Proposal for Illuvium: Staking Points and Staking Points Store

[gloomy anvil]

Introduction
As the current staking reward yield approaches its end, it is crucial to maintain and increase participation in the staking ecosystem to support the ILV token price. This proposal suggests the creation of staking points and a staking points store to supplement revenue distribution (RevDis). This initiative aims to provide continuous incentives for stakers, even during periods of lower-than-expected revenue distribution.

Proposal Summary

Staking Points System

1️⃣ Earning Staking Points:

👁‍🗨 Participants who stake ILV or ILV/ETH will receive a proportional number of staking points based on their staked amount and staking duration.
👁‍🗨 The calculation method for staking points will ensure fairness and proportionality, rewarding long-term and significant contributions.

2️⃣ Distribution Mechanism:

👁‍🗨 Staking points will be distributed at regular intervals, similar to the current ILV staking reward distribution schedule.

Staking Points Store

👁‍🗨 A dedicated staking points store will be created where items can only be purchased using staking points.
👁‍🗨 The store will be accessible through the Illuvium platform, providing a seamless user experience.

Available Items:

👁‍🗨 Special Skin and Emote NFTs: Unique, limited-edition skins and emotes that enhance the visual experience.
👁‍🗨 Holo Image for Illuvials: Holo images for Illuvials not yet scanned on land, providing additional gameplay advantages.
👁‍🗨 Entry Tickets to Tournaments and Events: Exclusive access to special tournaments and events within the Illuvium ecosystem.

Tradeability of Items:

👁‍🗨 Items acquired from the staking points store will be tradeable on the Illuvidex marketplace.
👁‍🗨 This tradeability opens up an additional revenue stream for the team through Illuvidex fees, enhancing the overall economy.

Benefits of the Proposal

1️⃣ Increased Participation in Staking:

👁‍🗨 The staking points system will incentivize continued participation in staking, ensuring a stable and engaged user base.
👁‍🗨 Even during periods of lower revenue distribution, participants will have tangible rewards to strive for.

2️⃣ Support for ILV Token Price:

👁‍🗨 Maintaining a robust staking ecosystem directly supports the ILV token price by reducing market sell pressure and increasing demand.

3️⃣ Enhanced User Engagement:

👁‍🗨 Unique and tradeable rewards in the staking points store will enhance user engagement and satisfaction.
👁‍🗨 The ability to trade items provides users with more flexibility and potential financial benefits.

4️⃣ New Revenue Stream:

👁‍🗨 The tradeability of staking points store items on Illuvidex generates additional revenue for the team, supporting the project's sustainability.

Conclusion

This proposal for creating staking points and a staking points store aims to maintain and increase participation in the Illuvium staking ecosystem. By providing unique, tradeable rewards, the proposal incentivizes continued engagement and supports the ILV token price. We believe this initiative will offer significant benefits to both the community and the project, ensuring a vibrant and thriving Illuvium ecosystem.

[thick depot]

Looks really cool, if I had to play devils advocate I'd say maybe there's a way to make the points themselves tradeable.

The only other thing is that we need to prevent botting. As long as points spread across multiple wallets is equal and/or weaker than having all your stakes in a singular wallet then it should be a non issue!

Your proposal talks a lot about available items but I like the idea of upgradeable items almost as much. Eg if you already own a T4 land, u can now enhance its visual quality, or get access to customisable colours or something. Or maybe if you own an Atlas u can now buy a special hat it can wear in Illuvikart. Something that combines staking and the existing asset ownership

[charred osprey]

Good, except for the Skins part, skins are supposed to be produced by land holders who research for blueprints, it was one of the two selling points of land (fuel and blueprints) and it is the one thing land holders can get that stakers won't, doing this will take from land holders what stakers voted to give them in the first place to take it back for themselves.

[near sorrel]

Nice detailed idea, great work @gloomy anvil

I agree that we should have an additional incentive to stake once the yield ends. I think the team does too because Kieran said that he had an idea or a plan a while ago for this

We dont know what this is though so for now im upvoting this, i like it 🍞

[gloomy anvil]

Good point - maybe combining this with @thick depot idea, the skins could be for the land rather than for the ranger and drones. That could give your building a unique look compared to other land plots.

[gloomy anvil]

The only issue I have with the points being tradable is that doing so essentially makes them a new coin with all the complexities thereof. If they stay points on a database I'd imagine that's an easier lift for the team (though admittedly less Web3ish).

[zealous scaffold]

Personally I would prefer the team focus on initiatives that promote higher revdis (I.E focus on the game development/features that increase fuel usage/cosmetic purchases and that we don’t provide more ‘free’ points when revdis is ‘lower than exprected’.

If the team/DAO get the game right then revenue will greatly benefit stakers. If they don’t and can’t hit a sustainable revenue, no amount of free points will make up for it

To be clear, I think there are other avenues to provide participation but revdis being the benefit of staking is clean and I wouldn’t change it