Staking on the Lamina1 Mainnet

As mentioned above, Staking will not go live on the Lamina1 network until after the initial Mainnet/Airdrop onboarding window on August 26, 2024. Once that happens, L1 holders will be able to begin staking (or holding) their tokens to support the network and earn rewards, as described in the latest draft of the LAMINA1 Governance Whitepaper. 

Using this new system, Lamina1 holders will be able to lock their usable L1 in the network’s Voting Contract for a specified number of days (between 1 and 3650 days). Locking these tokens will generate both RL1 tokens, which they can unwrap back into usable L1 over time, as well as STAKE and VOTE tokens, which they can hold to earn more rewards and use to participate in governance. Each of these rewards will be proportional to the number of tokens locked and the duration of the lock.

All rewards tokens on LAMINA1 will have a quarterly unlock rate set by the Open Metaverse Monetary Authority, an appointed and elected governing body responsible for managing the monetary policy of the Lamina1 blockchain. 

To earn staking rewards and voting power on LAMINA1, there is an incentive to lock up L1 for longer periods of time, because you’re competing with other stakers for slices of a finite rewards pie.

More information about the relationship between staking and voting, as well as how exactly they will work on the Lamina Hub will be released prior to the public launch of these features.