ColdStack Staking Implementation
ColdStack’s Staking Implementation
Dear community members, we are happy to unveil the details on our long awaited staking program! As many of you may remember, we initially announced our staking program’s development and initial features back in autumn. However, we determined that based on community feedback, a few alterations should be made in order to engage a greater part of the community, as well as to enable a greater yield for our most dedicated followers. Doing so helps us to better accomplish our goal of creating a staking program which drives usage and adoption of our platform. With the possibility of earning up to 450% APY, we certainly think we’ll be providing enough incentive for ColdStack’s newcomers and veterans alike!
A Staking System For All
As we mentioned, our initial staking features were announced back in the fall, but had been reworked to be more inclusive. You can find our original article on staking below:
https://medium.com/coldstack/coldstacks-staking-features-66e45ac96a10
Most notably, we have included several tiers which are open to any holders of $CLS. Previously, staking was only to be open to those who were actively participating in our storage ecosystem. However, we wanted to create a few tiers which provide yield simply for staking $CLS for a designated period of time to help benefit members of our community who may not be able to participate in such a way due to technological limitations or time constraints.
Initial terms of staking contracts
Stake for 30 days: APY 8%
Stake for 60 days: APY 10%
Stake for 90 days: APY 12%
These rules are available for all ColdStack users
There is no maximum and no minimum staking amount in the initial contract!
While the staking contract can be terminated prior to the specified date, the user incurs a penalty of losing all earned bonus tokens from that period. For example, if a user unstakes from a 60 day/10% APY contract after only 50 days, they will only earn their reward for the 30 day/8% APY contrat which they completed.
Completed Staking Contract: An Example
A user stakes 10,000 CLS tokens using a 90-day initial contract (APY 12%).
On the 91st day (after the expiration of the contract), the user receives:
Return of the user deposit (10,000 CLS)
Bonus staking tokens 10,000 * 0.12 / 4 = 300 CLS
In total, 10,300 CLS will be placed on the user’s account at the end of the contract period.
Users have the option to renew their contract, upon harvesting their yield.
Store to Earn: 450% Bonus APY and Badges
As we have previously outlined, ColdStack is developing a novel Store to Earn system which utilizes NFT badges to reward our most dedicated community members.This is another key reason we decided to rework our staking system to be much more robust. You are likely wondering, how does one increase their yield to the upper limit of 450%? The answer lies within these badges!
If you’ve read our previous article on staking, you may have noticed the staking yield is higher for those who are participating in our ecosystem through actions such as file storage and DAO governance participation. This still holds true within our Store to Earn concept. Users who play an active role in our ecosystem will have the opportunity to earn these badges.
We will be releasing a series of articles detailing these various NFT badges, and the many ways users can earn them as the development of these features progress. But at the moment, we’ll keep things simple so as to not overwhelm our audience and focus on staking. For now, just know that you’ll be able to begin earning yield on your $CLS on April 20th, and you’ll be able to earn much more as our incentive program is rolled out!
Follow Us For More!
Of course, to learn more about the full features of our Store to Earn system, you’ll have to follow us on social media and stay alert for new articles! With that being said, we have a lot in store for our community such as our lottery promotion to commemorate our platform’s launch, so it will certainly be worth your while to stay tuned. We are looking forward to making further progress as we work towards our full product release on April 18th!
Follow ColdStack:
Official website: https://coldstack.io
Twitter: https://twitter.com/coldstack_io
Telegram: https://t.me/coldstackio
Medium: https://medium.com/coldstack
