Metis DAC Staking Starts Nov 26 — Here’s Everything You Need to Know!
Metis will launch its Decentralized Autonomous Company (DAC) Staking program on Friday, November 26, with the first stage beginning at 3 pm UTC. We’ve compiled this fact sheet to answer all of your questions regarding the DAC Staking program. As always, you can ask more questions and interact with other Metis community members in our Telegram channel, https://t.me/metisdao.
Onto the facts!
What do you need to prepare before the DAC staking and mining event starts?
- Internet connection to either a laptop or desktop. Currently mobile phones are not supported.
- Register your Polis account via polis.metis.io. You can now register either by Email, or connect directly to MetaMask to get access to a Polis account.
- Make sure your MetaMask holds a little more than 10 $METIS tokens (staking minimum is 10, plus you’ll need a bit more to pay for gas fees within the Metis’ Layer 2 mainnet, Andromeda), as well as bit of $ETH (to pay for the gas fee for when you bridge from MetaMask to Andromeda).
- Bridge your Metis Tokens from Ethereum mainnet/your MetaMask wallet to Andromeda mainnet via bridge.metis.io. (Note: If you hold the BSC version of Metis tokens, you will need to bridge from BSC to Ethereum/MetaMask and then from Ethereum/MetaMask to Andromeda. If you hold your Metis tokens on a centralized exchange such as Gate.io, you will need to withdraw your tokens from Gate to Ethereum/MetaMask and then from Ethereum/MetaMask to Andromeda.)
- Come up with an awesome name for your DAC.
- If you like, tell your friends and encourage them to join your DAC once it’s created (or have them create their own!).
- For Tribe NFT holders, you can start to stake your NFT on Nov 25 at tribe.metis.io. Staking your Metis NFT will increase your staking power.
What will happen on DAC staking launch day?
DACs open for registration on Friday Nov 26, at 3 pm UTC.
- Use the bridge to transfer your Metis Tokens from Ethereum mainnet/MetaMask wallet to Metis Andromeda, if you haven’t done so already.
- Follow the on-screen instructions to create your DAC.
- Stake (between 10 and 2,000 Metis Tokens) and launch your DAC.
- Share the link to your DAC with friends, and invite people to join.
Staking begins on Friday Nov 26, at 7 pm UTC (this is the starting point for calculating APY).
- The staking pool starts to count rewards, allocating them to every DAC creator and member.
- Enjoy your rewards!
NFT Mining Power Conversion (for Tribe NFT holders)
The NFT that you have from our previous Tribe NFT minting event will be used to boost your DAC mining power. The conversion is as follows:
- NFT Minting Power 601 and above = 110 DAC Mining Power
- 501–600 = 100
- 401–500 = 98
- 301–400 = 96
- 201–300 = 94
- 101–200 = 92
- 100 = 90
* Important Notice
- Please stake your NFT on tribe.metis.io.
- One wallet can only stake one NFT.
- After staking your NFT, please wait and check the status to see if the “Congratulations” popup shows up; you will then need to use the same wallet address to create your DAC on portal.metis.io. Please do NOT create your DAC before the status change, otherwise you will not be able to use the mining power boost.
- The mining power boost can only work for creating a DAC, not for joining a DAC.
Titans NFT DAC & Launch Edition NFTs Mining Power
Members of the Metis community recently banded together to form their own DAC, Titans DAC. Titans DAC is a Decentralized Autonomous Company with the mission of funding future irl Metis community events, as well as charitable giving. It’s the first Community DAC in Metis history. As you can see from their Github, this DAC has lots of plans!
As its kickoff venture, Titans DAC recently minted and released a set of Launch Edition NFTs. This is a limited edition of 15 collectable NFTs launched on Andromeda, via Metis NFT partner MetaCraft. Created in collaboration with the Titans DAC and the Metislab Foundation, this collection commemorates the launch of the Metis Andromeda Layer 2 network and grants special privileges to its collectors.
Holders of this NFT will receive membership to the private Titans DAC group chat, where they will be able to influence future decisions of the DAC. In addition, each NFT grants a boost in mining power at the start of the Metis DAC Staking program.
Portions of the proceeds of each NFT sale will go to the the NFT’s creator, Metis’ Marketing Associate and Graphics Designer Ander Magri, as well as charitable initiatives and community initiatives that will be shepherded by Titans DAC.
- Limited edition ownership; there are only 15 NFTs in the collection.
- +100, +150, or +200 mining power, depending to the individual NFT. That increase in mining power will be granted to wallet addresses that possess this NFT at 2 pm UTC on Friday, Nov 26. (Mining power is not transferable after that time)
- Voting power in Titans DAC
- Initial owners will be invited to the private Titans DAC group chat where they can influence early decisions in the DAC.
- In the future, each of these NFTs will give 1 vote in Titans DAC governance decisions.
