The HOPR protocol has already made a splash with its unique gamified and incentivized testnets, but now they’re taking it to the next level. A recent announcement from the team at HOPR reveals that HOPR token holders will be able to start staking in a unique gamified incentive scheme as early as next month. In addition to standard yield, participants can earn NFTs through engagement with the protocol that will boost their yield rates.
The scheme is all part of the HOPR token’s three-pronged approach: the ability to pay for sending data through the HOPR network, staking to earn more HOPR tokens while securing the network, and giving holders a vote in the future HOPR DAO.
Staking With HOPR
HOPR holders will be allowed to farm tokens and earn a base APY up to 18.25% should they lock up their tokens for a full 175-day period. Staking through HOPR is anticipated to be available around July 27th.
HOPR token holders will have access to a six-month smart contract that locks their tokens to receive rewards. Users can compound rewards over the lock-up period or withdraw them as they are paid out. The base staking yield for users who participate in the full period lock-up is 18.25% APY. Excitingly, users will also have the ability to boost that APY, with no limit, using HOPR NFTs.
While NFTs are often brought to market with limited value-add, HOPR is taking a unique approach, leveraging NFTs to incentivize HOPR users to stake their tokens.
NFTs & User Engagement
The team at HOPR will begin offering a variety of NFTs linked to different HOPR events. Collected NFTs will boost staking APYs and can be stacked as well. The main way for users to earn NFTs will be through HOPR testing, such as through monthly testing events throughout the six-month lock-up. Running and testing HOPR technology will inherently incentivize community-based testing, but NFTs will also be earned through games, competitions, and HOPR’s upcoming presence at the EthCC conference in Paris, where HOPR team members are presenting their latest research into privacy protocols and DAOs.
The six-month staking period will allow HOPR to hone in on completing the development of their unique cover traffic mechanism, and in turn, help secure and scale the network. Cover traffic will go live after the six-month period, allowing the network to appear to have a constant flow of data even during slow periods, and thus adding better security to the protocol.
Investing In the Protection Of Metadata
HOPR’s first version is available now for all to use, and is undergoing continual improvement. HOPR offers a unique advantage in that it is the first incentivized mixnet – offering a proof-of-relay mechanism that addresses privacy preservation while incentivizing a mixnet. This allows HOPR to scale at a rate that competitors can’t.
The HOPR team’s announcement of staking and incentivized NFTs will work to continue to build engagement and accessibility throughout the community just a few short months after the HOPR token’s fair launch via community DAO vote.
The protocol’s continued emphasis on metadata privacy for individuals, companies, and institutions remains at the forefront – now with even more user-friendly features.