The distribution of the initial staking rewards has started. Below, you'll find everything you need to know about this process, including a word from Dhruv Dang, Steadily’s CEO.
“My last update spoke about the recent upgrades to the DAO smart contracts, and that they were in internal reviews. We decided to split up this work into two parts: (1) Rewards and (2) Governance/Extras.
This decision lets us prioritize the community rewards first and focus on non-reward functionality later. This means rewards are in the hands of DAO members sooner.
I’m pleased to announce that we deployed our first Reward Distributor contract earlier this month, which will facilitate the distribution of initial rewards to DAO members. Approx. QODA 308k will be claimable by DAO members directly to their staked balances every 10 days for the next 2 years.
The first rewards will be claimable before Christmas when we launch improvements to the DAO App. Stay tuned for a blog post that will include the details. This is a huge milestone, and we are proud to deliver on our promise to our community.”
Staking Rewards Distribution
Before we start, it is wise to review the section from the Qoda DAO Docs regarding staking rewards.
Important Reminder: The distribution of 2.25% of the total supply of $QODA tokens will last for 2 years, beginning with Epoch 1. A total of $QODA 308,219 will be distributed per epoch for 73 epochs, starting from Epoch 1. These rewards will be distributed to Qoda DAO Members based on their $veQODA ownership at the end of an epoch.
Epoch 1 commenced on December 1, 2024. Each epoch lasts for 10 days. When rewards are distributed for a particular epoch, they become available for claiming immediately after the epoch ends. So, the first rewards, which were distributed in Epoch 2, will be available to claim immediately after it ends on December 11, 2024.
Similarly, Epoch 2 will commence on December 11, 2024, and its rewards will be available to claim on December 21, 2024; and so on for subsequent epochs.
To claim your rewards, go to the DApp, connect with the wallet from which you staked your tokens, and click "Claim."
Unclaimed rewards from past epochs are indefinitely available for Qoda DAO members to claim, regardless of their $veQODA balance in future epochs.
How Does the Claim Work?
To encourage long-term participation in the DAO and promote a healthy rewards economy, when you claim reward tokens, they’re added to your staked balance rather than your wallet balance.
If you want to transfer tokens to your wallet, you need to unstake them first. Please remember that when you unstake (withdraw) tokens, whether partially or fully, you will lose all accumulated $veQODA, along with any potential rewards for the current and future epochs, which depend on your $veQODA balance.
FAQs
Do I need to claim rewards?
Yes, staking rewards must be claimed. Once the claiming transaction is completed, your rewards will be added to your staked QODA balance on the Qoda DAO App.
Can I claim tokens directly to my wallet balance?
No, the tokens you claim are staked tokens, meaning they’ll be added to your staked $QODA balance in the DAO App, not your wallet balance.
On which network does the staking occur?
Staking occurs on Arbitrum One.
How can I see my staked tokens?
Visit the DAO App and connect your wallet. You’ll be able to view your staked tokens under the corresponding ($QODA) method card.
What happens to my staking rewards if I unstake all of my tokens?
You’ll receive all your staked tokens, including claimed rewards from previous epochs, back in your wallet. Please note that unclaimed rewards must be claimed first. Your $veQODA balance will be reset to zero. Since you will no longer have any staked tokens, you will not accrue any $veQODA, causing you not to receive any future rewards, including rewards for the current epoch. However, you can start accruing $veQODA again by staking any of the supported ERC-20 tokens in the Qoda DAO App, which would make you eligible for potential future rewards again.
What happens if I don't claim my rewards?
Unclaimed but earned rewards from past epochs remain claimable for Qoda DAO members indefinitely, regardless of their $veQODA balance in future epochs. There’s no time limit for claiming rewards. Note that mechanics of the protocol may change in the future (for example, through DAO governance).
How often do I need to claim rewards?
This is up to you. One epoch lasts 10 days, and you can claim your rewards immediately after the epoch ends or at any time in the future.
Is it possible to claim rewards and add them to my LP position?
Unfortunately, no. The tokens you claim are automatically staked using the vanilla method, not the LP method. We will be launching support for changing staked methods without requiring an unstake (so you can keep your $veQODA balance) in the future. Details will be published in an announcement at a later date.
If I stake $QODA using the LP method, will unstaking tokens from the vanilla method affect my $veQODA balance?
Yes, any unstaking using any method will reset your accumulated $veQODA balance to zero.
How long does it take to unstake?
Unstaking is instantaneous; however, you’ll lose all $veQODA you have earned during the staking period. There is currently no unstaking lock-up period.
How can I earn more staking rewards?
Your rewards in each epoch depend on your share of $veQODA at the time of the snapshot (the end of the epoch). The larger your share, the more rewards you’ll receive proportionally. To increase your share of $veQODA, consider staking LP tokens, which generate $veQODA ten times faster than the vanilla staking method. Also, remember to claim your staking rewards as soon as possible to have them added to your staking balance and generate more $veQODA.
Final Thoughts
The distribution of staking rewards marks a significant milestone for Qoda DAO, reflecting our commitment to delivering value and fostering long-term participation within the community. By prioritizing the deployment of reward functionalities, we’re ensuring that DAO members can actively benefit from their contributions. Stay tuned for upcoming updates to the DAO App.
Would you like to join the Qoda DAO? Currently, the only way to get QODA tokens is via Uniswap on Arbitrum One. Please verify the official $QODA token contract address before making any transactions (see docs). Beware of scams!