Introducing HellCat Staking, the Store and Troublemaker Tokens!
GM Troublemakers, it’s been awhile since you’ve heard from us but rest assured, we’ve been busy building! With that said, we are super excited to announce that soon you will be able to stake your HellCats & HellHounds to earn Troublemaker Tokens ($TMT) that can be spent in the Store!
Now this is not your typical NFT staking mechanism, we want to try something new and innovative to push the boundaries of what is possible with your HellCat and HellHound NFTs.
By introducing Troublemaker Tokens, we aim to explore new ways of rewarding our most loyal community members within the HellCats ecosystem, aligning incentives of long-term holders with HellCat’s vision and mission. At the centre of this ecosystem is the HellCats store, a place where you can spend $TMT to receive exclusive rewards like limited edition clothing drops, HellCats merchandise, future whitelists as well as NFTs (more info to be revealed in the future!).
On top of that, we’re developing a ‘soft staking’ mechanism where NFT stakers do not need to stake their NFTs with a smart contract, mitigating the risk of contract exploits. This ensures holders and their NFTs with the highest level of safety and security. Enough said, let us dive into how it all works!
How do I Stake?
The Hellcats team has opted for a soft staking mechanism, meaning you won’t have to interact with a smart contract and your valuable NFTs can remain secure in your own wallet.
Users will initiate the soft staking by connecting your wallet, navigating to the staking page, and clicking stake NFT. After that, you can sit back, relax, and earn $TMT daily.
What is $TMT?
$TMT is a rewards currency used as a medium of exchange in the HellCats ecosystem.
The only way to acquire $TMT is by staking a HellCat (or HellHound) NFT. The $TMT token is NOT a fungible cryptocurrency token and cannot be traded over an exchange, it is an off-chain and non-transferable currency, similar to that of loyalty points. We are currently exploring options for an on-chain token in the future but preemptively, we want to ensure the token has sufficient utility to support its value before that happens.
What can I do with $TMT?
$TMT is spendable on all items listed in our store, including but not limited to merchandise, NFTs, whitelists, commissioned art, and festival tickets.
The store will support three methods of selling items: Buy Now, Auction, or Raffle. The $TMT token is used as the medium of exchange for all sale methods.
Shipping of physical items will require payment in USDC.
How do I earn $TMT?
You earn $TMT daily by “staking” and holding your NFTs — you cannot have staked NFTs listed on a secondary marketplace. The amount of $TMT earned is based on the number of NFTs held:
1x HellCat NFT = 6 $TMT daily
1x HellHound NFT = 3 $TMT daily
$TMT is allocated at 00:00 UTC each day.
Each NFT has a cap on how much $TMT it can accrue. The NFT cannot earn points above the cap — you will need to spend $TMT before you can start earning again. The cap per NFT is:
1x HellCat NFT = 666 $TMT
1x HellHound NFT = 333 $TMT
In the diagram above, we map out the process flow when a HellCat or HellHound NFT holder interacts with the HellCats ecosystem. This flow is subject to change in the future when more capabilities are added.
Can I lose $TMT?
Aside from spending your $TMT, you can also lose $TMT by listing your NFTs.
Listing your NFT ends the soft staking and forfeits all rewards associated with that NFT. For example, you own:
HellCat #666 which has accrued 100 $TMT.
HellCat #1000 which has accrued 300 $TMT.
Therefore you own 400 $TMT.
You decide to paper hand and list HellCat #666.
The 100 $TMT earned by that NFT is forfeited.
You now own 300 $TMT.
Since listing an NFT forfeits all $TMT earned, NFTs purchased on the secondary market will not come with any $TMT.
Note: The soft staking mechanism is still in development and is subject to change depending on technical feasibility and viability. To emphasize, the Troublemaker Token ($TMT) is not a fungible cryptocurrency token and cannot be traded on any exchanges for other digital assets at this time.
This article was written by Gabe (https://twitter.com/GabrielGFoo) and Crotts (https://twitter.com/Crotts__). Gabe and Crotts are both core team members of HellCats. They are paid contributors to the HellCats team and are personally invested in the project itself. Any information discussed above should not be taken as financial advice, do your own research and come to your own conclusions. Do note that any information above is also subject to change.