Staking and Farming
Shoe collectors called shoebeasts can mint sNFTs and resell them in the secondary market, or shoebeast can stake the sNFT on the ShoeFy platform to earn passive income. If the first buyer sells the sNFT on the secondary market, he earns 2% of the selling price as a royalty for a certain duration every time the sNFT makes a trade in the future. If the shoebeast does not want to sell, he can stake it in the sNFT pool in the ShoeFy platform to earn $SHOE tokens as a reward. Either way, the sNFT generates passive income.
Users can stake $SHOE tokens in the $SHOE pool and earn $SHOE tokens as a reward. The rewards are generated from the transaction and minting fees and also supported by the reward pool on the platform.
$Shoe tokens can also be staked in the sNFT farming pool and earn rewards as unique sNFTs. The amount of $SHOE token to be staked and the duration of harvesting the sNFT depends on the category of the sNFT the user chooses to farm i.e; Unique sNFT will take longer to farm than the common sNFTs. For example, to farm a common sNFT, the user will have to stake 2000 $SHOE tokens and he will be able to farm it in 60 days. But to farm a Unique sNFT, the user will have to stake 4000 $SHOE tokens and receive the sNFT in 90 days.
Alternatively, users can also take part in the rapid farming whereby the user chooses to stake more shoe token to farm sNFT earlier than its usual farming period set duration. For instance, with the same example, users can farm common sNFT in 30 days instead of 60 days by staking more than 2000 $SHOE token. Likewise for other sNFT classes, the rapid farming option will be provided as well.
Last modified 1yr ago