From the beginning of our Initial Stake Pool Offering (ISPO) journey, delegators have questioned our existence, validity, and dependability. We were very optimistic about this criticism as it enabled the Flickto team to work harder and work closely with our community to fulfil their needs and desires as a Media Incubator in the Cardano ecosystem. So, this blog aims to give readers an overview of what has happened since November 2021, when we first released our ISPO up until the evolution of Flickto’s ISPO “Remastered”. Information used from this blog was repurposed from THE.ONE.OR₳CLE’s medium.
The birth of the first ISPO
November 2021… Instantly our pools started filling up and our delegators started throwing emails and messages our way. One point which caught our attention was the number of positive responses we received in regards to the transparency of our whitepaper. Delegators mentioned that the whitepaper contained clear and well-structured information for the reader enabling them to gain full depth insight into Flickto and the ISPO rewards.
Mistake? That’s correct… We made an error when putting up our ISPO calculator for the delegator rewards, resulting in delegators being guaranteed exactly 45 times more than their actual staking pool rewards. In the real world, you would expect an apology announcement and a deduction of the miscalculated amount but at Flickto, of course, we apologised but we decided to surprise our delegators by rewarding them the actual amount so yes… We airdropped 45 times more of the actual FLICK rewards within the first few EPOCHs. There were some doubts regarding the token value as people who received their over-valued rewards could dump the price but that dip did not last long as our delegators are within the sub 50,000 ADA meaning that our Staking Pool does not incur any whales who could manipulate the token price to make quick gains.
Since then, the ISPO ran smoothly and we airdropped another 10% of rewards to our delegators as promised on our whitepaper. The remaining rewards were released at the beginning of EPOCH 319 as we prepared ISPO Remastered for the 14th of February 2022. Our daily operations were running smoothly and as expected so we decided to bump up our ISPO rewards within ISPO Remastered.
Why ‘Remastered’?
The term “remastered” directs a vision of remastering the way media is now financed in Hollywood, and this protocol is closely related to Flickto’s media decentralisation (DeMe) revolution. The term ‘remastering’ refers to improving a current project or creation, and in this case, we’re attempting to improve the way content creators are funded. We’ve realised that the Hollywood approach is very traditional and excludes a large number of content creators because financing and guidance are perceived to be an issue, thus we’d like to ‘remaster’ this innovation at Flickto!
ISPO Remastered
We kicked off ISPO Remastered by essentially doubling our baseline reward rate from 0.15 FLICK per ADA staked per EPOCH to 0.33 FLICK per ADA staked per EPOCH with an extension of the ISPO up until EPOCH 353 (July 24th, 2022 at 21:45 UTC). Increasing bonuses for our long-term delegators also raised eyebrows as the updated values are as follows:
As seen in Figure 1 from The One Oracle’s report, we can see the rewards rate from the first ISPO as they are shown in the red palette (baseline, +5%, +10%, and 15%). On the other end of the spectrum, as you can see at EPOCH 319, upon launching ISPO Remastered, the rewards for baseline (10%, 15%, and 20%) are shown in greyscale. We can clearly see that ISPO Remastered has offered delegators a much higher percentage of total supply and long-term delegators have more of an incentive to hold their ADA in our stake pool as bonuses are much more appealing.
All data was obtained from THE.ONE.OR₳CLE’s medium. If you would like to access their full report, I will provide the reference below.
THE.ONE.OR₳CLE (2022). INITIAL POOL STAKE OFFERINGS IN CARDANO: a critical overview. [online] Medium. Available at: https://the-one-oracle.medium.com/initial-pool-stake-offerings-in-cardano-a-critical-overview-acf85fac5eca [Accessed 7 Mar. 2022].