A Comprehensive Guide to $NEAT Staking
$NEAT staking is now available on NEAT Protocol, and $NEAR rewards farming will kick off on June 3, here’s a step-by-step guide to get yourself ready to participate in $NEAT staking and receive the staking rewards generated from the 1 million $NEAR tokens provided by the Foundation.
Learn more about NEAT and NEAR partnership here:
$NEAT Staking Step-by-Step Guide:
- Go to https://neatprotocol.ai/ . Click on the “Stake $NEAT” button to enter the staking page.
2. Only $NEAT-NEP141 tokens are eligible to participate in staking. If you hold $NEAT-NRC20 tokens, you can use the “Wrap” function to convert them into the NEP141 standard.
Check out the Wrap/Unwrap tutorial here:
3. After you enter the “Staking” page, press the “Sign in” button on the top right corner, and connect your NEAR wallet.
4. Now that your NEAR account is connected on NEAT, you can enter the amount of $NEAT tokens you wish to stake. Please note that by enrolling in staking, you agree to be subject to the 21-day unstake period before you can withdraw your full amount of NEAT tokens. If you want liquidity and ease of selling, think twice before you stake your tokens.
5. After you enter the amount of $NEAT you wish to stake, press the “Stake” button, and you will need to confirm the transaction.
6. Now you’re all set! You will be able to see the total amount of $NEAT staked and the claimable $NEAR (The $NEAR rewards farming and claimable $NEAR rewards will be available on June 3, 2024 at 8:00:00 AM, UTC-0).
7. When you unstake $NEAT, you will need to wait for 21 days before the full amount is released. Simply go to the “Unstake” tab, input the amount of $NEAT you wish to unstake, and press the “Unstake” button to initiate the unstake process.
Early Withdrawal Penalty: If you choose to withdraw your $NEAT tokens before the 21-day unstaking period is up, you will only receive a proportional amount. The remaining balance will be permanently burned and sent to the NEAR’s “black hole” account.
For instance, if you unstake 21 $NEAT tokens and then try to withdraw on the first day, you will only receive 1 $NEAT token. The other 20 $NEAT will be burnt through this early withdrawal penalty.
It is important to keep the full 21-day unstaking period in mind if you want to withdraw your full staked amount. Trying to take your tokens out early will result in a significant loss.
