Staking

Soul Bidding and Staking

There are special benefits for the owners of Souls. Whenever other users perform Quests connected to their owned Souls, rewards for Soul owner accumulate in the Ecosystem Enhancement Fund and can be claimed at designated times. To become a Soul owner, you must participate in Soul Bidding, which is held periodically. Eligible users must stake pHONs to compete for the Soul. The user who stakes the most pHONs wins the Soul Bidding process.

Difference from Normal Staking

In typical DeFi platforms, participation in staking requires purchasing tokens. Users deposit these tokens to earn an agreed-upon interest rate. However, the method for calculating this interest is often unclear, and there's no guarantee it will be paid out as promised. Furthermore, even if a situation arises where potential earnings could exceed the agreed interest, users can't claim more than that rate.

In contrast, Soul Society operates on a unique model. In Soul Society, staking is just one part of the process required to participate in Soul Bidding. Users can earn profits by owning a Soul, and the eligibility for such bidding is attained through active participation in Soul Society activities. In this way, user profits are driven by their own activities.

Another unique feature is the variable rewards based on the popularity of an owned Soul. The more users engage in Quests associated with a particular Soul, the greater the rewards for that Soul's owner. This transparent system allows Soul owners to understand how their earnings are generated and to expect the amount of their returns.