Wave Catchers Time-locked Staking and $COCO V2.
Before we get into the staking we must discuss the $COCO V2.
To migrate from $COCO V1, first, claim all coco from the original webpage. Then, approve the V2 contract to spend your COCO (Approval is an ERC721 and ERC20 concept, allowing the smart contract to spend your v1 COCO). Finally, call the claim from the website, which burns and mints an equal amount of v1 and v2.
To migrate from COCO V1, you can follow the steps outlined in the migration window displayed at the top of the $COCO page (https://www.wavecatchers.io/coco.html).
First, you will claim all your pending COCO from the V1 contract. Then, you will approve the V2 contract to spend your V1 COCO (Approval is an ERC721 and ERC20 concept, allowing a smart contract to interact with the approved asset). Finally, you will click the “Migrate” button to initiate the conversion, which burns the V1 COCO in your wallet and mints you an equal amount of V2 COCO.
You will have to migrate before purchasing any new whitelists on the marketplace.
Due to the setup of the initial contract, we cannot shut off emissions for V1. Thus, your Wave Catchers will continue earning V1 COCO even after you migrate, which can be claimed and converted to V2 COCO again. To prevent this from being exploited, we have configured migration so that you can migrate as many times as you desire until the end of the claiming window. Your pending V1 balance will continue to update in the migration window so you’re aware of any pending earnings you’re eligible to migrate.
The migration window will close Sunday, April 24, 2022, at 11:00:00 PM UTC, at which point passive rewards for V2 will begin accruing.
No other migrations will be necessary, as the new $COCO contract is an upgradable contract. This will allow us to make the required changes for future phases, without having to migrate.
Staking Options:
1 Week — 10% boosted $COCO Yield (110 $COCO per Wave Catcher per day)
1 Month — 25% boosted $COCO Yield (125 $COCO per Wave Catcher per day)
3 Month — 50% boosted $COCO Yield (150 $COCO per Wave Catcher per day)
Once you lock your NFTs, you can still claim the $COCO while they’re staked, but you cannot unstake them until the time limit has been reached. You can leave them staked after the time limit has been reached to continue earning the respective boost.
We built this addition to passive yielding to add another element of risk: those who lock their NFTs will be at a significant advantage in $COCO production over those who stick to passive yielding.
Marketplace Update
Your connected wallet must now either be holding or staking a Wave Catcher to purchase whitelists on the marketplace!
Wen <REDACTED> p2e? Soon.
