Introducing Honey Pools

Staking has added a whole new layer of utility for NFTs.

Additionally, staking NFTs allows for utility to be added retroactively to NFTs which have initially not held any particular utility, by adding a token into the ecosystem. Distributing tokens has proven to be a means for projects to increase community engagement, and grow their ecosystems beyond the bottleneck that is the size of their NFT collection.

The problem ? Staking has many challenges… both technically and legally.

Honey is introducing its latest liquidity solution for NFTs, which allows NFT projects to create NFT pools for their collection to distribute their token fairly to active community members.

Honey provides the infrastructure to distribute rewards to your holders without having to create the token or be responsible for emissions. This is entirely delegated to smart contracts independent of your NFT project, and allows for a clean separation of tokens and NFTs.

*Disclaimer: Honey Labs provides a solution which may not be applicable to your particular jurisdiction. DYOR

Creating incentives for delisting…

Listing on a marketplace now has an opportunity cost, since you are forgoing the potential rewards of that NFT accumulating rewards in the pool. Tokens and rewards no longer have to be airdropped, but instead distributed to the users actively staking your pools.

How does this work ?

Pools will be available for users to access or discover in the Pool page of our dapp. Here, users can navigate to the pool of their choice. If you hold NFTs compatible with one of the pools, you will be able to stake them. You still keep 100% custody of the NFT. How? Solana will create a program (smart contract) based on your wallet address, and this program will store your NFT in its own vault. The rewards are sent to this vault, and can be claimed at any time. Upon claiming the rewards, the protocol will collect a 3% fee, which is the only cost of setting this up.

This creates a secure, trusted, and permissionless staking experience where you are in control.

One last thing…

What about your DAO’s verification? Well, we’ve worked hard to find a work around to still allow discord server verification even when your NFT is staked. We are partnering with SolaLand to provide stakers with DAO verification, and even specific roles.

Interested in setting up a Honey Pool ? Reach out to us on Discord in the #support channel