Bumper’s staking module — Stake BUMP tokens to earn more
This article focuses on staking BUMP tokens in the Bumper crypto price protection protocol and is one of the many utilities of the native token. You can find out more about the BUMP token here.
What is BUMP Staking?
Bumper’s Staking module provides BUMP holders a means to support the protocol and earn rewards for staking some (or all) of their BUMP tokens into the module, ensuring the ongoing security of the token-economic system.
Staked BUMP cannot be transferred, sold or used for bonding to open Maker or Taker positions.
Staking Periods
When staking BUMP, you can choose from either Fixed or Flexible staking terms. When you are staking, you cannot withdraw your tokens or use them for bonding to open Maker or Taker positions.
You earn a multiplier on your staking rewards depending on your chosen term:
Flexible terms
Any length: 1.0x
Fixed terms
30 days: 1.5x
60 days: 2.75x
90 days: 6.0x
Flexible staking allows you to jump ship whenever you want, and exit staking. However, when you exit a flexible staking term, there is a 10 day cool-down period when you decide to withdraw.
Once the cooldown is over, you’ll have two days in which to ‘unstake’. If we don’t hear from you, we’ll assume you want to go back into the flexible staking pool and re-stake your tokens, and that simply restarts your position to accumulate stake rewards again.
Staking Rewards
Staking rewards are paid in BUMP tokens which accumulate throughout the term and are claimable at the end of the fixed period. At the end of the Term, the original stake, plus the accumulated rewards, become claimable.
How to Stake BUMP tokens
Staking BUMP is very simple and literally takes under a minute from start to finish.
First head on over to the Bumper dApp, connect your wallet and choose the Staking tab.
Then simply click the Stake button, and follow the on-screen instructions.
You will be asked to decide how many of your BUMP tokens you wish to stake, and whether you want a fixed or a flexible term. The handy staking calculator works out the estimated amount of BUMP you can likely expect to earn over the term. However, do be aware that this amount is not guaranteed, and depends on the amount of Staked BUMP tokens already locked in the system.
Once you are done, you just need to make the relevant confirmations via your wallet, and you’re done.
Claiming BUMP rewards
To claim BUMP rewards, you simply log into the Bumper dApp, navigate to the Stake tab, and choose the Claim Stake button next to the relevant staking instance. Your token rewards will then be transferred to your wallet.
Note, it is a requirement to manually claim tokens from the staking contract, they are not automatically paid out to you, so make sure you come back and claim your BUMP after your staking period ends.
Renew Staking
If you wish, you can renew staking on any instance at any time, simply by connecting to the dApp and switching the toggle by the instance on (or off if you wish to turn off the Auto-renew function).
If you choose to auto-renew, then your stake will be renewed at the same term as it was set to previously.
You can also reverse the process to turn auto-renew off.
Conclusion
Bumper’s staking module is a great way to increase your BUMP holdings without opening either a protection (Taker) or an earning (Maker) position.
Bumper has a range of staking options to suit all token holders who wish to participate in securing the network, and helping to add value to the protocol.
You can find out more about Bumper by reading the Litepaper, and we strongly recommend joining the Bumper community on Discord.
Disclaimer:
Any information provided on this website/publication is for general information purposes only, and does not constitute investment advice, financial advice, trading advice, recommendations, or any form of solicitation. No reliance can be placed on any information, content, or material stated on this website/publication. Accordingly, you must verify all information independently before utilising the Bumper protocol, and all decisions based on any information are your sole responsibility, and we shall have no liability for such decisions. Conduct your own due diligence and consult your financial advisor before making any investment decisions. Visit our website for full terms and conditions.
