(Updated April, 2022) Introducing Smile Stakes — a New Way to Earn Maximum Rewards
Update April 2022 -
The APY/Streak ratio are as follows:
25% APY for less than 7 day streaks
100% APY when carrying a 7 day streak
125% APY for 30+ days
Schedule remains set on Mondays.
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Hey Smilers,
We are very excited to announce better ways to stake SMILE with the new Smile Staking Program that will be on Friday, December 17th!
Since we started the rewards program with the launch of the dApp a month ago, the team has looked at the feedback and usage metrics and used those to iterate towards a more stable, scalable, and fair solution.
100% APY rewards are here to stay, here is how to you will unlock it in 3 steps:
- Choose the amount of SMILE you would like to lock in the Smile Staking Program
- Wait 7 days for your stake to be eligible for rewards
- Receive 100% APY on all eligible stakes every Monday
Smile Stakes will be a new way to earn maximum rewards by locking in the value of your SMILE for a minimum of 7 days. Any SMILE locked in a Smile Stake can be withdrawn at any time, however doing so before your stake has reached maturity or before rewards have been disbursed for that week results in forfeiture of pending accrued rewards.
There is a minimum amount of 1000 SMILE required for each stake, and once that stake reaches maturity it starts paying out rewards each Monday. Payout times are scheduled in Pacific Time — Los Angeles, CA — and can take several hours to complete a full cycle. All SMILE rewards are deposited directly into the Algorand Wallet that was used to opt into the staking program.
But wait there’s more!…
Network Partner 14-Day Streak Boost not only rewards 10K SMILE, but also triggers a 25% boost on all eligible stakes as long as the streak is active when staking runs — boost must be active by the time rewards are disbursed to obtain the extra SMILE. Yep, you heard that correctly: you can earn up to 125% APY staking SMILE!
Summarizing:
- Smile Stakes pay 100% APY upon 7-day maturity
- Payouts scheduled on Mondays (Los Angeles — Pacific Time)
- 1000 SMILE minimum to start a Staking Pool
- No rewards are paid if SMILE is withdrawn at any time before payout or stake is less than 168 hours old
- Network Partner 14-Day Streaks enact a 25% boost on top of the 100% APY for a total of 125% APY
