IQ staking to earn limited edition NFTs and IQ token rewards
HiIQ launched on August 4, 2021, and was created to incentivize IQ holders to become long-term holders who stake and lock up their IQ tokens. The HiIQ staking system allows IQ holders to choose how long they want to lock up their IQ in addition to the number of IQ tokens they would like to stake. The greater the amount of IQ locked and the greater the length of time the tokens are locked the greater the HiIQ balance of the staker. The greater the HiIQ balance the greater the amount of IQ token rewards a staker will receive and the greater the voting power they will have on governance votes. In addition to IQ token rewards, HiIQ stakers also have the ability to participate in NFT raffles.
As of October 2022, HiIQ stakers have earned over 400 million IQ tokens. By March 2022, IQ holders had staked a record 1.5 billion HiIQ, with the majority of stakers locking up their tokens for over 3.5 years. IQ holders have staked more than 454 million IQ tokens with HiIQ.
HiIQ is a vesting and yield system based off of Curve’s veCRV mechanism. Users may lock up their IQ for up to 4 years for four times the amount of HiIQ (e.g. 100 IQ locked for 4 years returns 400 HiIQ). HiIQ is not a transferable token nor does it trade on liquid markets. It is more akin to an account-based point system that signifies the vesting duration of the wallet's locked IQ tokens within the protocol.
The HiIQ balance linearly decreases as tokens approach their lock expiry, approaching 1 HiIQ per 1 IQ at zero lock time remaining. This encourages long-term staking and an active community. Sushiswap has proposed a similar implementation with their recently announced oSushi token. A sample graph (Curve’s veCRV) illustrating the decrease can be found at this address.