Loot Farms are Fief's flagship staking product, where users can lock up their metaverse and related assets to earn a variety of rewards. Loot Farms accept a variety of asset types, including fungible tokens, traditional NFTs, and soulbound NFTs.
Loot Farms are segmented into dedicated "Seasons," where rewards are distributed within select timeframes and Farms are selected based on a combination of the core Fief Protocol team and the upcoming decentralized governance of Fief Protocol.
Unique to the Loot Farm dapp is its Influence Point (IP) gating system, where users must spend a certain amount of IP to gain access to the Farm. This system works to align demand for IP with access to rewards -- driving activity towards FIEF staking, Fiefverse gameplay, and direct IP purchases -- all of which work to create a more robust and sustainable Fief Protocol economy.
The initial release of Loot Farms will be soft staking-only, meaning the assets never need to leave user wallets to accrue rewards.
However, in time, we will introduce more traditional staking systems to add Farm receipt tokens to establish lego blocks on top of Farm yield and further establish Fief Loot Farms as a core metaverse primitive.
Each Loot Farm has an associated strategy that dictates the following metrics:
- 1.IP Gate Amount
- 2.Launch Requirements (total required IP spent or users)
- 3.Accepted Assets
- 4.Reward Assets
- 5.Reward Period Length
Strategies will become far more complex with the introduction of Farm receipt tokens, additional yield-generating Fief Protocol dapps and higher Fief Protocol transaction volumes.
- 1.IP Farms
- 2.Genesis FIEF Farms
- 3.Miscellaneous Farms -- new project launches, Fiefverse NFT farms, etc.
Genesis FIEF Farms
Fief Protocol plans to distribute 50,000,000 FIEF to Genesis Farms of targeted metaverse and DeFi assets.
Genesis Farms have high IP and user requirements to move from the Lobby to begin accruing rewards. Once launched, Genesis Farms run for 180 days and users can claim their FIEF rewards every ~5 minutes, but each claim is an on-chain action and will cost ETH gas.
The core team behind Fief Protocol will make the initial Genesis Farm selections with the plan of introducing sFIEF based voter selection over time. This sFIEF voting will work to drive demand for FIEF among projects and communities looking to bring this layer of rewards to their assets.