We are pleased to bring the bearX supporters, investors and bear owners Bear STEAK — a layered staking mechanism that benefits owners across the ecosystem in the run up to BEARWORLD — launching in Q2 2022.
So lets get into it shall we?
What is BearSTEAK?
Great question. BearSTEAK is a staking mechanism built and integrated into the bearX ecosystem, which has been created and designed to benefit those who matter most — the long term holders of the respective NFTs. In this case, this staking mechanism will be used to stake various NFTs, both that exist now and will exist in the future including but not limited to: Genesis BearX, Mini BearX, BearVX, Golden Axe, Plots of Land, [REDACTED] and more. For now however to avoid confusion, we will solely go into the Genesis BearX staking and how this can benefit you, the holder.
What do i have to do, and what do i get once i stake?
In short, all you have to do is head to the bearSTEAK dashboard and hit ‘Stake’ under each Genesis Bear you wish to stake. There is no staking locks for your Genesis Bears, and you are free to stake and unstake them as much as you wish. To make it easy, we have listed clearly below what you get as a reward for staking. Now to start, you are given more rewards not only if you stake more than 1 bear, but also based on what you do with that respective reward. Lets dig in to this….
If you staked 1- 4 Genesis Bears, you will get 10 ROOTx Token rewards per bear, per day. This is to replace the old method where you received tokens regardless.. To be clear if you do not stake, you will no longer receive 10 ROOTx tokens from this point forward.
If you staked 5 or more Genesis Bears, you will get 10 ROOTx Token rewards per bear, per day AND (at least) 50 SROOTx tokens per bear, per day. These tokens will be accumulated automatically and your balance will be shown on the page, updated everyday. The exact amount of SROOTx earned per day varies based on the APR. If you at any point unstake bears to fall back within the 1–4 Genesis Bears range, you will no longer receive SROOTx tokens per day.
If you staked a 1/1 Bear, you will get (at least) 400 SROOTx a day, everyday.
Once you stake your bear will have a red ribbon on it.
So i guess the next question is….what is the benefit of SROOTx, tell us more ser?
SROOTx — An Introduction + details
To make it easy, we have listed the tokenomics below. But before that, lets go into how owners can make the most of SROOTx, alongside the utility behind it.
If you read the section above you will know that SROOTx is accumulated for holders of 5 or more bears, or those who own a 1/1. However, what can be done with that SROOTx that is now accumulated?
Well for starters, the SROOTx that is accumulated cannot be claimed or traded for immediately. It is vested, for 60 days from the day of once you begin staking for the first time. Once the period is up (60 days), you will be able to unlock the tokens, claim them and use them as you wish. Lets take an example. You stake on day 1/60 and then choose to unstake on day 5/60 — you will then no longer qualify for SROOTx and therefore your vesting will be paused til you qualify again. In short, you need to stay staked for 60 days to have SROOTx released.
Why is there a lock up in place for this token?
The simple reason is that the core value of the token kicks in around or just before the end of the vesting period. More on the utility below of course, but TL:DR — the token on release will have use cases rather than now and as hinted before, you will need as much as possible to compete, gain land, and earn further rewards in BEARWORLD. Much like the ROOTx accumulation leading to the MiniBear claim, its constructed as such that you will specifically need a significant amount of tokens for certain actions, more on this in our BEARWORLD write up coming in February.
STAKING REWARDS EXPLAINED A LITTLE MORE..
One of the cool things about the lock up period and earning these tokens is the fact that they are automatically staked once accrued. This staking yields are reflected every 24h on your balance and the exact rewards will be depend on the the average APR for the that 24h period. 50% SROOTx and 50% (SROOTx converted) to WETH is how the reward is distributed, as long as Genesis Bears (5+) are staked to the contract. Whats cool about this is you literally earn this by doing absolutely nothing, besides being staked throughout this period and beyond.
All SROOTx token rewards are calculated based APR. Max APR is around 11,050% but this of course fluctuates based on numerous factors, such as amount of stakers, volume etc. The minimum 5+ Bears will yield per day is 50 SROOTx alongside the minimum a 1/1 Bears will yield per day is 400 SROOTx, and you can enjoy these rewards throughout phase 2.
What happens once the token launches on the market, then after 60 days everyone has released their tokens ser?
Good question — once that happens, we will have a staking solution specifically for SROOTx holders, allowing them to earn further rewards daily whilst taking those respective tokens out of circulation.
