The Staking Structure and Mechanism
We are getting ready to launch our app, and we would like to brief the community on the staking mechanism implemented as well as the rewards.
Iotexpad is native to Iotex, utilising the XRC20 Chain, a layer 2 evm compatible chain. IotexPad will be bridged also to BSC therefore tradeable on both networks. Lets explain the Staking.
- Firstly, we will need to open the app! We will provide the link in the upcoming days.
- Connect your wallet.
Note: Iotexpad is deploying its mainnet on IoTeX Chain, you can find out how to add it to your wallet such as metamask. Iotexpad will support ioPay, Metamask and Wallet connect. Wallet connect will enable you to connect to trust wallet, etc.
- If you are not already there, then click on the staking page. You will see the same layout as the image above, displaying your tier level at the top and staking at the bottom. It will also display your staking dashboard showing you how much you have staked and at what rate and interval.
You Must stake your TEX tokens 24 hours before the IDO to be whitelisted since the snapshots are taken 24 hours prior to each projects IDO launch.
Iotexpad has opted with single staking and may veer in the future to LP staking. However to initial bootstrap, single staking is the fairest model for users to earn high rewards. Staking is also a prerequisite in order to participate to any projects. Staking enables you to enter a tier, and therefore allow you to whitelist.
The current Lock, Participate and Earn system is as follows per Staking time. Note the minimum staking time is 14 days.
Staking Time and Rewards:
- 14 days : 7% APY
- 30 days : 20% APY
- 60 days : 50% APY
- 90 days : 100% APY
Premature/Early Unstaking — Tokens are locked at the rate you have set from the above intervals. A penalty of 10% occurs if you unstake prior to your nominated preset staking interval.