Bytes

From Neo Tokyo Citizen Wiki
An Identity's $BYTE yield.

Staked S1 and S2 Citizens yield $BYTES, an ERC-20 token. The Bytes 2.0 staking mechanism went live on June 15th, 2023 and replaced legacy Bytes. $BYTES exists on Ethereum and Avalanche. You can view, access and manage your staking rewards on the official Neo Tokyo website, under Citizen Banking.

Bytes 2.0 Yield

Both S1 and S2 Citizens which are uploaded and staked produce $BYTES. Holders can choose between 5 different hard-lock staking periods: 1 month, 3 months, 6 months, 12 months and 24 months. Once the NFT is staked, it cannot be unstaked for the duration of the time frame selected. The same goes for Vault NFTs and $BYTES themselves. However, $BYTES yield can be claimed as often as you'd like. It is not blocked by the staking period.

There are two separate emission streams: S1 Citizen yield and S2 Outer Citizen yield.

Note: This yield breakdown is a simplification. The actual mechanism in place is quite technical and complex. If you want to dive deeper into the details, feel free to read the full tokenomics breakdown here.

S1 Citizen Yield

The amount of daily yield for S1 citizens is a bit more complex than for S2's and is determined by the following factors:

  • Identity Multiplier — one of the components that goes into assembling an S1 Citizen NFT is the Identity. Each identity has a "Credit Yield" trait that ranges from 1 to 3.
  • Vault Multiplier — the multiplication factor of the staked vault.
  • Overall Participation — the amount of Citizens participating in the staking pool.
  • Staking Duration — the duration of the staking period impacts the yield by multiplying it the amounts below:
S1 Staking Period Staking Boost
1 Month No boost
3 Months 1.25x
6 Months 1.5x
12 Months 2x
24 Months 3x
  • The amount of $BYTES staked — S1 citizens also have an option to hard-lock from 0 up to 2000 $BYTES into staking. The boost they receive goes up in increments of 1 for each 200 $BYTES added.

S2 Citizen Yield

For S2 Citizens, the NFT's rarity has no effect on the amount of bytes they produce, even though their "allocation" trait is sometimes mistaken for a parameter that determines yield. S2 citizens must stake 200 $BYTES in order to start accumulating.

How Many $BYTES Has a Citizen Accumulated?

To see the amount of accumulated $BYTES a Citizen can claim, you can either:

or

or

  • Navigate to the NeoTokyoStaker contract (Etherscan). In the Read Contract tab, 20. getPendingPoolReward, enter:
    • Enter 0 for S1 Citizen or 1 for S2 Outer Citizen in the _assetType (uint8) field.
    • Enter the wallet address containing the staked Citizen and click Query.
    • Tap the first line of numbers to appear. Scroll down to the 7th line Ether (1) to interpret the balance of the rewards. Note: Totals for staked S1 and S2 citizens must be manually combined to determine the total amount of unclaimed rewards.

Claim Bytes

You can claim your staking rewards in Bytes on the official Neo Tokyo website, under Citizen Banking.

Claim Bytes from the Citizen Banking (your profile page) on the official site.

$BYTES on Avalanche

$BYTES also exists as an ERC-20 token on the Avalanche C-Chain.

  • $BYTES (Avalanche)
    0x13af0Fe9eB35e91758B467f95cbc78e16FdD8B6b — Snowtrace

$BYTES can be moved between Ethereum and Avalanche using the official bridge links:

On Avalanche, $BYTES can be traded on BlackHole DEX.

Bytes History

Initially $BYTES were distributed automatically when an S1 citizen NFT was assembled. Staking was not needed. The amount of $BYTES a citizen produced was based solely on the combination of their Vault and ID rarity, with yields ranging from 1 to 15. For more information, see the Legacy Bytes article.

Can I still claim my BYTES 1.0 Yield?

No, claiming was disabled forever on Wednesday, August 10th, 2022.

Can I exchange my Bytes 1.0 to Bytes 2.0?

If you still hold legacy Bytes, you can exchange them for Bytes 2.0. See the Migration article for details.

Bytes Use Cases

$BYTES is the native currency of the Neo Tokyo ecosystem and has many different utilities.

Here are some of them:

  • Minting new NFTs. Some of the collections that can be minted are Neo Tokyo Bought Identities (NEOTBI), Neo Tokyo Part 4 Land Deeds (NTLD) and Neo Tokyo Part 3 Item Caches (NTITEM).
  • Gender swap
  • Editing an upload message
  • Bidding in the S1 Identity $BYTES auctions (S1 Identity $BYTES Auctions (official))
  • Bridging $BYTES between Ethereum and Avalanche (see $BYTES on Avalanche above)
  • Tipping other community members
  • Integration into other projects and communities

$BYTE Value on Cryptocurrency Exchanges

Risk

It is crucial to remember that $BYTES, like any cryptocurrency, is not without risks, including potential losses if token values decline. As with any investment, individuals should assess their risk tolerance and investment objectives.

Contract Address

  • $BYTES 2.0 (Ethereum)
    0xa19f5264f7d7be11c451c093d8f92592820bea86 — Etherscan
  • $BYTES (Avalanche)
    0x13af0Fe9eB35e91758B467f95cbc78e16FdD8B6b — Snowtrace
  • NeoTokyoStaker — the staking contract; used for getPendingPoolReward reads
    0x67e1ecfa9232e27eaf3133b968a33a9a0dca9e16 — Etherscan

See Also

External Links

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