How to Stake GROVE through Theta Wallets + GROVE Burn-to-Claim Rewards
Staking GROVE tokens helps secure and govern the GROVE subchain on the Theta Network and plays a critical role in the governance, decentralization and security of the GROVE platform. You will also earn GROVE tokens based on your proportional stake to the total tokens staked by the community.
Staking rewards are earned from a pool of 150 million tokens allocated over a 4-year period. As of May 10, 2024, the current APY (Annual Percentage Yield) is over 70% so don’t wait to stake yours. For example, if you stake 10,000 GROVE now, you will have 17,000 GROVE in a year assuming the APY remains the same. Of course, with more users staking, the APY will lower over time.
GROVE Staking
Staking GROVE can now be done through the Theta web wallet as well as the Mobile wallets (available for both iOS and Android devices) with just a few clicks, and will not require you to run a node (i.e. you do not need to operate a Theta Guardian Node or Theta Edge Node to stake GROVE). Also, it is fully secure and safe as your GROVE tokens never leave your wallet.
To get started, download the Theta Mobile Wallet from either the App Store (for iOS users) or Google Play (for Android users) or access the Theta web wallet here. After signing up with a new account, please follow these simple steps:
Step 1: Staking GROVE tokens
Once you deposit some GROVE tokens to your wallet, the balance should automatically be displayed. Simply click the Stake button on the right side of the GROVE token in your wallet, as shown below:
Step 2: Enter an amount of GROVE to stake
In the new window which opens up at stake.grovewars.com, you’ll see your unstaked available GROVE balance in your wallet as well as the total staked GROVE + estimated rewards. By clicking on the ‘Stake’ button, you can add to the amount of GROVE you’d like to stake.
Step 3: Confirm Transaction
Click the “Approve“ button to confirm and wait for the transaction to be processed by the Theta network. Once completed, the newly staked balance will be reflected in the “Staked + Reward” line. Over time, this balance will increase with the new rewards.
GROVE Burn-to-Claim Rewards
In addition to allowing staking for holders of GROVE, we are excited to announce a special ‘Burn-to-Claim’ program for community members who are either (1) purchasers of the first 2,000 commemorative NFTs issued on ThetaDrop here and here in connection with the launch of the Grove subchain and/or (2) ‘OG’ Pines who completed and received an NFT in connection with the recent ‘Pine OG’ Commemorative Challenge on ThetaDrop.
You must first withdraw your NFT from Thetadrop to your Theta wallet or Metamask wallet. You can follow the instructions here.
Eligible holders of above NFTs can visit https://stake.grovewars.com/claim as described below to burn their NFTs and redeem the associated number of GROVE tokens. Also, in recognition of the OGs that helped build the community behind the Secret Pineapple Society and now GroveWars, holders of ‘Pine OG’ commemorative NFTs will receive 2X the number of tokens that holders of the standard commemorative NFTs.