SROOTx TOKENOMICS
Below we have jotted down the key tokenomics for SROOTx. We have explained briefly what each part means for you.
Total supply : 1,000,000,000 — this is the total supply of SROOTx.
Treasury: 2.5% — this is automatically distributed to the treasury and will be used to purchase tokens and NFTs for the respective vault in Phase 3.
Staking Rewards: 20% — These are rewards to SROOTx holders will get from staking, distributed proportionally.
BearWorld Rewards: 50% — These are tokens set aside for competitions, challenges and the reward flow within the BEARWORLD ecosystem.
Daily Rewards: 27.5% — These are tokens set aside for daily SROOTx rewards by owning 5+ bears or a 1/1.
Beyond this we also have a provision on all transactions — (buying or selling). That is:
Burn Fee: 9% — This is the total % of transacted SROOTx that will be burned automatically.
Redistribution Fee: 6% — Since we had a bug we could not fix in our ROOTx contract for the reflection redistribution fee, we have not only added it to SROOTx instead, but we have doubled the reward to 6%. This auto (and proportionally) pays every holder their share of 6% of every transaction that happens. Get excited.
Liquidity Fee: 5% — Fee that goes into the SROOTx — WETH LP.
UTILITY!UTILITY!UTILITY!UTILITY!UTILITY!UTILITY!
Maybe the most used word of the NFT industry, right? Wen utility? Well, although this list is not exhaustive, (i mean quite literally we add to this all the time), it is the current utility opportunities for both tokens. In short though they are both carefully made to benefit long term holders and stakers, and we will explain further here.
ROOTx UTILITY
There could be some confusion that the only benefit of ROOTx was to yield tokens to mint a MiniBear, but actually that is just the start of the benefits of ROOTx. More on the following here:
- Deflationary by design: Things will change in phase 3 once the Bear Council is formed and taxes are added. So, by natural design of BEARWORLD and the BearX ecosystem — this will lead to less claimers for ROOTx = less circulation. For clarity, 12% of every transaction or transfer is used to go towards a burn, LP addition and redistribution to holders.
- Burn for SROOTx: Launching alongside BEARWORLD, use the swap shop and burn ROOTx for SROOT (1:5). You can do this an unlimited amount of times.
- Raffles and Rewards: ROOTx will be the only way to get access to some competitions, raffles, whitelists or giveaways.
- Upgrade your BEARWORLD status: Burn ROOT and go from a village Genesis Bear, to an understudy, to a Bear council leader. The position yields larger rewards the higher up you are in BEARWORLD society.
- Mints: For core mints beyond the free options within the BearX ecosystem, burning of ROOTx is required.
SROOTx UTILITY
SROOTx — (which stands for SUPER ROOTx) is the second token introduced into the BearX ecosystem. Whilst ROOTx is more focused on payments and opportunities to win immediate rewards within the ecosystem, SROOTx is the token used more for gameplay and long term rewards
- BEARWORLD / Challenges: SROOTx will be the reward for winners of challenges, battles, races and more in the metaverse world BearX has purpose built (BEARWORLD).
- Accessory purchasing: SROOTx will be the token used to yield upgrades and accessories for your bear to strengthen their opportunities when competing!
- Staking: Staking of Genesis Bears (5+ or 1/1) yields daily rewards alongside 50% WETH + 50% SROOTx.
- Own significant parts of BEARWORLD: Own the bank, the shop, the city tower and more! This includes 420 coveted 12x12 plots, only available through burning of SROOTx, but brings yield in SROOTx from owning those assets.
- Be part of the Bear Council: The world is inhabited by Genesis Bears but governed by the last Mutant Bears that exist. The Bear Council decides upon new construction, new buildings, new games, plot builds and more in BEARWORLD, whilst earning a % tax off the all of the games whilst being in the council. Only mutated BearVXs can get a place in the Bear Council. To get this you need to burn 10 BearVXs for your Mutant BearVX. The only way to get a place besides doing this is by owning all of the BearX Badges, burning SROOTx, and applying to the council, for which the council decides if you may enter.
- BearCASINO: One of the cornerstones of the BEARWORLD as we know it. Have 10 BearVX staked or be part of the Bear Council and be part of the the exclusive club of players. Rewards in WETH, SROOTx, land and upgrades. What more can you ask for?
THE NEAR FUTURE…
Website revamp, BEARWORLD beta w/BearX Battles, BearVX launch, BearX Badges, BearX Bounty Program and more.
!chomp 🐻
