hybrix feature friday | June 4th
Every week we highlight a hybrix feature. This week we dive into:
Earn HY by Staking
In a previous Feature Friday we made a comparision between the different features of HY spread over several chains. We mentioned that BNB.HY on Binance Smart Chain had the unique characteristic of staking. Here’s how that works.
The HY token smart contract on Binance Smart Chain is designed to redistribute 3% of its value on every transaction. This percentage gets spread to three separate targets.
The fee is equally spread as follows:
- 1% is burned, increasing scarcity
- 1% is returned to the liquidity supply pool
- 1% is returned to everyone that holds HY on BSC
The last feature is what makes it easy to stake HY. You simply use the hybrix in-wallet Swap function to Move your HY to BNB.HY. Then just hold it in the wallet and with every HY transaction made on the Binance Smart Chain you will receive a bit more HY. The amount will increase over time and growth rises when there are more transactions.
The founder Joachim de Koning of hybrix explaines this principle in the following video.