Creating a Project

How to create a project on Downbad

Note

You need to be added to an allowlist to use this feature.

Step 1 - create a project

Fill out the create project form at https://staking.downbad.farm/my-project.

Please ensure all image links are fully qualified http URLs and you are using small images for icons.

If you use algonft ipfs gateway you can specify a width param - feel free to replace the CID with your own.

Example: https://ipfs.algonode.xyz/ipfs/QmdEmXSKARgNBMXhZWgfc5ChStHx7QtKEURjjo1yeChESx?optimizer=image&width=150

This will create a smart contract that will hold the project reward tokens.

You do not need to use a creator wallet. Any wallet can be used to create a project.

Be prepared to sign a transaction after clicking "Create".

Step 2 - set the reward token

Once the smart contract is created, you need to set the reward token. Right now we only support 1 reward token per project.

Set the ASA id and click "Setup rewards ASA". You will need to sign another transaction here.

This will also opt in the smart contract account to the rewards token ASA.

Once successful you should see the following with a warning that the escrow account balance is 0.

Step 3 - fund the smart contract

Click on the Escrow wallet link and it'll take you to algoexplorer. You will need to send your tokens to this address. The smart contract account will already be opted in to the rewards ASA (Step 2).

Once you have funded the escrow account, refresh the page and the warning will disappear.

Step 4a - create a staking pool

Click on the "Pools" tab then click "Create". You should see the following.

"Reward Frequency" refers to how often users earn rewards for staking in hours. For weekly rewards set the frequency to 168, for daily rewards set the frequency to 24.

Step 4b - set the eligible collections

You now need to set the collection's wallet address. You can set multiple addresses separated by a comma.

You can set unit name prefixes to filter assets within the collections. These unit names prefixes are optional. You do not need to add them if you want all created assets in the wallet to be stakeable.

Use unit name prefixes to filter out assets you don't want to allow users to stake

Step 4c - set the reward rules

You now need to set the rewards. Here you have a couple of options

1. Constant rewards - earn a fixed amount of tokens per reward frequency. For example, earn 10 tokens every week.

2. Scaled rewards - increase the amount of rewards for staking longer. For example, earn 10 tokens every week, but after staking for 30 days earn 20 tokens every week.

Here are 2 examples for each case:

Constant rewards - 10 per week regardless of staking duration

Scaled rewards. 10 per week, then after staking for 30 days increase to 20 per week.

Click "Create" and sign a transaction to create the pool. You should now see your created pool - select the link to navigate to the pool and try to stake an asset to verify it's set up correctly.

Feel free to now create more pools for your assets.