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Set up Tally's staking system: prerequisites, reward sources, and considerations for successful deployment.

Prerequisites

To implement Tally's staking system, you'll need the following:

1. Compatible tokens:

   1. A standard ERC20 token to use as the staking token. Typically, the staking token is the native token of the protocol, like UNI.

   2. One or more ERC20 tokens to distribute as rewards. e.g. WETH or the native token of the protocol for inflationary rewards.

   Note: Rebasing tokens or non-standard ERC20 tokens won't work.

2. Reward source: Rewards come from protocol revenue, treasury funds, or minting new tokens.

Optionally, staking supports additional features:

• Governance compatibility - for staking token that are also governance tokens. In other words, tokens that implement ERC20Votes. Staking passes through voting power to the underlying governance token. No changes are needed on the governance system.

• Staking reward criteria can use an EarningPowerCalculator. Calculators increase or decrease rewards based on any criteria. Calculators can use offchain criteria with an oracle.

Combining Staking with Token Launch

Many protocols launch staking with their token launch. Tally can help with a flow that combines the two events. Combining them offers several benefits:

• Immediate utility for new tokens

• Higher staking conversion rates

• Reduced initial selling pressure

• Clear value proposition for tokenholders

Learn more about how Tally helped Obol combine token launch with staking launch here.

Choosing the Right Implementation Approach

Your implementation approach depends on your protocol's stage and needs:

For new protocols:

• Implement staking alongside your token launch

• Design with value accrual in mind from day one

• Create an economic loop between usage, fees, and rewards

For established protocols:

• Add staking to create utility for existing tokens

• Use protocol revenue or token inflation to reward stakers

• Consider phasing in rewards over time to test and adjust parameters

Next Steps

For the fastest and most reliable implementation:

• Contact Tally's team at tally.xyz/contact

• Tell Tally about your staking and reward tokens

• Tally will guide you through the deployment process

• Get a fully-configured staking user interface on Tally

To deploy a test or self-serve staking contract

See the 'Usage' section of the Staker README doc.