In the original novel, CryoStaking is a process where the hopeful citizens of Atadia choose to freeze themselves in a Cryo Capsule to escape their modern reality and engineer their rebirths in a better future.
Here in Web3, CryoStaking is an optional move for high conviction holders who are willing to temporarily freeze their OGAs for higher $ATA rewards in the future AND for voting rights via vesting $PTT emissions.
Why do we have CryoStaking?
CryoStaking is a highly practical tool with an accidentally nice lore parallel.
It is a tool to monetarily reward and skew governance rights towards longer term, higher skin-in-the-game holders who have more vested interests in the project’s long term growth, all whilst reducing OGAs in circulation.
It is also the only way to upgrade the original OGA art in to an even more avant garde look 🔥
What is the easiest way to understand CryoStaking?
CryoStaking is essentially like classic fixed-term deposits offered by traditional banks…
Would you like to sacrifice the liquidity of your assets today in favour of higher rewards in the future?
People’s answers to this question depend on their personal levels of patience and their personal beliefs in the “moonability” of our rewards (and the timing of that mooning).
Because different people have different preferences, CryoStaking is offered in 3 different levels of conviction: 2 years, 3 years, or 4 years.
Rewards and Timeline
When you choose to CryoStake, your OGA will be swapped for a Cryo Capsule in a mechanic explained further below.
Upon CryoStaking, your $ATA staking rewards of 109 $ATA per day that have been ongoing for the past 6 months will be paused for a period of time labelled in grey in Figure 1.
After this period of dry spell, your 109 $ATA per day will resume (until the end of the originally entitled emission, which is 1.5 more years) together with a daily amount of additional $ATA and $PTT.
The longer the wait, the higher these additional rewards will be.
More specifically, the TOTAL additional rewards for the 3-year and the 4-year options will be 1.5 times and 3 times higher than the 2-year option respectively for $ATA, and 2 times and 5 times more for $PTT. Higher sums of CryoStaking rewards will also be vested over longer periods as illustrated in the chart.
Because the total amount of CryoStaking rewards need to sum to 50M $ATA (5% of the entire pool) and 5M $PTT (also 5% of the entire $PTT pool), the amounts for each group will depend on the total number of CryoStakers i.e. the higher the take-up, the smaller there is left for each CryoStaked OGA. However, the relative amounts of rewards between groups will stay the same and longer CryoStakers will always earn more.
Mini-TLDR: If you’d rather not bother yourself with excessive details and you’ve decided that you’re in for the long haul anyway, take a look at Figure 1 and choose which timeline works for you! The longer you are able to wait, the higher the rewards.
While your OGAs will technically be “awakened” in 2054, we do not expect Web3 degens to freeze their assets for 32 years…
I. Cryo Capsule
Once your OGAs are successfully CryoStaked on our website, you will receive a Cryo Capsule where your OGAs will be “sleeping”.
You can think of Cryo Capsule as your receipt proving that you are the owner of a specific CryoStaked OGA. You will need it to claim both the Vision OGA (VOGA’23) in early 2023 and eventually your fully Awakened OGA (AOGA’54) in 2054.
The capsule will be locked in your wallet until you decide to burn it.
Cryo Capsules are NOT tradable.
II. Vision OGA (VOGA’23)
You will be able to unlock the Vision OGA (VOGA’23) in early 2023. Think of VOGA’23 as a bond.
It’s liquid. It’s tradable. After the dry spell, it emits $ATA and $PTT by a schedule that corresponds to your chosen option.
This means CryoStakers will technically be losing their liquidity only for 3–4 months, after which they have the option to liquidate and exit by selling VOGA’23 on the secondary market.
Rights to emissions will follow VOGA’23 to its new owner, but one thing you as the original CryoStaker will forever be entitled to is the fully Awakened OGA, to be claimable with the Cryo Capsule in 2054.
VOGA’23 comes with an upgraded art, giving you a glimpse of your Awakened OGAs’ new looks. It will be clearly visible from the art which CryoStaking option and the corresponding emission schedule each VOGA’23 is entitled to.
When the time comes to claim an VOGA’23, you will need two things: a Cryo Capsule and a Shard of Scirtemais.
III. Shard of Scirtemais
The concept of the Shards of Scirtemais, again, is based on the lore. These are of the same material that formed the magic mirror in the Temple of Basilisk. 👀
They are a required element to claim the new version of your NFTs, so you will need one to unlock a VOGA’23 in early 2023. Shards will be airdropped to unlisted holders according to a snapshot taken in early September.
The rarity and looks of your VOGA’23 will depend on the rarity of the Shard. So if rarity is something you’re into, swap your Shard for more colourful, rarer pieces in the secondary market!
Note that $ATA and $PTT emissions are NOT affected by the rarity of your VOGA’23.
Also note that you DO NOT need the Shards to CryoStake. You need them to claim VOGA’23 in a few more months.
IV. Awakened OGA (AOGA’54)
No $ATA or $PTT is linked to AOGA’54.
They will be NFTs in their most OG sense — nice art with a great deal of emotional value! Years later, your kids will be proud.
- Deposit your OGAs during October 17th to October 21st → Get Cryo Capsule
- New Cryo Capsule + Shard of Scirtemais → VOGA’23 in early 2023
- VOGA’23 → emits $ATA and $PTT after dry spell
- Used Cryo Capsule → AOGA’54 in year 2054
Note that CryoStaking is irreversible; once your OGAs are turned into Cryo Capsules, they cannot be transformed back to original OGAs.
CryoStaking will be available on our official website from Oct 17th to Oct 21st 2022.
If your NFTs are currently staked, you will need to unstake from the Honey website.
⚠️ Be careful of scams. Please make sure you are using official links!
⚠️ ⚠️ There will not be “surprise mint” or anything of that nature. If you see those, they’re most likely scams.