Subsocial’s SoFi platform launches ‘Creator Staking’

Subsocial, a platform for creating social networks and communities built on Polkadot, unveiled the Creator Staking service, which allows earning income by supporting certain content creators.

? Ready, set, stake! ?

Introducing Creator Staking! ?

SUB token holders can now support their beloved content creators, communities, and applications while earning rewards ?

Join the movement, improve the network! ?https://t.co/WoDTTQZQGa pic.twitter.com/6M3ZgWNuhj

— Subsocial (@SubsocialChain) October 26, 2023

The solution is inspired by the staking system implemented on another parachain — Astar Network. The service aims to incentivize developers of dapps in the network. Subsocial broadened its support to authors and communities.

From the total SUB tokens allocated by Subsocial for staking rewards, 66.7% will be distributed among stakers, and 33.3% will go to content creators. The latter’s income depends on the share of assets contributed in their favor.

According to the statement, SUB inflation is six tokens per block — 1.58% per year. After the Creator Staking launch, 90% of its issuance will be directed to the staking rewards (10% will go to the treasury). This means that total rewards will start at 1.185 million SUB per month.

The ‘Creator Staking’ service is launched in beta to assess its performance under real-world conditions over several months. Initially, the project selected ten content creators to participate.

According to the team, Creator Staking will help create a sustainable incentive system that can foster growth and development of the social Web3 network. The solution should reward authors and users for creating and curating content, as well as support the network by active participants.

Here is what the ultimate incentives alignment for a #Web3social network should look like:

— Creators & users are rewarded for producing & curating valuable content. ?
— The system is supported by active users of the network. ?
— The network itself benefits from growth! ? pic.twitter.com/ctILHSwk3b

— Subsocial (@SubsocialChain) August 22, 2023

“When you stake, it doesn’t matter whom you choose — you can receive rewards. Which creator is the best? Support them and watch them receive well-deserved recognition,” the statement said.

ForkLog has requested comment from Subsocial.

As reported in the Staked report, in the third quarter the value of assets locked in staking increased by 3%, to $74 bn, and the capitalization PoS-coins fell to $254 bn, according to the report.