APY for PORTX Perpetual Staking is Live with Multiple Rewards
Starting today, PORTX perpetual staking farm offers a dynamic APY! The staking farm will provide APYs to farmers who stake PORTX tokens in ChainPort’s smart contract.
Many had staked PORTX tokens on day one before any APY was added. PORTX rewards intended for stakers for that period have been automatically added to the new staking program. The APY given is dynamic and is set for every block per the number of tokens staked vs. rewards distribution rate. The dynamic APY goes down when more users stake PORTX & goes up when fewer users participate.
We have launched a special PORTX staking program that will distribute 250K PORTX token rewards over the next 100 days. The token rewards originate from three sources:
10% of the fees and 33% from taxation from the prior 3 months, since the introduction of fees on ChainPort, and an extra special reward for this duration.
The ChainPort team is now automating the entire mechanism, so taxation fees will automatically be added to the staking rewards.
A perpetual stake farm does not have an end date, as opposed to a regular staking farm. Farmers are free to determine the length of their staking since there is no end date. Besides earning attractive APYs, the perpetual staking farm will also offer discounted porting fees.
Farmers staking PORTX will receive a significant discount on porting fees. Fees will be reduced by 33% to 0.2% of the value of each port. PORTX tokens will be deducted directly from the farmer’s staking contract.
About ChainPort
ChainPort is a next-gen cross-chain bridge that provides custodian-level security with full interoperability. ChainPort introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.
Security is always paramount for ChainPort, and 95% of the funds are stored in cold storage wallets provided by leading industry security experts: FireBlocks MPC and Gnosis-safe multi-sig.
ChainPort is a permissionless bridge already porting more than 190 tokens between blockchains, with additional projects joining daily. Porting is done in just minutes through a friendly and straightforward UI without the need for any technical integration.
Since its launch in 2021, Chainport has managed 45,000 ports and $600,000,000 in volume. Learn more by visiting ChainPort.io or reading our documentation.
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