Boosting Your HOUSE Rewards
By staking HOUSE, you will receive WOOD as an additional reward. You can donate your WOOD to our Stakehouse so that we can use them for cooking delicious stakes with our WOOD Fired Oven. As you donate your WOOD, the Stakehouse will burn the WOOD immediately and provide you with some VIPS(VIP Score). By having VIPS, you will become our VIP member. The VIP members will have access to the exclusive yield-farming reward pools in addition to the standard yield-farming rewards that apply to all users.
WOOD is a tokenized representation of the time-weighted staking power. In plain English, you will receive WOOD tokens by staking HOUSE. You can either sell this token on the market or donate it to the Stakehouse. Donated WOOD will be burnt immediately to light the WOOD Fired Oven in which our delicious stakes are cooked.
Wait, but why on earth would I want to donate my WOOD?
That's a great question!
When you donate your WOOD, with which the Chefs cook our restaurant's special WOOD-Fire grilled stakes, you will receive VIPS(VIP Score) as a 'token' of appreciation from the Stakehouse and become a VIP member.
The initial supply of WOOD is 140,000. After the launch, 1 WOOD will be issued and released per second and be distributed through the HOUSE staking pool. For the token to represent the HOUSE governance staking power, no other pools will be able to receive WOOD as rewards.
The VIP members will get privileged access to the VIP-only exclusive reward pools. They will get additional rewards from these pools when they participate in our yield-farming program. For example, suppose Alice and Bob both are staking 1,000 AKLAY each, and Alice is a VIP member while Bob is not. Even though they are staking the same amount, Alice will receive more HOUSE rewards than Bob.
VIP Reward Weight
Like the standard reward pools, the number of HOUSE distributed per second from each VIP-only reward pool is set to a fixed number. The number of HOUSE each VIP member receives is proportional to one's 'weight,' which is calculated as follows:
- weight = √( (VIP score) * (staked value) )
For instance, in the previous example, suppose both Alice and Bob were VIP members, and Alice's VIPS is 4 times higher than Bob's. Alice would have received a 2x larger reward from the VIP-only reward pool - note that both are still receiving the same reward from the standard pool; the difference only applies to the VIP-only pool.
VIPS under the hood - VIP Raw Score
When you burn WOOD, you actually get something called the 'VIP Raw Score.' Once obtained, the VIP Raw Score itself never diminishes. The VIP Raw Score you earn by burning WOOD is called the 'WOOD Conversion Rate.' The conversion rate is set to 1 initially, and the rate increases by approximately 1.0000000113x per second. This gradual increase in the conversion rate encourages the VIP users to continuously burn their WOOD to maintain their VIPS and allows the latecomers to get a fair chance.
Your VIPS is induced by your VIP Raw Score, and the formula is as follows:
- (My VIPS) = 1,000,000 * ((My VIP Raw Score) / (Sum of All Users' VIP Raw Score))
VIPS is a relative score, the value of which is between 0 and 1,000,000. For example, if you have 10,000 VIPS, then your share of the VIPS is 1%. Because it is a relative value, it is dynamically adjusted as more WOOD tokens get burnt. As time goes by and other people donate more WOOD, your VIPS will be diluted. This is why you need to keep staking HOUSE and consistently donate - and burn - the WOOD reward you get.