Metafrog Business Club Staking Guide — wen utility?
In light of how fast crypto moves, our team decided to pivot and launch staking (which was not previously on our roadmap). We have dived head first into the pond, leap padding our JPEGs to bring them some real world token utility in $RIBBET.
To help you navigate through the pond, we have prepared this informative guide to hop you through a few of the most commonly asked questions regarding our staking contract; what our vision is for it, what it brings to the table right now and of course — what does it do for our holders right now.
WHAT IS $RIBBET
$RIBBET is a Solana utility token. It will behave like any other Solana token and will serve as the base currency for all things Metafrogs.
HOW MUCH $RIBBET DOES MY METAFROG GENERATE? 🖨
Hold on, not so simple there sir! In contrast to most other staking protocols which offer a uniform token emission schedule across their collections, MFBC has released a first of its kind rarity & time based staking contract. This means, that both the rarity of your Metafrog AND the time it is staked determines the amount of $RIBBET a user can generate on a daily basis.
We chose to adopt this schedule to offer our collectors who were acquiring ‘rarer’ Metafrogs an additional incentive to do so. The time benefit in there allows those individuals without deeper pockets to also still benefit from the scheme itself! We have therefore built it (and may continue to apply updates/edits) to ensure that our tokenomics allow all community members to generate their fair share of $RIBBET for use within the community as a utility token.
These rarity multipliers will be applied automatically based on the following conditions:
Metafrogs with a Rank 1–34 will earn 8 $RIBBET per day.
Metafrogs with a Rank 35–444 will earn 6 $RIBBET per day.
Metafrogs with a Rank 445–1444 will earn 4.8 $RIBBET per day.
Metafrogs with a Rank 1445–2444 will earn 4.4 $RIBBET per day.
Metafrogs with a Rank 2445–3444 will earn 4 $RIBBET per day.
Ranks can be identified by going to the RaritySniper bot in our discord, or visiting https://raritysniper.com/metafrog-business-club. Please note, that the above emission schedule is subject to change — depending on the decision of the project.
If you decide to stake your Metafrog for longer periods of time, we believe you should generate a bonus reward for doing this. Therefore, at each time indicator, a particular bonus that is relevant will be allocated to you in your contract on unstake.
- You will know if you have qualified for a time multiplier if the ⏳ appears.
- The bonus will be automatically applied to your Metafrog earnings on unstake.
- If you stake for 29 days, you will qualify for 15 days. If you stake for 30 days, you will only qualify for 30 days (not 15 day bonus as well).
These bonus tokens will be distributed as follows:
At 15 Days = + 1.5 BONUS $RIBBET
At 30 Days = + 4.5 BONUS $RIBBET
At 60 Days = + 12 BONUS $RIBBET
At 90 Days = + 22.5 BONUS $RIBBET
At 120 Days = + 36 BONUS $RIBBET
At 180 Days = + 63 BONUS $RIBBET
At 260 Days = + 104 BONUS $RIBBET
At 365 Days = + 182.5 BONUS $RIBBET
Please note, that the above emission schedule is subject to change — depending on team decisions.
LAWS OF THE POND
We have decided to impose a 7 day restriction on withdrawing $RIBBET to reward our diamond-handed holders. You are welcome to stake and unstake at any time, however, your reward is earned following the seventh day staked.
STAKING YOUR METAFROG TO EARN $RIBBET
- GO TO https://staking.metafrogbusinessclub.com
- Connect your wallet.
- Your Metafrog NFTs will appear in the
METAFROGS IN YOUR WALLETsection. Give it a second to load, it takes some time to pull that data from your wallet. If it doesn’t work, give it a refresh — we promise it works.
- Find the Metafrog NFT that you want to Stake, and click
STAKE FROG. There will be a very minor fee that SOL charges for the transaction (cents), but it will be returned when you unstake.
- The only way you can claim your $RIBBET is by unstaking your Metafrog. When you want to do this, click unstake and a popup should appear on your wallet displaying how much $RIBBET you have earned + any bonuses. You will need to approve this for it to process.
Note: The amount ‘earned’ value will reset every time you bring your Metafrog back into the Pond ❗
WHERE DID MY METAFROG GO? IT’S NOT IN MY WALLET?
Don’t fret — staking will require you to send your Metafrog to the staking smart contract so it will disappear from your wallet while it is staked and earning you $RIBBET. You can connect your wallet to our site and check in with them in the pond, so no need to worry! When you unstake, your exact Metafrogs will return to your wallet SAFE and SOUND 😍.
You can stake as many or as few Metafrogs you want from one wallet at a time. There is no limit to how many individual wallets are connected to our staking platform, this however is something you will need to track.🐸
HOW DO I CLAIM $RIBBET?
Our web based UI will automatically claim any earned $RIBBET for you, and this will appear in a popup by your wallet when you choose to unstake. Note when you choose to unstake, your wallet will popup and require you to approve the transaction (in this modal you will also see the $RIBBET you’re claiming).
