The Astar Staking Festival will launch this week! 🚀 Get ready for staking with high APY. After our Staking Festival, we will launch dApp staking with the projects that are built on Astar Network at that time. The Staking Festival will give you more insight into dApp staking our build2earn protocol with the look & feel of how it would work.
What is dApp staking?
The simplify the concept we can compare this with staking on validators but instead of staking to validators, users can choose to nominate their Astar/Shiden tokens on the project. These users are also known as nominators. At every block, half of your block rewards go to dApp staking. This reward is further divided into a 50/50 ratio between operators (developers) and nominators.
25% of total block rewards is a huge incentive for dApp developers to build in the Astar ecosystem. In other blockchains like Ethereum, dApp developers need to apply for grant programs, issuance of tokens, fundraising, etc. to earn some money. In the Astar ecosystem, as long as your dApp has been nominated, you will receive some basic income. As your dApp grows in popularity, more members of the community will nominate you and this means that you will receive a greater percentage of the block reward!
We must also not forget the nominators. 25% reward is quite substantial and can serve as an alternative to staking to validators or lending on other DeFi platforms.
During the festival, the ratio of staker:pool is set to 99:1! Giving everyone a high APY on staked tokens from the first moment they join staking! The event will run until dApp staking is fully ready to be deployed on Astar.
How to Use Staking?
💡 You can only stake when we enable staking! Please wait for our announcement on January 20th.
- Each pool has a max of 512 nominators.
- The minimum amount to stake is 500 ASTR. +500 ASTR was the basic reward for 5 DOT during the crowdloan that’s why this number.
If you have any questions, please join our discord and ask us directly.
Go to our portal: https://portal.astar.network/ and connect your wallet to Astar Network. Then, click on ‘dApp Staking’.
Look for your favorite pool. You can click on the name to see more information about the pool.
To add your staking amount, just click on ‘Stake’ in the box of your favorite pool.
Select the wallet that you want to use for staking. Stake with the amount you want to stake. You can only stake with a substrate native wallet!
💡 You can stake with vested and locked tokens! Earn rewards while being under vesting!
Claim: claim your rewards. Every ERA you can claim your rewards, please note that it doesn’t have to be you to press the claim. If the pool owner or anyone else from the stake pool presses the claim button, you will also get your ERA rewards. If you cant click on the claim, there is nothing you need to do.
dApp Staking is a unique differentiator only Astar and Shiden have in the Polkadot ecosystem. Developers will choose Astar and Shiden simply because they can earn tokens while making smart contracts or infrastructure. The beauty of this token economics is that the more dApps are created, the more tokens will be staked. The more tokens are staked, the fewer tokens there are in circulation. Then, there is positive feedback on our valuation, and we can distribute more value to developers. This network effect is important for our ecosystem and looks forward to seeing some projects use dApp staking and find innovative ways.
Astar Network (previously known as Plasm) is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. Polkadot Relay Chain doesn’t support smart contracts. That’s why it’s important for the ecosystem to have a parachain that enables this for all developers who want to build in the Polkadot ecosystem. Astar is here to provide the best solution for all developers by supporting EVM and making a parachain where EVM and WASM smart contracts can co-exist and communicate with each other.