As per our final milestone of our Dfinity grant we are obliged to introduce our project here on the forums.
What is Rakeoff?
Rakeoff is a web application built fully on ICP that allows users to stake their ICP tokens and earn governance rewards, it abstracts away a lot of the complexities in participating in ICP governance but keeps the benefits - like earning staking rewards. In addition to this simplified and enjoyable UX, Rakeoff also offers insights into your expected APY, monthly reward estimates and a portfolio view with dollar value estimates and market prices -it’s an all-in-one dashboard for managing and staking your ICP tokens while keeping the UI / UX clean and intuitive.
To date users are most interested in using Rakeoff for these featured mentioned above, however, as we see room for innovation, we also launched this feature based around this idea of a no-loss prize pool in the dApp. Users have the option to disburse an amount of their newly spawned staking rewards into a pool with other users. Using a weighted selection algorithm and automatic timers the pool selects 3 winners every month, this is a way for users to potentially amplify low staking rewards while also preserving the initial amount of staked ICP - you only might lose your staking rewards - if you enter.
We encourage you to explore our landing page, docs and application: https://rakeoff.io/
Brief overview of the tech:
The dApp, landing page, API etc, are all built on ICP and hosted on-chain using it’s various tools, I have been building on ICP for awhile now and am thoroughly impressed with how things have advanced and what you can do on it. We are using a variety of tools such as the ICP ledger canister, the NNS canister, Internet Identity, Motoko timers, custom domains, Motoko server, ckBTC canister and more. Some of our code is open-sourced at Rakeoff Labs · GitHub, the goal is to open-source everything after audits and when we move out of beta.
Progress to date and future plans
We have had relative success in the ICP ecosystem so far, we bootstrapped this project by winning the Encode x Dfinity hackathon in July of this year, and things have come along at a steady pace since then with about 68 Stakers and over 8,400 ICP staked as of writing this post. We envision Rakeoff being a viable and intriguing alternative to staking on ICP and we believe we can continue to achieve success while also pushing the boundaries of staking - we have many more features planned and consider the project as having a nice base for us to continue to build and innovate on top of.
Feedback and discussion is of course welcome as we are a rapidly adapting project in the ICP eco-system. I’ll pop some links here for people who want to explore the dApp more:
Rakeoff home page: https://rakeoff.io/
Rakeoff application: https://app.rakeoff.io/
Learn more about Rakeoff: https://docs.rakeoff.io/
Twitter: https://twitter.com/rakeoff_app
Medium: Rakeoff Labs – Medium
GitHub: Rakeoff Labs · GitHub