The fantasy sports industry is embracing blockchains as its new home. And this new home brings with it several attributes and benefits, best of all, the play-to-earn model.
In this article though, we’ll be looking at Gamified Staking, how it works, and how you can get started with Team Staking Pools, on Fanfury’s multi-faceted gamified staking system.
What are Team Staking Pools?
Fanfury uses gaming mechanics to distribute staking rewards that are generated from Rake Fees. Team Staking Pools can be claimed by players by paying a Claim Fee. Stakers can then lock their tokens in smart contracts and accumulate rewards depending on the number of tokens that have been staked. These rewards come from multi-team large pools or single team player vs player.
What is a Team Staking Pool and how does it work?
Fanfury aims to revolutionize the fantasy sports market while unfolding new earning possibilities for the Terra ecosystem.
The platform allows users to utilize their skills and understanding of the sport, to create their fantasy teams. It lets users form teams, and participate in large prize pools as well as head-to-head matchups to earn rewards in $Fury tokens, which they can then redeem for fiat currency.
Fanfury allows players to buy $FURY tokens on the Fanfury Web & mobile app. Players can use the Web app to claim a Team Staking Pool and invite people to join their team.
A Team Staking Pool allows multiple players to combine their resources to increase their chances of being rewarded. In other words, they join forces and combine their staking power, so they have a higher chance of earning rewards.
Players then pool their $Fury tokens together, and the team with a combination of the highest number of staked assets as well as other proprietary additional parameters wins the top prize.
Stakers are allowed to claim Team Staking Pools and become owners of teams they support. There are 250 teams across five sports (Football, Cricket, Baseball, Basketball, and American Football) available for players to claim. These claims are on a first-come-first-serve basis and are restricted to one Pool per wallet.
To claim a team, a player has to deposit $FURY equal in value to 1,000 $UST. This is done to disincentive players from gaming the system by claiming more than one team on different addresses. Once an individual claims a team, no one else can claim it, until the original owner decides to sell the team.
Additionally, the owner is responsible for increasing the size of his team pool. They can do this by inviting people to join the team pool, by campaigning on social media, and by referrals from the club fans that join the pool, and are incentivized to do so with additional reward systems.
Fanfury has a leaderboard that works on a point system, i.e. the larger the pool, the higher up on the leaderboard the team goes. Points are calculated daily, and rewards are paid out at the end of each day.
Staking Rewards have a divided distribution mechanism. 80% of the daily staking rewards are distributed amongst 100% of stakers, in the proportion in which they are staking, while out of the remaining 20%, 19% is distributed amongst the stakers from the team that finished first, while 1% is reserved for the owner of the Team Staking Pool.
Disclaimer: This article is for the newbies in the house — so if you’ve got a big bag of knowledge about the Terra ecosystem up your sleeves, then this article is not for you. This is not financial advice. Please, make your research before digging in.