Cargo provides a unique NFT staking model which allows you to stake Cargo Gems that will generate rewards in both Gems and Cargo Credits. Through Cargo's NFT staking portal you can insert Gems directly into compatible NFTs and start earning rewards. Compatible NFTs include smart contracts that adhere to the latest ERC-721 standard. Compatibility is determined by verifying that the NFT contract adheres to the ERC-165 interface of ERC-721.
The staking smart contract allows you to retain ownership of your NFT while still earning the rewards of staking. This means you will be able to transfer your NFTs to a cold wallet while still being able to earn rewards - or you could transfer the NFT to a friend who would then be able to withdraw rewards. Only the current owner of NFT will be able to withdraw Gems and claim rewards for that NFT.
Staking contract: https://etherscan.io/address/0xC8B4EbD2201053588B9f57B189244dDAF3166a73
1 Cargo Gem and 1 Cargo Credit will be distributed per block mined on the Ethereum blockchain. Given that there are roughly 6,500 Ethereum blocks per day currently, that means that ~6,500 Gems and Credits will be distributed to users who are staking, proportionate to their amount staked. The Cargo Gem rewards schedule will remain constant, but the Cargo Credit reward distribution is subject to change based on the market price of Gems to Credits.
You will be able to claim rewards at any time through the staking portal. These rewards can be used to increase stake or simply be withdrawn to your wallet. We use a hybrid approach to calculate rewards. Rewards are calculated off-chain while the data used to calculate those rewards is all on-chain. Using Ethereum events we are able to determine the amount of your Gems staked proportionate to the total amount of Gems staked at each block eligible for reward. We can then display your rewards balance to you in real time. By using this hybrid approach we are able to significantly decrease the amount of gas one would have to pay to claim rewards while still utilizing the cryptographic security provided by Ethereum.
Staking Gems in NFTs make each of those NFTs an instant store of value and a way to earn more Gems and Cargo Credits. The NFT becomes instantly liquid meaning that it is at least as valuable as the amount of Gems staked within it and that value can be immediately withdrawn. The NFT becomes a reward earning vault for Gems that can be transferred or sold without ever removing the staked GEMs
Staking Gems within NFTs will earn rewards in two tokens simultaneously - Cargo Credits and Gems - Cargo Credits are used to mint NFTs on the Cargo platform. Cargo Gems also act as a governance token on the platform and will eventually be added as a payment option.
Currently Gems are available on Uniswap: