BEAMERS! HODLERS! BEAM STAKING IS COMING!
Hello Beamers!
2021 continues to be a great year for Beam with remarkable changes that have transformed the Beam ecosystem notably:
- The hard fork of Beam to enable smart contracts & the introduction of the BeamX privacy-by-default DeFi ecosystem.
- The transition of Beam’s governance model from Beam Foundation to the community-governed BeamX DAO.
Earlier this year, the Beam Team released the BeamX 2021 roadmap, outlining Beam’s vision to create a decentralized confidential community-driven DeFi ecosystem. Today, the team is proud to take another step in pursuing our shared vision and we’re pleased to announce the release of BEAM staking.
Stake your BEAM! Earn BEAMX!
The BEAM Staking Campaign will begin on October 21st, 2021 and last 3 months (which is 131,400 blocks). A total of 1,000,000 BEAMX tokens (2.8% of the 36% liquidity mining program or 1% of the total token supply) will be distributed throughout the staking campaign as rewards.
Staking BEAM allows Beamers to earn rewards in the new BEAMX governance token. BEAMX is currently exclusively available to those participating in the BEAM Staking Campaign. In the future, BeamX could be swapped for any other tokens and many other assets via atomic swaps. On top of that it will allow Beamers to participate in the BeamX DAO governance.
The staking rewards scale based on the duration and amount of staked BEAMs. The Beam Team has implemented a super mathsy formula that incentivizes retail stakers and mitigates whales’ influence, who may join early to stake large amounts of BEAM.
The formula for BEAM staking rewards is defined as:
1. The staking weight is calculated according to this formula:
Minimum stake amount is 16 Beam, otherwise the weight is zero. Maximum stake amount is 1 million Beam. Staking more than 1 million Beam won’t increase the weight.
2. The reward is calculated according to this formula:
Whereas TotalWeight= ∑ (Weight), i.e. the sum of all weights
The Stake-to-Weight formula is deliberately sublinear. Its purpose is to give priority to smaller stakers, preventing a situation where “rich” stakers receive most of the rewards.
The power 0.7 is chosen such that x10 increase in staking yields x5 increase in reward (10^0.7 = 5 approximately).
To make it simpler for all you Beamers, let’s walk through an example:
BeamerA staked = 100 BEAM
BeamerB staked = 1,000 BEAM
BeamerC staked = 10,000 BEAM
According to formulas we get:
BeamerA Weight = 1
BeamerB Weight = 5
BeamerC Weight = 25
If those are the only stakers, then TotalWeight = 31
BeamerA gets 1/31 , BeamerB gets 5/31, and BeamerC gets 25/31 of each block reward.
The Beam Staking Campaign is a fantastic way for Beamers to leverage idle BEAM and earn BEAMX
Staking is coming soon, be prepared!
- Get the wallet
Download the BEAM wallet you need here: https://beam.mw/downloads - Purchase BEAM
BEAM is available to purchase on the following exchanges: https://beam.mw/#exchanges - Stake BEAM — starting on October 21st (exact time & block will be announced)
Download Beam Desktop Wallet here
Download Beam iOS Wallet on App Store
Download Beam Android Wallet on Google Play
Learn more about Beam on our website and blog
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