InvArch Tinkernet: OCIF Staking
It's day 3 of the 30 days InvArch OCIF Staking events where participants stake to INV-cores and earn $TNKR tokens from a prize pool. The event is free and open to the general public for participation until the 2nd of Feb 2023 when it ends.
This post will cover the OCIF Staking and INV-cores and how to participate in the staking event.
Important to note: The Staking event is incentivized and all participating individuals will be incentivized for taking part in this event! Participants will share a prize pool of fifty-thousand (50,000.00) TNKR. This will be proportionately distributed based on each OCIF Staking Tester’s final balance of test tokens, once the event has ended!
What is OCIF Staking?
On-Chain Innovation Funding (OCIF) Staking protocol is a staking feature on InvArch Network. It is Inspired by the concept of dApp Staking introduced by the Astar Network but designed to take advantage of the network’s staking system, as a means of providing economic opportunity to creators on the network.
The Uniqueness of the OCIF protocol is that it allows creators to register NFT-based repositories & DAOs (called INV-Cores) to the network which can then be staked by the network token holders. Tinkernet community members and creators can stake towards the INV-Cores to determine fund distribution.
The OCIF Staking is set to empower creators and in exchange, those who stake will receive rewards in the form of APY determined by the staking participation rate of the network.
The process of registering INV-Cores for creators is streamlined and autonomous as it is directly integrated into the process of staking itself, essentially allowing individuals to vote & stake at the same time & through the same process.
Since the public testing period went live, individuals can now register INV-Cores & stake towards the network. To get started:
1. Install the Talisman browser extension.
2. Make sure you are a verified member of InvArch Network Discord.
Follow this video put together by the InvArch team to guide you on staking. https://youtu.be/dwpQ9QQlB7s
For more information read: https://link.medium.com/hOw3CajKlwb
Happy OCIF Staking!
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