I am trying to create an nft staking platform as part of a college experiment and I am unsure of what it entails in detail. I would like to create a token in which people can stake an nft from my collection and earn rewards in my token that I have created. I just don’t know if I need to own a stake pool to achieve this or can I just do it through a wallet address, the wallet address that minted the token and then pay people that stake from that wallet.
Usually people do “NFT staking” to a certain pool to make the NFT owners delegate their wallet to that pool, to increase the pool’s delegation. What are you trying to achieve?
If it is for a college experiment, you can make a partnership with an existing pool, to avoid creating a stake pool for that.
I am trying to avoid using stake pools all together, since it’s just a small thing with college, I was just wonderingis it achievable without a stake pool. As in can I just use the wallet that minted the token as the vault or treasury, if you will and just create a smart contract that calculates the user’s daily reward and then takes that certain amount from the treasury wallet everyday to pay the user who has their NFT staked. Is there an alternative way to keep track of NFTs “staked” without actually staking them to a stake pool, like can they be staked to the treasury wallet or something?
If you are able to create a smart contract for that, real “NFT Staking” would actually be to lock the NFT in the smart contract for “staking”, and stop staking by getting the NFT back from the smart contract, together with the rewards for staking.
Oh right so the relationship is between the nft and the smart contract, not the stake pool? Also do you know if there is a place I can submit my smart contract for review because I’m not sure if I have everything correct in my smart contract.
No, I don’t know who could review your smart contract.
Ok thank you, do you have discord?
Sounds like a fun project.
You do not need to become a SPO or even use a stake pool at all unless you want ADA to be the reward. If you intend your reward algorithm to distribute native fungible tokens you mint then three questions to ponder:
- Why create an alternative stake? (i.e. project motivation)
- What benefit do the tokens offer? (i.e. user incentive)
- Is an NFT collection a requirement? (i.e. goal focusing)
Once you have narrowed your scope enough to describe the project succinctly that will guide what you should learn!
Yeah it is pretty fun to be fair It’s helping me to learn so much about the Cardano ecosystem. Basically I want to eventually create an NFT collection and I would be looking to distribute native tokens yes, not ADA.
- What does alternative stake mean? Is that staking not using a pool?
- There is no benefit haha it’s just for fun between my friends
- Yes the collection is required as you will need to stake the nft to earn tokens
Basically the protocol enforces the current staking and delegation as well as the distribution of rewards for ADA. Since you cannot change that while still using the network and ledger then your idea requires an alternative staking algorithm and implementation. This could be in addition to a traditional stake pool or something entirely of your own design.
It sounds like you might be interested in a vesting smart contract if you want to “lock” an NFT for a period of time to earn the FT. There will always be some amount of ADA involved however you can reduce that to the minimum fees and collateral for your use case.