CAN I BUY $RIBBET?
As this article explains, you have the option of staking your Metafrog to earn $RIBBET, but what we didn’t add is that you can buy $RIBBET directly as well. If you are familiar with having using Uniswap/Pancakeswap, it’s quite easy.
- Visit Birdseye and find the $RIBBET token (https://birdeye.so/token/32gaR4rn9JyzoDVwMzZ5j3NgcHc5RQhMSJby55FFKnq3)
- Once on the $RIBBET page, look for the section to
- Swap any token you have, into $RIBBET.
- You are able to invest in $RIBBET, by swapping into it and driving coin prices higher; or
- You are able to trade $RIBBET as you would a coin on pancakeswap/uniswap.
If you don’t know about token burns, this is a really good primer on what it means and why it would be good to incorporate into any SPL token like $RIBBET. The team are in the process of discussing this in depth (outside of planned developments where token burning will be occurring — see below).
WHAT CAN I DO WITH MY $RIBBET, WHAT IT THE UTILITY OR PLANNED UTILITY
It is worth noting, that the ultimate goal is for $RIBBET to be incorporated into the everything Metafrog.
As at launch, Phase 1of Utility includes the ability to make use of the Raydium Liquidity Pool to provide liquidity for the token in exchange for additional rewards (and to trade $RIBBET as explained above).
Providing liquidity in a liquidity pool is important to provide funds for people to use for swapping between $RIBBET and USDC.
When you deposit liquidity into a pool, your funds will be used and you will earn a reward based on your equity within the pool. It’s important to understand what happens to your position when staking in LP, so I suggest playing around with this DEFI Impermanent Loss calculator (Token A set to $1 for USDC https://dailydefi.org/tools/impermanent-loss-calculator/) to understand how your capital shifts in market movement. DYOR, RISK.
To do this:
- Go to https://raydium.io/liquidity/?ammId=5wMAkUpWnA9wPrbdzSjnTT9T4VtKRKFTLNWHJWaSHM63
- Connect your wallet
- Type in how much $RIBBET and $USDC you’d like to provide (your total position size is 2x of however much USDC you stake, it’s matched 50/50 with $RIBBET).
- Accept the Raydium Liquidity Guide Rules
- Approve the transaction in your wallet
- Enjoy and earn fees + rewards on your $RIBBET. Approve the transaction in your wallet.
Please note that $RIBBET exists as a utility token, and not a token with the purpose of generating ‘passive income’ but rather allowing you to interact with our ecosystem.
- NFT Vending Machine
Our goal is to deliver utility to our NFT Vending machine which will strictly only accept $RIBBET. These are on our roadmap for this item:
- Don’t want to wait to accrue the amount of $RIBBET you need we plan on introducing Totem/Trophies to apply to your personal pond, to apply additional multipliers on your staking rewards.
- Using $RIBBET to mint a Voucher that can be redeemed for MFBC Limited Drops of Seasonal Merchandise (more information will be provided on this exact process at a later date).
Still in discussions re this:
- Redeeming Raffle Tickets for SOL & other NFT Goodies.
- The above is subject to change, with our team being focused on looking to bring more utility to $RIBBET and adding other mechanisms that our developer is comfortable with!
- Note, all redemption of tokens as described above will result in those tokens being burned.
Q: WEN MUTATIONS!?
A: It would not make sense for us to build out staking and not atleast attempt to embed it in all our ecosystem. This said, we have one developer, not a team of 50 people in a studio, and we can only do one thing at a time. After we have completely launched all items we want to under the staking umbrella, we will refocus on mutations.
With that said, we are currently in preliminary discussions about introducing $RIBBET utility to the mutation program. Requiring $RIBBET as part of the Mutations may open up some cool possibilities which we are exploring.
TOKENOMICS FOR $RIBBET
34,440,000 $RIBBET Tokens
60% Staking Gen 1 Rewards
20% Staking Gen 2 Rewards
10% Team / Marketing / Reserves
10% LP Incentives/Sustaining Price/Community/Roadmap
1. Please note, there is a risk that, as we are a team of random individuals who have long term plans and visions for our products there is a very real chance that our plans may not work out or we may build the wrong tools/make the wrong updates or decisions. Crypto MOVES FAST, and as a result we will always be looking at ways to improve on, or pivot (update/alter roadmap) to foster what we believe will lead to greater success (which every single project/organisation does this in the real world, frequently).
2. There is always a risk that we don’t monetise our products properly (despite correct execution). Since, even if we build great products — nailing down Tokenomics is HARD (and maintaining them is even harder). Our macro goal is to help build infrastructure and tools for the Solana ecosystem — monetising this to benefit our holders will be a hard challenge and we will try our best, but please know of the risks associated with any of this.
3. Thus, if you are investing as a result of the above items, or have already done so please be aware of the risks outlined above. Please do not invest money you cannot afford to lose. That all being said, our goal is to succeed in spite of all of the risks above and we believe we will — and will do our best to do so.