Creating Terms
PledgePools have composable terms that govern their inputs and outputs
Last updated
PledgePools have composable terms that govern their inputs and outputs
Last updated
Terms determine how a PledgePool operates. Terms are configurable, allowing you to create PledgePools that can handle many different types of use cases. Let's take a detailed look at the terms dialog and create a new term.
First, open the Composer and click on 'Create Pools'. Then click on 'Create Terms' to open the terms dialog.
You will now be presented with the 'Create Pool Terms' dialog.
Let's define what these fields are and how they affect the staking and distribution of tokens within a pool.
Term Id - The 'Term Id' is a system generated identifier for this unique set of terms
Create Date - The date the terms were created.
Term Name - A searchable name for these terms.
Pool Type - The value of this field determines where the tokens that will being distribution come from. There are two options: 'Funded' and 'Yield Funded'.
Funded - A 'Funded' pool is one in which the token distribution is provided by the Pool Manager, the Beneficiary, or both. Use this pool type if you have a token that you want to distribute via a pool but will not be creating and distributing staking rewards {yield}.
Yield Funded - A 'Yield Funded' pool is one in which the entry stake is staked to the blockchain to generate staking rewards. The resulting staking rewards then make up the token distribution.
Beneficiary Entry Fee - This field defines how much of the pool's system entry fee is paid by the Beneficiary. The value of 'Beneficiary Entry Fee' plus the value of the 'Pool Manager Entry Fee' is subtracted from the total entry fee. If the combined value is less than 100%, the remainder is divided equally among all Participants. This mechanism provides a way to distribute the system entry fee among multiple parties. For example, if the pool entry fee is 100 BENY and the 'Beneficiary Entry Fee' value is 25% and the 'Pool Manager Entry Fee' is 25%, the remaining 50% of the entry fee will be paid by the Participants as a group. So the Beneficiary would pay 25 BENY, the Pool Manager would pay 25 BENY, and the remaining 50 BENY would be divided equally among all the pool's Participants. Additionally, if the 'Beneficiary Entry Fee' is set to 100%, the Beneficiary will pay the entire entry fee for the pool. The effect is that the Participant would not have to pay or have BENY tokens.
Pool Manager Entry Fee - This field defines how much of the pool's system entry fee is paid by the Pool Manager. The value of 'Pool Manager Entry Fee' plus the value of the 'Beneficiary Entry Fee' is subtracted from the total entry fee. If the combined value is less than 100%, the remainder is divided equally among all Participants. This mechanism provides a way to distribute the system entry fee among multiple parties. For example, if the pool entry fee is 100 BENY and the 'Beneficiary Entry Fee' value is 25% and the 'Pool Manager Entry Fee' is 25%, the remaining 50% of the entry fee will be paid by the Participants as a group. So the Beneficiary would pay 25 BENY, the Pool Manager would pay 25 BENY, and the remaining 50 BENY would be divided equally among all the pool's Participants. Additionally, if the 'Pool Manager Entry Fee' is set to 100%, the Pool Manager will pay the entire entry fee for the pool. The effect is that the Participant would not have to pay or have BENY tokens.
Number Participants - This value determines how many Participants must enter the pool for it to close {go live}. If the 'Number of Participants' do not enter the pool before the 'Enrollment Timeout" the pool is cancelled. The minimum and maximum number of participants are controlled by system variables. As of this writing, the current minimum is 1 Participant, and the maximum is set to 1,000. Pools have been tested successfully with as many as 20,000 Participants. See 'System Variables' for the current values.
Entry Stake - The number of tokens that a Participant must stake to enter the pool.
Entry Stake Symbol - The symbol {type} of the required 'Entry Token'
Staking Period - The amount of time that the 'Entry Stake' tokens will be staked. This value is expressed in hours. So a 30 day staking period would be entered as 720 hours.
Enrollment Time Out - The amount of time Participants have to enter a pool. If the 'Enrollment Time Out' expires before the 'Number of Participants' is reach, the pool is cancelled.
Note: You may need to scroll down to see the 'Staking Period' and 'Enrollment Time Out'
Next, we will explorer the 'Distributions' dialog.
