🏦 The SpankBank
Important
Before you Stake: Please read and understand the following SpankBank quirks and caveats! Staking in the SpankBank requires active participation.
- An address can only stake once. Ever.
- The SpankBank and every staker operate on the same global clock broken into 30-day periods.
- Your stake will begin at the start of the following period.
- You cannot withdraw SPANK at any point during the stake.
- Check-ins begin at the start of the following period.
- You must have checked-in for the period to be able to claim its BOOTY.
- Check-ins require an Ethereum transaction (and its fee), but you can also extend your stake in that same transaction.
- The amount of SPANK counted towards your stake will drop 5% each period unless you choose to extend your stake when checking in.
- Staking longer will allow more of your SPANK to be counted towards the stake. (See SpankPoints)
Note
Full How-to Guides can be found here: https://help.spankchain.com
SpankBank Overview
The SpankBank is a Merchant-Owned Credit System that powers the two-token SpankChain economic system.
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SPANK is a staking token which can be deposited with the SpankBank to earn newly minted BOOTY.
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BOOTY 🍑 is a stablecoin good for $1 worth of SpankChain services.
SpankChain will collect fees for using the camsite, payment hub, advertising network, and other services in BOOTY 🍑. The fees are sent to the SpankBank where they are counted and burned.
The SpankBank has a 30 day billing period. At the beginning of each new period, if the total BOOTY 🍑 supply is under the target supply (20x the total fees collected in the previous period), new BOOTY 🍑 is minted to reach the target supply and distributed proportionally to all SPANK stakers.
If let’s say there are 20,000 total BOOTY 🍑 in circulation, and in a given period 20,000 BOOTY 🍑 is transacted on the SpankChain camsite (some BOOTY 🍑 would be re-used and spent multiple times), we would take our 5% cut (1,000 BOOTY 🍑), and send it to SpankBank where it would be counted and burned, leaving only 19,000 BOOTY 🍑 remaining. The target supply would then be 20 x 1,000 BOOTY 🍑 in fees= 20,000 BOOTY 🍑, and so 1,000 new BOOTY 🍑 would be minted to get from 19,000 to 20,000 BOOTY 🍑 and it would be distributed to all SPANK stakers proportional to their SpankPoints.
SpankPoints
| Stake Duration (Periods) | % of SPANK counted |
|---|---|
| 12 | 100% |
| 11 | 95% |
| 10 | 90% |
| 9 | 85% |
| 8 | 80% |
| 7 | 75% |
| 6 | 70% |
| 5 | 65% |
| 4 | 60% |
| 3 | 55% |
| 2 | 50% |
| 1 | 45% |
In order to earn the maximum BOOTY 🍑, a staker would need to stake for 12 periods, and then opt to extend their stake by 1 period during every check in.
If a staker stakes for 12 periods but doesn't opt to extend their stake during check ins, they would receive 100% of the BOOTY 🍑 for the first period, 95% for the second period, and so forth until they receive 45% during the final period.
BOOTY Burned 🔥🍑🔥 and Minted 💸🍑💸
| Period | 🔥🍑🔥 | 💸🍑💸 |
|---|---|---|
| 0 | -- | 10,069 |
| 1 | -- | -- |
| 2 | -- | -- |
| 3 | 979.85 | 10,507.85 |
| 4 | 400 | -- |
| 5 | 350 | -- |
| 6 | -- | -- |
| 7 | 1400 | 10,553.01 |
| 8 | 986 | -- |
| 9 | 783 | -- |
| 10 | 673.09 | -- |