- Special privileges at Metis community events.
- Additional perks to be announced in the future.
To bid on Launch Edition NFTs and win these benefits, including a chance to boost your mining power for the DAC Staking program, visit the MetaCraft auction page.
Rewards Releasing Schedule/Rewards Per Second
- Day 1-Day 7 = 0.0185 $METIS/per second
- Day 8-Day 14 = 0.0111
- Day 15-Day 21 = 0.0067
- Day 22-Day 28 = 0.0040
- Day 29-Day 35 = 0.0020
- Day 36-Day 42 = 0.0010
- Day 43-Day 49 = 0.0005
- Day 50-Day 56 = 0.0003
- Day 57 & after = TBA
The initial APY is calculated based on these assumptions:
- The 1st second of staking rewards output is 0.0185 Metis Token, and it will keep the same speed of output for the rest of the 365 days,
- In the 1st second, a DAC member stakes 2,000 Metis Tokens into the pool.
So the initial APY=0.0185*60*60*24*365/2000=29,171%
The APY is calculated for the entire pool. As more members join and stake, the APY will be diluted accordingly.
Estimated Rewards Calculation
Your staking rewards are related to the number of Metis Tokens you stake, the mining power you have, and the percentage of your weighted mining power compared to the overall weighted mining power.
- DAC staking reward = Percentage of Total Weighted Mining Power * Daily Output Rewards
- Percentage of Total Weighted Mining Power = (The Amount Your Staked * Your Mining power)/∑(The Amount of Member N Staked* Mining Power of Member N)
Inviting Your Friends
Inviting your friends to join your DAC will boost your mining power; the more you invite, the higher mining power you can get.
- Starting Mining Power for DAC Creator: Power(P)=80
- When DAC members increase to 2: Power(P)=90
- When DAC members increase to 3: Power(P)=95
- Then when new members join the DAC, the mining power will increase by 5 for each new member, and the maximum mining power will be 500.
- DAC members who are not creators will have a fixed mining power: Power(P)=80
Rewards Claiming, Withdrawals, and Deductions
To acquire your staking rewards, click “Claim”. Your staking rewards will then accumulate in the Metis Vault with other people’s staking rewards. You may withdraw your rewards from the vault at any time. If you withdraw your rewards from the vault, the system will deduct 10% of your rewards amount, and share those rewards with all the other people in the Vault who have claimed but not withdrawn. If you are the last DAC member who withdraws from the vault, the remaining 10% from your rewards deduction will be donated to charity.
***Remember to keep claiming your rewards as they accumulate. Only the token rewards that you’ve claimed(which is in the Vault) qualify to benefit from the 10% deduction sharing pool.
Ranking and Lucky Draw
The ranking of a DAC is calculated based on the number of DAC members. The higher ranking a DAC has, the higher possibility it will have to win the lucky draw, which will be granted every week until the pool is closed. The winning DAC in the weekly lucky draw will receive 50 Metis Tokens, with the rewards to be distributed to the wallets of every member of the winning DAC.
You may dissolve your DAC directly if you have fewer than 20 members. If you do, the Metis Tokens you staked will be returned to your wallet and your staking rewards will be deposited to the Vault, which you may withdraw manually.
- When you bridge Metis from Ethereum mainnet/MetaMask wallet to Andromeda mainnet, you will need to pay ETH as the gas cost. When you bridge your $METIS tokens from Andromeda mainnet to Ethereum mainnet/MetaMask wallet, you will pay the gas cost entirely in $METIS tokens. The cost of that withdrawal is around 2.5 $METIS tokens for now, a necessary amount to ensure the security of withdrawals from Layer 2 to Layer 1. (Withdrawal costs are subject to change based on various factors, including the price of $METIS tokens. In other words if $METIS tokens appreciate in price, we will adjust the token amount accordingly to prevent fees from escalating prohibitively.)
- Since we just released our Andromeda mainnet, we are taking extra precautions to ensure the security of your assets. As a result, we have adjusted and prolonged the deposit time from Layer 1 (Ethereum mainnet) to Layer 2 (Andromeda mainnet) to keep assets more secure. In the future, deposit times will be considerably smaller.
- It will take one week for you to withdraw your tokens from Andromeda to Ethereum mainnet/MetaMask wallet. This is because transactions on Optimstic Rollup require one week to go through the challenging period and get validated. (In the future, Metis’ system of Verifiers and Rangers will reduce transaction time considerably, to hours, and eventually to minutes.)
- The Metis DAC staking program will last at least 56 days. After that point, Metis will decide whether or not to keep the DAC staking program and what staking reward levels will be, based on market conditions and other factors.
- Metis is continuously in a building stage. We have tried our best to achieve the security goal, but there’s always a chance of unforeseen bugs or issues. Users may participate in the DAC staking program at their own risk.