After a few months of Obelisk running, nearly 40 apxETH in rewards have been distributed to participants. Additionally, participants are earning HCT, which can be used to change the name of their graffiti.
Up until now, there was a limited number of tickers you would want to inscribe into your graffiti. But all this changes today.
With the recent updates to Obelisk, the Kamisama NFT has been added and can now be used for rewards.
At the inception of Obelisk, six collections were included for rewards. All were selected based on old established communities or factors such as generative art. Now, the opportunity for any collection to undergo Graduation is available.
The process involves a deposit to prevent griefing and Sybil attacks, along with a non-refundable UMA Oracle fee. All proposed collections will be submitted to UMA to verify their validity and ensure that the creation timestamp date is accurate. The older the collection, the higher the HCT multiplier.
Proposers will need to find the contract address of the collection they wish to propose, and will need the block time of when the collection was created.
After a successful UMA Oracle vote, the collection will now be classified as an Allowed Collection, moving towards becoming an Eligible Wrapped Collection. This is intended to prevent scams or bad-faith collections. Once 100 ETH is deposited into the collection, it will subsequently be designated as an Eligible Wrapped Collection and can be utilized within Obelisk. This 100 ETH will be secured in the Reserve to enhance Obelisk rewards.
Users who contribute to the 100 ETH Graduation will receive 40% of the wrapping fees from that collection pro rata, based on their share of the 100 ETH Commitment. The fees will be capped at 250 ETH, with any remaining funds going to the protocol.
While new collections can be added to Obelisk permissionlessly, new Megapools can also be created. By changing your NFTs graffiti to the Megapools ticker (currently only Senusret), you are effectively “staked” into that Megapool. Each Megapool allows for 1000 NFTs to be staked into it and distributes rewards to the NFTs.
To create a new Megapool, it costs 1000 HCT, and the name must be at least eight characters long. While it is currently live and users can inscribe new Megapools into their graffiti, it does not earn any rewards at the time of creation. To receive rewards, it must be voted on through a mechanism similar to gauge voting on Curve or Balancer.
HCT holders can vote each week on Snapshot regarding which Megapool should receive what portion of the total rewards. There is a cap of 50% per pool to prevent griefing.
We are excited to see how these new mechanisms will be used within Obelisk and which new collection will be added to Obelisk first!
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Heroglyphs
The latest update to Obelisk is now live. - New NFT Collections can be added to Obelisk through a Graduation process - New Megapools can be created to stake into and have rewards directed to it via HCT voting Read the full post on it here: https://paragraph.com/@heroglyphs/activate-obelisk