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Figure 1. Overview of JOY Token Flows for Governance Staking Pool
The key usage of the JOY is governance. By staking JOY on the governance pool, you receive voting powers to vote on various proposals/polls in the game and a portion of the revenue generated from the protocol will be shared with you.
Participating in governance and earning rewards requires a user to have Staked JOY (sJOY) token. sJOY acts as a voting power to the Drawshop Kingdom governance and the treasury reward is distributed pro-rata to the sJOY token they have.
Figure 2. Example of staking 100 JOY for 8 weeks of unbonding period, receiving 25 sJOY as a result.
To receive sJOY, JOY holders must stake their JOY into the governance pool. The amount of sJOY you receive varies by the unbonding period you set— the longer you lock the token, the more sJOY you receive. The exchange rate changes as follows:
Unbonding sJOY (i.e. unstaking JOY) requires the unbonding period you previously set to pass. After the period passes, the amount of JOY you previously staked will be released back to you.
You can use JOY Token in a different universe’s (P2E Games, Metaverse, etc.) Governance.
- SurvivalismG – P2E NFT Game based on DAO
- Participate in SurvivalismG’s Voting Pool using JOY
- Airdrop $BOLT as a reward for staking JOY in Governance
In JOY’s Governance, there are various Voting Pools. A total of three Voting Pools exist, and depending on each Pool’s characteristic, you can even use NFT for voting.
- sJOY Voting Pool: The number of votes directly depends on the amount of locked-in sJOY, and most votes will be held here. Mainly, polls related to Governance’s profits will be organized (Voting Festival, PvP Reward Adjustment, etc.)
- Land Voting Pool: Currently, there’s a total of 4,900 Lands. Owned lands in the World Map (regardless of rarity) is the number of votes you possess. Generally, polls related to the expansion and creation of the World Map will be held.
- Avatar Voting Pool: The number of possessed Avatars equals the number of votes. Usually, polls related to creative art will be open (UCC polling, Adding new Festivals, etc.)
sJOY utilized for voting is locked up until the results are up. For the results to be effective, certain conditions must be met.
- You need n number of sJOY to open a poll
- Voting period cannot exceed n days
- At the end of the voting period, the amount of sJOY voted must be at least n% of the total locked-in JOY in the Governance Pool.
To benefit JOY stakers from the growth of the DKR and encourage them to vote on proposals that further improve the game, DKR shares the protocol revenue with JOY stakers. Protocol revenue is first collected on the treasury, and the protocol regularly buys back the JOY tokens by the treasury balance and distributes them to JOY holders as rewards. If the protocol revenue is in JOY tokens, it is airdropped to the sJOY stakers proportional to the staked amount.
The source of protocol profits may include, but are not limited to:
- World Festival Enter Fee
- Fees from NFT Marketplace (5% are taken)
- Breeding Fee
- NFT Minting Fee
- In-Game Revenue
- And more...
Note that Treasury rewards are automatically re-staked.