InsureDAO joins the dApp staking program on Astar network!
Today, we are thrilled to announce that InsureDAO has been approved by the Astar community to join Astar’s dApp staking program.
What is dApp staking?
Overview
dApp staking is similar to staking on validators.
The difference is that dApp stakers — also known as nominators — can nominate their Astar tokens on dApps they want to support.
With dApp staking, not only monitors are rewarded but also developers who build dApps can get compensated.
By having an income, developers can keep building and improving their dApps.
For great dApps to be built, developers need to build them. For developers to build great dApps, they need financial incentives.
That’s where dApp staking comes in, and this program enhances the Astar ecosystem.
How are stakers and dApps rewarded?
At every block, a portion of the rewards goes to dApp staking.
This reward is then divided between operators (developers) and nominators. Overall, this creates a powerful incentive for developers to build dApps on Astar and for nominators to support developers via dApp staking.
On Astar, as long as a dApp has been nominated, developers can receive a basic income.
As a dApp grows in popularity, more community members nominate the dApp, which, in turn, enables the developers who built the dApp to receive a more significant percentage of the block reward.
We need our community support
The amount we receive with the dApp staking program depends on the number of nominators on the dApp store page
The more nominators to more rewards we receive to support our developments. At the same time, you will receive up to 10% staking rewards by staking ASTR in our dApp.
How to Use dApp Staking?
Step 1: Buy ASTR Tokens
Get your hands on some Astar tokens $ASTR. You can buy them on Binance, BKEX, and OKX. The full list of markets can be found here:
https://www.coingecko.com/en/coins/astar
Step 2: Create a Substrate-based Wallet
To learn how to create a Substrate-based wallet please click the link below:
https://polkadot.js.org/extension/
Step 3: Go to Astar Portal and Connect Your Wallet
Let’s go to the portal once you got the AStar tokens:
https://portal.astar.network/#/dapp-staking/discover
and connect your wallet to Astar Network.
Then, click on ‘dApp Staking’ and look for our project: InsureDAO.
Step 4: Add Your Staking Amount
You can click on our project to know more about the smart contract we used for dApp staking.
To add your staking amount, just click on ‘Stake’ in the box and sign with your wallet on the Polkadot.js extension.
Step 5: Add, Unstake, or Claim
Once you have staked your tokens you can do three things: add, unstake, or claim.
1. Add: to stake more, you can add more ASTR in dApp staking.
2. Unstake: to unstake, you can also get your ASTR back.
3. Claim: (top of page): claim your rewards from all dApps you staked on. Every ERA you can claim for your rewards, but we recommend doing this once every week.
Summary
dApp staking is a unique feature only Astar has in the Polkadot ecosystem.
As developers, we have chosen to build on Astar because this gives us the opportunity to earn tokens while building out our product.
The beauty of this token economics model is that the more dApps are created, the more tokens will be staked.
The more tokens are staked, the fewer tokens there are in circulation.
Then, there is a positive feedback loop on the valuation which in turn provides more value to developers and to stakers.
This network effect is very important for the ecosystem and we are really happy to be part of this dApp staking program. Happy staking!
About InsureDAO
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”.
InsureDAO provides an insurance builder kit and insurance market. Additionally, we offer the lending function to INSURE token stakers.
If you are interested in learning more, check out our LP.
Also, you can join us on Twitter, Discord, or Telegram! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
Telegram: https://t.me/InsureDAO
