Frequently Asked Questions
FAQ's about the Rakeoff dApp
Staking
How does staking work?
Staking is the process of locking up your cryptocurrency tokens to either secure that particular cryptocurrency's network and/or to participate in the governance (voting on the future) of that network, in return you earn rewards (more tokens).
In the Rakeoff dApp we use the the ICP cryptocurrency token. When you use the "Stake" button in the dApp you can enter an amount of ICP you want to lock up and stake. This will be locked for a minimum of 184 days and begin earning rewards. You can start unlocking or increase your stake at any time.
Where do the rewards come from?
We use the ICP cryptocurrency in the Rakeoff dApp. You can stake / lock up the ICP token to participate in governance of the ICP network. By staking ICP and voting on proposals your stake earns new ICP tokens from the network itself.
In the Rakeoff dApp, voting on proposals is automated for an enhanced user experience, allowing you to concentrate on your accrued rewards.
What is the APY of my stake?
The Annual Percentage Yield currently ranges from 8% - 16%. The number of tokens you earn from staking can vary based on several influencing factors such as:
The amount of tokens you locked up.
The amount of time the tokens are locked up for.
The amount of Staker's voting in the ICP network.
The staking reward schedule of the ICP network.
While all these factors can change, we do, however, query the latest ICP blockchain data to give you a dynamic estimate of your monthly rewards within the Rakeoff dApp.
Is the stake locked, can I withdraw it whenever I want?
For reward eligibility on the ICP network, your stake has to be locked with a dissolve (locked) time of at least 184 days (6 months). Please note that your staked ICP will stay locked indefinitely unless you initiate the unlocking process. Once the locking period ends, your ICP will be liquid again.
Can I stake multiple balances?
Yes, by clicking the "Stake" button again within the dApp, you can allocate a new balance of staked ICP. This will then be displayed in the "Assets staking" section of your dashboard, alongside any other assets you've staked.
Why should I choose Rakeoff over the NNS for staking my ICP?
We're confident that Rakeoff will emerge as a preferable choice for staking your ICP, given its enhanced user experience, additional disbursement choices, and the forthcoming DeFi features we plan to introduce.
What are the risks of staking my ICP on Rakeoff?
The staking feature on Rakeoff carries no additional risks compared to other ICP platforms offering staking services. We rely on the same ICP Governance smart contract they use, integrated with the Rakeoff interface. Although there might be occasional minor UI issues, they are expected to be quickly addressed.
What are the staked ICP achievements?
You can achieve different badges / levels by staking an ICP amount in Rakeoff, if you hit one of the predetermined stake amounts for a particular level you get an ICP bonus! This is free ICP that is added to your stake for simply just staking on Rakeoff. The achievements can be found within the “Details” section of your staked ICP. To be eligible for an achievement bonus, you must hit one of the achievement levels minimum stake requirements and your stake must be at least 2 weeks old. Be sure to check your eligibility status and claim your ICP bonus after staking on Rakeoff!
No-loss Prize Pool
How does the prize pool work?
The prize pool in the Rakeoff dApp operates like a raffle that you enter with your staking rewards. You can enter the prize pool by disbursing your rewards. It work as follows:
The
RakeoffKernelsmart contract uses a weighed selection algorithm to choose the winners, the more ICP you enter with, the higher your chances of winning.Three winners will be selected from each pool with a distribution of 70%, 20%, 10%.
How is the prize pool "no-loss"?
You can only participate in the prize pool with your staking rewards.
So if you enter the dApp with 50 ICP, stake it, and then disburse your rewards into the prize pool, you'll still have your initial 50 ICP. If you choose to enter the prize pool, you are simply forgoing your staking rewards, but you won't lose any of the initial ICP that you brought to the dApp. Taking this into consideration, we named the prize pool 'The no-loss prize pool.
How many winners are selected?
The algorithm selects three winners in the pool. Each with a distribution of 70%, 30%, 10% of the total winnings.
General
What is Rakeoff?
Rakeoff is a cryptocurrency staking rewards application built on the ICP blockchain. It offers an ICP wallet with simplified staking, real-time asset tracking, and a no-loss prize pool for staking rewards. Enhance your staking experience with achievement-based ICP bonuses, all within a compact, user-friendly application.
Have the smart contracts been audited?
The Rakeoff dApp utilises some well known and secure Dfinity smart contracts for the staking feature and the wallet integrations. However, the custom Rakeoff smart contracts are currently unaudited. We are planning a detailed third-party audit after finalizing key features.
Last updated