In collaboration with Status, we are building a staking protocol that enables holders of SNT to stake their tokens to ultimately earn non-transferable "XP" tokens,
which can later be used to participate in community-driven governance, such as voting apps, and to get access to premium features in the Status app.

We're aiming to have a first version of the staking protocol ready for deployment on an EVM based test network of Status' choice by the end of Q4 2024.
This will give us the opportunity to test the system in a distributed environment.
Future commitments will allow us to refine the system and add additional features as required by Status.

Here are the main features and requirements of the first version of the staking protocol:

• Users can stake SNT tokens and accumulate "multiplier points" in return (multiplier points are later used to determine the amount of XP tokens a user has access to)
• Multiplier points are generated at an at least 1:1 ratio with the amount of SNT staked, at the time of staking
• Users can lock their SNT tokens for a certain period of time (e.g. 3 months - 4 years) to earn additional multiplier points, at the time of staking
• Users can unstake their SNT tokens at any time (unless locked)
• Multiplier points accrue as a function of time and the amount of SNT staked
• Staking protocol should be upgradable
• Users should be able to opt out of upgrades

We've already implemented two different staking algorithms,
so we can leverage this work to finalize a first version of the protocol.