[HIP#1] – Staking Honey NFTs ahead of IDO

Abstract: This proposal offers to create a pHONEY pool for Honey Genesis NFTs ahead of the IDO. pHONEY pools have already been utilised by over 60 collections, and could be set up for Honey NFTs within 24 hours.

Objective: The objective of this proposal is to create an early opportunity for Honey NFTs to be staked in our v1 staking pools.

Description: Honey NFTs will receive 5x the base rate, so 5000 pHONEY daily allocation. This means 5,000 pHONEY would be distributed per day and distributed proportionally to the Honey Genesis NFT collection. Each 10% that is staked results in a 10% boost on the 5000 rate. So if 100% are staked, the rewards would be 10,000 pHONEY per day. This boost applies once per day at 5pm UTC.

This staking period would continue until the IDO. If the IDO were to take place mid-march, this would result in a maximum inflation of 20% of the total supply of pHONEY (from 1.5 million to 1.8). That 20% is unlikely however it can serve as an upper end projection.

The earlier people buy Honey NFTs, the more pHONEY they will have accumulated by the time of the pHONEY

  • Create pHONEY farm with 10k daily allocation
  • Delay pHONEY farm, create a forum to make new proposal

0 voters

HONEY transition, which creates an incentive to not only purchase a Honey NFT, but to purchase it sooner rather than later.

Requirements: Because this proposal affects the tokenomics of the project (pHONEY tokenomics not HONEY) it requires a 66% approval, with a 10% quorum.

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