UNDERSTANDING THE STAKED CORE TOKEN “SCORE” (Hold 2 Earn)
Apart from ensuring passive and active User reward, the IceCreamSwap team is dedicated to ensuring that the Core Dao ecosystem is highly secured, stable and scalable, Hence the launching of “The Staked Core Token (SCore)” which reward Users for holding, staking or supplying Liquidity and also contributes to the security, Scalability and the stability in the value of Core through its dynamic tokenomics.
What is StakedCore (SCore):
The StakedCore Token (Score) is a wrapped token representing Delegated Core within the Satoshi plus consensus ( Delegated proof of Stake model ie. DPOS). StakedCore (SCore) was launched by IceCreamSwap team.
SCore token is programmed is such a way that it’s created/minted whenever Users Delegate their Core to validator pools by Sending Core to the SCore Smart contract address (SCore Wrapper).
Through the Delegation of Core, SCore contributes immensely to the Security and Scalability of the Core Dao Chain. This mechanism of SCore encourages Users to delegate their core to validators on the Core Dao chain.
StakedCore (SCore) mirrors the Core Dao native token “CORE” and is pegged 1:1 to Core therefore its price can’t go below the value of Core but can go above the value of Core because of its compounding effect.
NB: 1 StakedCore (SCore) represents 1 Core delegated to the Core Dao Validator Network(SCore Validator), Therefore users can also exchange SCore for Core (Unwrapping SCore).
Wrapping and Unwrapping of SCore:
The process of minting SCore is called Wrapping while the process of exchanging SCore back to Core is called Unwrapping,
Wrapping and Unwrapping of SCore can be a little bit complex, the easiest way of get SCore would be to buy directly on IceCreamSwap Dex and from other Dexes that will be supporting SCore.
How the StakedCore (SCORE) Auto Compounding works:
To explain the Auto Compounding effect of SCore we have to first understand the Core Dao Satoshi Plus Consensus mechanism.
The Core Dao Satoshi Plus Consensus combines both “The Proof of work(POW)” and “The Delegated Proof of Stake(DPOS)” models in the validation of transactions on the Core Dao Network.
The Proof of Work (POW)model involves the Delegation of Bitcoin Mining Hash and BTC Block Headers through the Bitcoin light clients to validators that are involved in the validation of transactions on Core Dao. While the Delegated Proof of Stake(DPOS) model involves the Delegation of Core (Staking) by Core Holders to Validators, that are involved in the validation of transactions on Core Dao.
NB: Both the POW and DPOS helps in ensuring Stability, Security and Scalability of the Core Dao Network.
At the end of each block Validators are rewarded with Core for the services they provide on the Core Dao Network, these rewards are distributed to each holders that Delegated their Core or Bitcoin mining Hash to Validators.
The Score token is minted by sending Core to the SCore Smart contract address which are then delegated to Validators on the Core Dao Network. At the end of each block the Validators are rewarded with Core, but instead of distributing the Core to individual wallet address, The Core is been compounded into the SCore Token, Such that when when users Unwrap the Score (Exchange/sell SCore for Core) they earn more Core than their initial Deposit.
For instance:
- UserA mints 1 SCore (ie. Sends 1 Core to The SCore Smart Contract address (wrapping) or buys 1 SCore from Dex)
- Therefore 1 SCore which represents 1Core that has been Delegated to a Validator on Core Dao Network, earns reward in Core at the end of each block.
- At the end of the day, UserA decided to Unwrap the 1 SCore (ie. Exchange the SCore for Core or Sell the SCore for Core)
- UserA then finds out that after Unwrapping the SCore the Value of core he has increased from 1Core which was his initial value before wrapping to 1.02 Core. Therefore he has gained extra 0.02 Core for just Holding SCore Token .
In essence if left over time the initial SCore will accumulate more Core due to the compounding of the Core rewards it receives from delegating Core to validators on the Core Dao Network, this phenomenon is called The Auto Compounding Effect of SCore.
Earning Rewards with the StakedCore (SCORE):
Here are some ways to earn reward with StakedCore(SCore) on IceCreamSwap Dex:
- Hold2Earn: The easiest way is Just Hold the StakedCore Token in your wallet address, The Auto compounding effect of the Token will be earning interest for you.
NB: The SCore has an inherent APY% within, since its a reflection of Staked native Token in pools.
- Supply2Earn(Earn Additional Reward) : IceCreamSwap Dex has created liquidity farm with massive APY% for SCore pairs, Users can earn addition rewards by create Score-Liquidity Token (i.e pairing SCore with other tokens eg. SCORE/ICE-LP or SCORE/CORE-LP) which they can supply to the Farm on IceCreamSwap Dex.
How to get StakedCore Token(SCORE):
The wrapping and Unwrapping can be a little complex, therefore the eaisest way to get SCore is to buy from IceCreamSwap Dex, support on other Dexes is coming soon…
In summary, the Tokenomics of the SCore token was designed in such a way that it contributes to the Security, Scalability and Stability of the Core Dao Network. The SCore token also earn rewards for Users/Investors for mere holding of the SCore token, Users can also earn additional reward by Supplying the SCore-LP on IceCreamSwap Dex Farm.
Useful Links:
Website: https://IceCreamSwap.com/
Telegram: https://t.me/IceCreamSwap_com
Twitter: https://twitter.com/icecream_swap
IceCreamSwap medium: https://icecream-swap.medium.com/
IceCreamSwap info : $ICE
Core Dao explorers: https://scan.coredao.org/
