Staking
RING rewards for staking
At launch, users who minted RUSD can stake their RUSD and earn RING tokens as rewards for being early adopters and gain governance to our protocol.
Once RING is distributed enough, we will introduce staking with RING to share protocol income; and staking with different LP tokens to boost RING rewards.
The total balance of initial round of RING rewards is 100,000,000 RING (10% of the total supply), distributed over 2 years. The reward distribution rate decreases linearly as indicated by the illustration below.
RING distribution over time
Distribution is gated by the RingRewardsDistributor. It calculates the amount which should be released at any given time and drips it to RingStakingRewards weekly.
With a total reward balance of 100,000,000 RING, and distribute over 2 years, the initial supply at the day 1 is calculated as initialsupply(D1)=2∗100,000,000/(365∗2)=273,972.6(RING). And at any day t, the RING reward amount released is calculated as reward = -375.3t + 273972.6. These rewards will be split proportionally to the share of the RUSD pool for a given reward period.
The drip can be called by any user or contract, the caller is rewarded a 100 RUSD incentive for triggering the call.
User can stake RUSD to the pool at any given time, and RING reward starts distributed immediately. User can withdraw the reward anytime desires. Note that the Ring DAO can adjust for new distribution rate, staking pool, and additional reward supply if enough votes passes.
Ring Protocol uses the common StakingRewards contract shared by many protocols like Synthetix, Yams, and Set Protocol.
Last modified 1yr ago