##Summary
Akita DAO hosted a Dog Days of Summer staking campaign July-Aug 2023, and while we saw a great participation level, we learned some lessons. To celebrate the 100th Birthday of the legendary Akita Inu Hachikō, this staking program would be only for those providing liquidity to $AKITA or $HACHI tokens on Ethereum.
##Abstract
Hachikō (ハチ公, November 10, 1923 – March 8, 1935) was a Japanese Akita Inu remembered for his remarkable loyalty to his owner, Hidesaburō Ueno. As the legend goes, Hachikō faithfully returned every day for 9 years following Ueno’s death to the same spot outside Shibuya Station in Tokyo, anticipating the return of his beloved owner. Hachikō is such a celebrated dog, there have books and films about his life, and major campaigns to celebrate his legacy, such as this one here:
Stakers of LP tokens should be seen as optimal contributoors to the Akita DAO. Demonstrated by their loyalty to either the $AKITA or $HACHI tokens, by supplying liquidity to these tokens these members are showing their long-term support for the AKITA Ecosystem. Stakers of the AKITA-ETH LP or HACHI-ETH LP tokens can earn $AKITA tokens as a reward by supporting token liquidity pools on Uniswap V2. Using Roll Staking, Akita DAO only needs to provide the rewards tokens, and their automated emissions platform will take care of the rest. In celebration of Hachikō’s birthday, we hope to bring more awareness to the Akita DAO and its community.
##Motivation
Akita DAO successfully rewarded members for the Dog Days of Summer. However, it was clear that several bad actors had only one goal – to sell off the rewards instead of continuing to support our community. We anticipated there would be some sell off, but these few people brought massive amounts of $AKITA tokens from Centralized Exchanges with the sole goal of dominating the rewards pool and harvesting $HACHI tokens to sell off. This was a clear pattern in the lack of voting on Snapshot proposals, and the selling of their claims of the $HACHI Community Claim. There were fewer participants that provided HACHI-ETH LP tokens, but it is clear these people were motivated for long-term support of Akita DAO.
By using a portion of our $AKITA token stream from Gitcoin, we can reward those who choose to support the DAO through liquidity providing. In order to grow our membership and incentivize even greater participation, we can reward those who stake their LP tokens.
##Specification
Roll Staking is an automated service provided by the Roll Wallet team:
The Akita DAO multisig would need to refill its HACHI-ETH LP rewards contract and start a new campaign. It would also need to establish a contract for AKITA-ETH LP token position, and fill it with rewards. Note, only V2 LP tokens will qualify for this rewards incentive. Due to the Roll contract, Uni V3 LP tokens will not qualify.
This Roll Staking rewards period will run from November 1, 2023 through January 31, 2024. This event will be promoted on all social channels as the Akita DAO’s Hachikō at 100 event.
A total of 40,000,000,000 AKITA tokens will be provided for rewarding any users who deposit AKITA-ETH LP tokens from the Uniswap V2 pool in a Roll Staking position. This staking period will run from Nov 1 through Jan 31, 2024. Staking rewards are proportional to the amount of tokens a user deposits, the overall number of tokens deposited, and the duration of the deposit. AKITA-ETH UniV2 LP tokens can be obtained here:
A total of 60,000,000,000 AKITA tokens will be provided for rewarding any users who deposit HACHI-ETH LP tokens from the Uniswap V2 pool. A larger rewards pool exists to reward those who are truly focused on the long-term support of the Akita DAO and its governance token. Staking rewards are proportional to the amount of tokens a user deposits, the overall number of tokens deposited, and the duration of the deposit. HACHI-ETH UniV2 LP tokens can be obtained here:
The 100,000,000,000 AKITA tokens used for this program would come from Akita DAO’s treasury. This is roughly 18.5 days worth of $AKITA tokens from the DAO’s Sablier stream.
Operational cost for the DAO is the deployment of the staking contract, an approval of sending rewards tokens, and the sending of the rewards tokens. Total anticipated cost is roughly 0.1 ETH. The previous Dog Days of Summer campaign required a total of 0.1152 ETH in transaction fees. We will likely save some fees by re-using the HACHI-ETH LP staking contract, and any pre-existing token approvals which are still active. Ethereum network is also less busy, currently, so there is a chance fees could be much lower.
User transactions for the contract are also market dependent, average 0.002-0.005 ETH. This includes staking, exiting, or withdrawing rewards during the staking period.
##Benefits
Through this activity and promoting an awareness of Hachikō’s 100th birthday, the Akita DAO will benefit from an increased awareness of the most legendary Akita Inu to ever live, increased engagement from active members, increased on-chain holder counts, and also increased price support for DEX trading. Increased DEX trading will also compound the fees earned from UniV2 trades, which means the $AKITA and $HACHI tokens have even more liquidity depth and support. Participants receive tokens as rewards for using the Roll Staking dApp. The list of wallets that participate in this program can also be factored in for future $HACHI reward distribution from the Akita DAO.
##Drawbacks
It should be anticipated that some may choose to sell off their $AKITA rewards, and that is their decision. By taking action to stake LP tokens, the average user is already showing an alignment with the Akita DAO’s long-term vision for a robust AKITA ecosystem, where more activities and products can potentially bring more rewards and benefits for our community.
##Vote
Yes, No, Abstain - If the total YES vote is greater than the total NO vote, then this proposal would pass and be executed by the Akita DAO’s Stewards.