The team at Concrete is excited to unveil its revolutionary staking mechanism for rockSOLID which rewards users based on how long they stake.
The design of this staking mechanism is built on the principles of high yields for long term deposits in a (3,3) fashion. Let’s dig right into the details!
One of the features offered by Concrete for rockSOLID holders is a staking system for rockSOLID.
With our staking rewards contract, rockSOLID holders earn a share of fees generated by the Concrete protocol. Stakers are also rewarded with 15% of all ROCK minted as well.
This system is quite similar to Solidex’s original design, except with our own twist on it to offer higher yields and incentivize long term stakers. (See below for more details).
One of the key components of our staking system is the boost point. Boost points are a virtual balance that is accrued every second you are staked on the rockSOLID staking contract.
These boost points work in a similar way to how veSOLID works on Solidly’s gauges, in which holding these tokens boosts your yield up to a max boost of 2.5x.
With Concrete’s staking system, rockSOLID stakers earn boost points alongside their base SOLID and ROCK yields. These boost points accumulate and boost the yields of their holders, incentivizing depositing longer to accrue a larger boost.
Boost points are also not permanent. While you accrue boost points when you are staking, any withdraws made on the contract will reset your boost points balance to zero and the balance will be split the following ways:
50% permanently burnt, increasing the boost of the rest of the stakers
50% to the remaining stakers, rewarding long term stakers with a higher boost
This system is designed on the principles of (3,3), where you are incentivized to stake. As users withdraw, your boost becomes less diluted and you accrue a higher balance of boost points to increase your boost as a reward for staking longer.
Boost points are distributed every second based on a formula that regulates the reward rate. The formula for this distribution is defined by the following:
pointsPerSecond=((totalSupply / 2) / 31557600)
In simpler terms, this formula defines the distribution rate of boost points as a total of 0.5 boost points per staked rockSOLID per year. This means that a total of 0.000000015844043907015 boost points per staked rockSOLID per second is distributed to rockSOLID stakers.
This distribution rate is automatically updated and decreases and increases after every deposit or withdrawal.
Shortly after the initial launch of Concrete, the protocol will be offering its own fork of the chicken bonds system for rockSOLID holders.
This chicken bonds system will take rockSOLID staking to the next level with a “mini Convex layer” on top of the pre-existing staking contract, while also offering the yield amplification of chicken bonds on top of the high yields of boosted rockSOLID staking.
We will go into more details on our chicken bonds system in a future article, but for now, we recommend reading up on how chicken bonds work.
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Website - https://concrete.money/
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Discord - https://discord.gg/bM7X3aak5Z