@zeni.eth
Trying to understand "staking" better since it gets thrown around everywhere...
What Farcaster ecosystem tokens/apps/protocols have great staking mechanisms?
What makes them work well?
500 Degen tip for up to five answers
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@stanfyhack
$FAR is a token from the Farcaster ecosystem and has been mentioned for its staking capabilities. The staking mechanism for $FAR offers up to 60% APR. What make this mechanism really good is it high returns, which attract more users to stake their tokens, thereby increase the token's liquidity and stability.
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@ihawaii.eth
HAM is another example of staking—you stake or buy an NFT, add to the liquidity pool, and earn a high HAM score, which boosts your HAM tip allowances.
unlike degen, tipping others comes with the expectation of a return..
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@camilags
Very good question. I also want to learn more about it. It would be nice with we could stake degen and not only lock it.
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@harukaa
One very good one I just heard about is Lido, which simplifies staking by allowing you to stake ETH while still maintaining liquidity through stETH. You earn staking rewards without locking up your tokens, making it versatile for DeFi strategies.
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@0xludovico
Actually degen seems to be interesting. His price has a good response since staking mecanism was announced
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@kollyaz
Degen could implement staking to reward users for actively contributing to the ecosystem, such as creating content or engaging with others. This could incentivize consistent participation and strengthen the community
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@ronnique
Ok, let me explain it this way:
Think of it like a gym membership deposit-
You pay $100 deposit → Get access to gym → Follow rules → Get deposit back later + rewards.
Now to farcaster-
You stake 100 DEGEN tokens → Get voting power → Participate in votes → Earn extra tokens as reward.
Super Simple:
It's like putting money in a savings account - you can't touch it for a while, but you earn interest for keeping it there.
Tell me this helped?
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