Devlog #1

While this isn't our inaugural blog post, it marks a significant shift as we embrace our new identity: Quack Finance. With this rebranding, we've opted to retire some of our previous content in anticipation of this fresh start.

Originally conceived as a memecoin project, I found myself questioning the direction of our endeavor. Did we want to be just another fleeting meme in the crypto landscape? The answer became clear: we aspire to create something substantial, enduring beyond the whims of hype.

Our roadmap remained consistent from the outset, albeit with a longer timeline, reflecting my initial intention to dedicate less time to the project. However, as I immersed myself in building the staking system and conceptualizing the NFT minter, their potential became increasingly evident. This, coupled with the challenges of securing liquidity funding and navigating the complexities of launchpad selection, led me to fully commit to the development process. My goal is to release as much of a ready product, or at least soon after release, as possible.

For the past six - seven weeks, I've been immersed in this project, dedicating countless hours to its realization. The progress thus far has surpassed even my own expectations.

In this blog post, I'll delve into the intricacies of our staking system, the innovative NFT key minter, and our upcoming VIP area, currently in the midst of crafting a rewarding gameplay experience. My aim is to provide clear explanations while keeping complexity to a minimum, ensuring you understand the exciting journey ahead with Quack Finance.

So lets get started

Our staking dashboard offers users the flexibility of four lockup periods: 30, 90, 180, and 360 days. When users lock up their tokens within the protocol, we record Bitcoin's current price and store it in the contract's mapping for each individual user.

Here's how it works: if Bitcoin's price increases by 10% from the time the user initiated their stake, our system automatically triggers a boost function specific to that user, doubling their base APY for the chosen lockup period.

Each active staker, identified by a unique stakeID, has their Bitcoin price at the time of lockup recorded in the mapping. Our system continuously monitors these stakers, comparing their lockup time Bitcoin prices with the current Bitcoin price. If the current price is 10% higher, the system automatically calls the stakeBoost function for those stakeIDs, and also calls the stakeDeBoost when Bitcoin goes under 10% rise in price. However a user can never get less than the base APY.

The use of stake IDs is essential due to the isolated nature of smart contracts, which require explicit calls for functions like stakeBoost and stakeDeBoost. To minimize gas costs, we batch all stakeIDs together and execute them perhaps once or twice daily, instead of sending individual wallet addresses of stakers in an array, which transmits more data and costs more gas.

Users can track their rewards and claim them at their convenience. However, considering the ongoing development of our reward game (which I'll delve into later in this post), it may be beneficial to hold off on claiming rewards to potentially boost game rewards with staking rewards. More details on this will follow.

Please note that the screenshare I am using are not recording my wallet extension, but you can see that I am clicking it, and corresponding actions happens :)

Initially, my plan was to develop a simple NFT collection, allowing users to mint various NFTs. However, upon further reflection, I aimed for something more sophisticated, resulting in the creation of the NFT Key Minter.

The NFT Key Minter operates as follows: First, a user must create a stake. Once staked, they navigate to the NFT Key Minter page. Here, they encounter a metric we call DuckPower. DuckPower is derived from the lockup period (in seconds or days) multiplied by the staked amount (the exact formula is still under consideration). This DuckPower value serves as a crucial metric throughout our VIP area for the reward game and other features.

Users proceed by naming their key and uploading an image to IPFS, which is then attached to the key. Upon minting, the NFT Key Minter retrieves various data elements from the staking contracts' user mapping and sends the minted key directly to the user's wallet.

Possessing this key grants users access to the VIP area, where a plethora of activities will become available over time. Initially, it unlocks entry to the reward game, where 25% of our tokens are allocated for rewards.

Importantly, users have the option to transfer this key to another wallet. Since DuckPower is associated with the NFT's specific ID along with the originalMinter of the key, another wallet can gain access to the same functionalities. However, should the originalMinter withdraw their stake, the key will lose its attached DuckPower and become obsolete.

Accessing the VIP area requires users to have an active stake and to mint an NFT key. While the VIP area is currently in its early stages, it will eventually feature a range of exciting functionalities, including farming, reward pools, and other engaging activities. The primary focus at the moment is on developing the Reward Game.

The Reward Game draws inspiration from Monopoly, but instead of properties, it features a variety of reward fields and mini-game fields. Players can land on reward fields to earn tokens or encounter mini-games, which offer opportunities to bet rewards for a chance to double them or to compete against other players.

The game board is divided into two sets of fields: an outer set and an inner set. Inner fields offer double rewards, but accessing them requires a certain Game Balance. This incentivizes players to keep their staking rewards within the game rather than withdrawing them to their wallets, enhancing their potential for higher returns within the game.

In summary, the past seven weeks have been a whirlwind of development and progress for Quack Finance. We've built a comprehensive Staking Dashboard, offering flexible lockup periods and dynamic reward boosts tied to Bitcoin's performance. This system is designed to maximize user engagement and returns efficiently.

Our innovative NFT Key Minter transforms traditional NFT minting by tying it directly to user stakes, creating unique keys with customizable elements and the powerful DuckPower metric. These keys not only symbolize ownership but also grant access to our exclusive VIP area.

The VIP area, while still in its early stages, promises a plethora of future features, including farming and reward pools. Currently, it hosts our Monopoly-inspired Reward Game, where players navigate a board filled with reward fields and mini-games, aiming to boost their Game Balance and maximize their earnings.

Achieving all this in just seven weeks has been a remarkable journey. However, everything we’ve built will undergo thorough testing to ensure both stability and security. We're committed to providing a safe and robust platform for our users.

We're excited to continue expanding and enhancing these features, creating a robust and engaging ecosystem for our users. Stay tuned for more updates and new developments as we continue to grow Quack Finance.

Feel free to join our newly created telegram group, and ask any questions you may have: https://t.me/Quack_Finance_Portal

Kristian - 19/05/2024