Single-sided PLOT staking is here — stake PLOT, earn upto $100K every month in MATIC & bPLOT
TL;DR
- You can now stake $PLOT tokens, and earn upto $100K every month in MATIC & bPLOT. Check the current rewards APY at https://plotx.io/stake
- If you don’t have PLOT, you can stake with various tokens and they’ll be swapped for PLOT in the background. Just head over to https://plotx.io/stake, select one of the supported tokens, and hit Stake: WMATIC, USDC, USDT, DAI, WETH.
- The staking pool is available on a First-come-first-serve basis — there’s a max staking limit of 20m PLOT tokens. Check the current fill rate in the pool at https://plotx.io/stake
- More staking = More rewards. Unlock higher daily payouts on hitting 10m & 15m PLOT staked!
- Staking rewards are distributed every second, and instantly claimable. Unstaking has a 30d lock up.
Community-Led Growth
PlotX has come a long way in the last 1.5 years. Since inception, we’ve been focused on building a decentralized infrastructure for skill-based games. All of this led by the amazing community behind PlotX.
Users of PlotX today utilize the PLOT token for playing the prediction game and earn rewards in PLOT as well. There has been constant feedback in the community for launching a feature that allows users to stake these PLOT tokens in return for APY generated by the protocol or via our partners.
PLOT Single-Sided Staking starts today!
We can’t wipe the smiles off our faces as we announce the much-awaited single-sided staking feature for PLOT.
PLOT holders can now stake their PLOT tokens and earn APY in MATIC & bPLOT tokens.
Why MATIC you ask?
The good folks at Polygon (previously known as MATIC) have recently given a $2m grant as part of the larger $5m fund raise. This grant will be utilized to bootstrap the growth wheel of PlotX and the first utilization of the grant comes as staking rewards for all the community members.
We’ve designed the single-sided staking program after a lot of feedback from the community. Keep reading to get to the finer details.
How to stake PLOT?
Follow these steps to stake PLOT:
- Head over to https://plotx.io/stake
- Click on Stake, and connect your Web3 wallet
- Enter the amount of $PLOT you’d like to stake
- Click on Stake Now to complete the transaction
- Monitor your staking anytime in the future at the same link
If you do not have $PLOT, then you can use any of the following assets in your Polygon wallet — WMATIC, USDC, USDT, DAI or WETH, to participate. The tokens will be converted to $PLOT via QuickSwap and staked in a single transaction.
How are the staking rewards calculated?
Please note that this is a single-sided staking program. This means that when you stake PLOT you are basically going long on PLOT (coz you’re not selling and instead staking), and also getting rewards for it.
The rewards are distributed in MATIC & bPLOT every second. Out of the total rewards distributed, your rewards are calculated in proportion to the amount of PLOT staked by you. Here’s an example:
- Assume that you staked 100,000 PLOT and that the total PLOT staked is 1,500,000.
- You now own 6.67% of the staking pool.
- If $3000 are distributed as rewards per day, you will earn 6.67% of $3000 i.e. $200 per day.
Pro Tip: If you want to stake, it is recommended that you jump in early. As more people stake, your percentage ownership of the reward pool will reduce.
How many rewards are distributed per day?
This changes based on how many PLOT tokens are staked.
We want to encourage staking, and have gamified the program by introducing Reward Boosters. Typically in most staking programs, the APY dries up as more people stake. However, in this program thanks to Reward Boosters, that wouldn’t happen. See table below
Pro Tip: Come in early and invite your friends to the party. Higher the total PLOT staked, higher the rewards booster (and hence, APY).
How can I stake PLOT if I have PLOT tokens on Ethereum?
You will have to bridge your PLOT tokens from Ethereum to Polygon and then stake. For bridging guidance, here’s a link: https://docs.plotx.io/how-to-migrate-plot-to-polygon
Fun Fact: PlotX has 25K holders on Polygon and only 3K holders on Ethereum. If you are still on Ethereum, you might want to consider moving to Polygon for a faster & cheaper experience of using PlotX / trading PLOT :)
Note: Polygon has gone through a hard fork with the implementation of ERC1559. Consider doing the following to ensure you are able to bridge & stake easily:
- Use a wallet other than MetaMask
- You can export the private key of your wallet from MetaMask and import the same wallet into another wallet UI like Trust Wallet
2. Delete the currently existing Polygon/Matic network RPC from your MetaMask and add it again before making the Approve/Stake transaction
- Learn how to add the RPC here
How can I stake PLOT if I don’t have PLOT tokens lol?
You’d have to buy PLOT! Here are some ways you can do it:
- If you have WMATIC, USDT, USDC, WETH or DAI on Polygon Network
- Head over to https://plotx.io/stake
- Connect your wallet and follow the steps of staking via WMATIC, USDT, USDC, WETH or DAI.
- Your funds will first be swapped for PLOT via QuickSwap in the background (voila!), and then staked in the pool automatically in a single transaction.
2. If you have any token on Ethereum
- Swap your token for PLOT on Uniswap
- Bridge PLOT from Ethereum to Polygon by following this guide
- Stake your PLOT via https://plotx.io/stake
Is there any cap on how much I stake in the pool?
Staking pool is available on FCFS basis — there’s a max staking limit of 20m PLOT tokens. So, once the total amount staked in the pool reaches 20 million $PLOT, you won’t be able to participate in the staking program. Until then, feel free to stake as much as you want!
Although, as has been mentioned earlier there is no minimum staking amount.
How soon can I unstake?
You can unstake 30 days after your staking transaction.
For example, if you stake 20,000 PLOT at 1 PM UTC, 17 Jan 2022, then you will be able to unstake that amount at or after 1 PM UTC, 16 Feb 2022.
That means there is a 30-day lock-in period for the principal amount. However, the rewards can be unstaked instantly.
Stake $PLOT now and get MATIC & bPLOT instantly!
So, what are you waiting for? Stake your $PLOT now and grab your rewards
Remember: The early stakers get the maximum rewards!
And, if you are looking for a better staking option elsewhere, we regret to inform you that
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