imbalance. However, Cryryn’s suggestions helped improve the formula so the competitive advantage was less pronounced so every Pxy could be happy. ^_^
If you read this ramble, thank you!- Pwoseidon.eth
How “PxyX to ICP Exchange Rate” works?
The Pxy Staking Canister allows you to stake all or some of your Pxys and receive the rewards in form of PxyX Points. Later on, our PxyX points are swapped out for ICP at the end of the staking ‘epoch.’
You can stake as many as Pxys you want and unstake as you wish. Rewards are granted for the period of time you staked your Pxys since the previous ICP Payout.
Here are the simple steps to determine the ICP Payout based on your prorated PxyX points.
- Step 1: Determine the unit value of PxyX.
Unit Value = (Total ICP available in Community Wallet at time of payout) / (Total prorated PxyX points from all the stakers)
- Step 2: Pay each staker per PxyX they acquires.
ICP Payout = Prorated PxyX * Unit value of PxyX
Example: Lets say there are 5000 stakers. And they have accumulated 20000 prorated PxyX. The total ICP in the Community Wallet is 1000. Unit Value = 1000 / 20000 = 0.05 ICP per PxyX.
Joe has accumulated 500 Pxy X. So, he will be rewarded (0.05 * 500) => 25 ICP for that payout period. And so on.
As you might have guessed it right, for the next payout period, we will consider only the Pxy X whatever Joe accumulates after the last payout.
Does it have a staking fee?
Nope. Its free.
Does it have a locking time?
The minimum staking period is 10 days, during which you cannot unstake. Following the 10 days you can unstake your Pxys at any time.
During the staking period, you will earn PxyX points hourly, is vizualized on the staking dashboard.
What’s PxyX? Is it Fungible token?
PxyX is not a fungible token. It’s just a key element of the Pxy ecosystem which will be rewarded to holders/contributors and later be converted to ICP in exchange. You cannot trade it on exchanges.
PxyX points are like points in a game. They reset automatically once ICP is distributed in exchange for them.
How can I know exchange rate PxyX/ICP?
The current exchange rate is displayed on the home page dashboard section. Past payout exchange rate can be found in the staking history tab.
How are PxyX points exchanged to ICP?
The ICP rewards payout is manually implemented at the moment. You may receive ICP for PxyX points weekly or fortnightly or at a random time. Before we automate the distribution, we’d like to observe for a few weeks. Once automation is enabled, you’ll receive payouts on regular schedule.
What does “Hours Staked” Stats mean?
It is the total amount of hours of all the Pxys you staked. Ex: You have 10 Pxys. You staked it for 4 days. The “Hours Staked” will show 4 * 10 * 24 = 960 hours.
What is “Reconcile”? When should I use this?
Staking process involves transferring your Pxy to an Escrow Account and registering this event with the Staking Canister. Sometimes, this may fail half-way without giving a chance for Staking Canister to register. In such an event you will encounter an ‘Not Staked’ error on attempt to unstake Pxys.
Reconcile will fix such failed staking attempts transactions.
Is Pxy Staking Custodial?
Pxy Staking is a non-custodial process of sending your Pxys to an escrow account and getting rewarded with PxyX points for the staked period. Non-custodial secures the Pxys so ONLY YOU can stake or unstake your own Pxys.
Nobody — not even the Pxy team — can transfer your NFTs to other random accounts. However, should the need arise, the smart contract allows us to transfer a given NFT back to the owner’s account, but nowhere else.
How can I check community wallet?
PxyX Point holders are rewarded from the community wallet. Account balance in this wallet is available as a widget on the home page dashboard section of our website. You can check ICScan here.
What is after Staking?
Second Pxy Mint: 1-October-2022.
(More information to come.)
We chose a staggered release for the Pxy collection: 4 batches to be released as we hit roadmap goals. We are not a hype project. We build for the long term. Given market conditions, we’re humbly aware the second mint may become long and drawn-out (which is the norm on other chains).
As with the first batch, 90% of sales proceeds will be locked in the 8-year staking neuron. 10% used to cover operational costs — marketplace fees, DGDG, etc.
If you have any questions, please reach out on our twitter / discord.
For more detailed information on the entire project, please check our deep dive medium article.
See you all at the launch.
Pixel Out. Love you all. 💚💚
