🧑‍🌾Staking

Sunshine and Rainbows Staking

Ignis Finance uses the Sunshine and Rainbows Staking protocol, similar to Pangolin's. Users can stake their IGS and IGF tokens and in return, they will receive an NFT (Non-Fungible Token). Based on the length that the NFT is held, the user's APR/APY will gradually increase. The longer it is held (the longer your IGS tokens are staked), the higher the APR/APY will continue to increase. Should the user opt to claim their rewards or unstake their tokens, the APR/APY will reset and drop back down to zero.

Ignis NFT

The NFT that is redeemed by staking IGS/IGF tokens can be bought, sold and/or traded on Flare's NFT marketplaces. Should a user sell their NFT, they will of course receive the funds for which they sold the NFT but forfeit their Staking Position and their accumulated yield. The user who purchased the NFT claims said Staking Position and the rewards along with the accumulated APR/APY tied to that NFT.

Premise

The reason for this setup is simply to incentivize users to hold their NFT (Staking Position) by rewarding them with a growingly attractive APR/APY and thus reducing sell pressure.