The space engineers at BluDAC have given us the ability to create our very own custom BluDAC pools.
This is an incredible tool where you can choose the token you want to incentivise (to be staked on BluDAC) and your chosen reward token.
You can also stake in these new pools and earn community-funded tokens!
It's super simple, so let's hit this guide into hyperspace and get started.
There will now be a new pool type available in the dropdown menu called Community Pools:
Community Pools are exactly that, pools set up by the community through the new custom pool community tool.
At the time of writing, three community pools have been set up:
The key benefits of community pools are:
- Any $TOKEN can be staked (it doesn't even need to be an LP token)
- Any $TOKEN can be used for the reward fund (not just $BLU)
- You don't need a BluDAC membership to participate in community pools!!
This means the community can create any incentivised BluDAC pool they want and you can earn either $BLU or a completely different $TOKEN for your stake, all without a membership.
This is incredible!
It's down to the pool creator to tell you what reward token you will receive in the description to the left.
For example, the bottom pool (in the screenshot above) is a $BLU pool and we need to stake the LP token WAXBLUG. We can use the AIMY to work out our potential earnings, so overall this is a pretty straightforward pool.
The Get SHipple for BLUXPS pool is where it gets all extraterrestrial on us. In this pool, when you stake the LP token $BLUXPS you will earn $SHIL in return.
That's right, this pool rewards $SHIL instead of $BLU!
You can use the AIMY to work out your $SHIL earnings as normal. It's also explained in the pool description that 100m $SHIL will be awarded over 90 days (you can check the pool length under the Ends In column too).
Simply stake the required token to each community pool and look at the description to learn what you will earn. You will earn your daily harvest @ midnight GMT just like every other pool.
Great, but how do I set up my own pool?
Head over to the top-right in BluDAC and click the dropdown menu next to your wallet address and you will see a new option Create Token Pool:
Click on this option and a Create Custom Pool form will pop out.
Create Custom Pool
To make this super simple, I'll run through each step as if we were setting up the Get SHipple for BLUXPS pool.
The Pool ID is a unique identifier for each custom pool/mine. It must be between 5-12 characters and it HAS to be unique (i.e. no other pool can share the same name). Only characters A-Z and 1-5 can be used. The Pool ID isn't shown on the community pool page.
In our example, the Pool ID could just be the staked token name BLUXPS. If there was already a BLUXPS pool we could use BLUXPS1 instead.
Token to be staked
First, you need to decide which LP token you want to incentivise. In our example, the LP token $BLUXPS was chosen.
Next, you will need to add the full LP token precision. This refers to the number of decimal places and you can write this by adding 0. and then the number of zeros thereafter count as the number of decimal places.
In our example, the token BLUXPS has five decimal places, so we would add 0.00000 followed by the token symbol BLUXPS to give us 0.00000 BLUXPS.
To find out the number of decimals, there is a little side quest to venture on.
You can search for the token in your wallet or in the bludacmining wallet on wax.block.io. Scroll down to the top holders and look at the decimal places under TOKENNAME Owned. The decimal places will vary but look for the largest number of decimal places that you can see and use that as the token precision.
The display name is important as it's the name that will be displayed for your pool.
In our example, the Display Name was Get SHipple for BLUXPS, which explains both the stake and the reward.
This is really important! You want to make it clear what token will be rewarded in return for the stake. It's also good to add the total tokens rewarded over the pool duration.
In our example, the description was 'A lil celebration of the xpansion launch from shipple & blu, 100M SHIL over 90 days'.
Amount to fund mine
Here you add the total amount of tokens in the reward pool. This is essentially the tokens you are giving away in return for the stake.
In our example, the total $SHILL reward pool was 100m, so we would add 100000000.
Funding token contract WAX account:
Now you want to add the funding/reward token contract name. In our example for $SHIL it would be shippletoken.
What if you want to provide token funds for a token when you're not the project owner, for example, $BLU, and you don't know the token contract name?
Simple, just search for any token on the WAX Alcor Exchange and you will see the token contract name next to the token (highlighted in red):
Start Date & Pool Duration
The Start Date is self-explanatory, simply choose the date you want the pool to start. It's a good idea to push back the start date to allow time to promote the launch of your pool.
Pool Duration is the number of days your pool will last. You have the option of 14, 30 or 90 days. Your funding amount will be equally spread across the 14, 30 or 90 days.
In our 90 day example, around 1,111,111 $SHIL tokens will be released every day of those 90 days, completing our 100m total reward fund.
BETA & Create Pool
Once you have all the above details completed in the form, you will need to accept the aptly put I grok that this SH%$ is in BETA. It's important to stress that this feature is very new and still being worked on and being a space pioneer can have a few bumps along the way!
Next, you need to hit Create Pool, verify and that's you done! A new BluDAC Pool smart contract will be created and the pool will go live on your designated start date.
All you need to do now is promote your shiny new BluDAC Community Pool!