Discussion: DOKI Community Funds Staking on Wallace Wallet

Hello Everyone

This is a proposal/discussion that proposes for a portion of the 50.2% total DOKI supply (499.5 million DOKI) that is allocated for the Community Pool, to be used as staking rewards for staked DOKI in Wallace Wallet.

This proposal brings 3 main benefits:

1 - Promotes the use of Wallace Wallet.
DOKI has introduced thousands of new people to the ODIN Network. The ability to stake DOKI in Wallace Wallet will compel many DOKI holders to create a Wallace Wallet and use it, translating into thousands of new downloads and data opportunities for Wallace.

2 - Increases the Longevity of DOKI
It is no doubt that after the third claim date in March 2024 a large proportion of ODIN holders will unstake and sell, as they were only interested in Airdrop farming. The ability to stake the obtained DOKI for 3, 6 or 12 months in Wallace with a staking reward will turn DOKI into a long term holding for many, making it more than just a meme, it will now be a limited supply staking coin. With the development and growth of ODIN network, and with DOKI being its first meme-coin, many will want to hold their DOKI for a long time. This staking option provides them that opportunity.

3 - Increases TVL on ODIN
With DOKI-enabled staking on ODIN, this will increase the network activity of ODIN and increases its total value (TVL) of assets on the network. Currently ODIN has $0 TVL (TVL does not include native coin staking) (https://defillama.com/chains/Cosmos). With DOKI’s immense popularity and success, DOKI staking and other DeFi initiatives on ODIN will naturally see ODIN’s TVL increase.

How can this be done?
No liquidity needs to be provided by the team for this proposal as DOKI will already be trading on the open market by the time the first staking period will be over. It will only require a DOKI staking option to be developed and built out in Wallace Wallet.

3 different DOKI staking periods can be offered, for example 3 months, 6 months and 12 months, with each offering a higher APR return for staked DOKI. I propose 100 million DOKI from the community pool to be used as total staking rewards. Once this 100 million DOKI is depleted then the DOKI staking can close, or more DOKI from the community pool can be used for it to continue.

Let me know what you think about this proposal :slight_smile:

The Future

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The creation of a staking contract requires additional funds for smart contract audits. Funds for this aren´t there, but giving more usecases to meme tokens is always not a bad idea. We should see how this develops and if it shoots like other successful memes and gets attention from CEXes, then would be the right time to bring this topic back up, imo

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