Purse Staking
PURSE Staking allows users to earn more with their PURSE and it’s a continuation from the previous PURSE Distribution Claim which ended on 15 March 2022. PURSE Staking will commence 9 April 2022.
Based on the previous PURSE Distribution Claim, all PURSE holders will get the 5% distribution, and based on the upcoming staking claim, only PURSE token holders that staked will get the 5% distribution. This will benefit holders that actively follow the progress as they are the ones that will likely to stake.
It is also beneficial for PURSE token holders who do not want to provide PURSE-BUSD liquidity to the liquidity pool and it’s also the most straightforward earning opportunity on the platform as there is no impermanent loss. All in all, once the new PURSE distribution staking is launched, users will have two ways to earn PURSE tokens,
- PURSE-BUSD Liquidity and,
- PURSE Staking
As mentioned, the PURSE Staking rewards are 5% distribution tokens from the BDL mechanism, deducted from each PURSE transaction to a non-whitelisted address. PURSE is compounding continuously, the more the users stake, the more they earn and users are able to earn PURSE automatically, the PURSE Staking rewards earned will appear under their Staked Balance periodically. Users will receive their original staked PURSE and the PURSE staking rewards when they withdraw.
Purse Staking Mechanism
Users will receive a share amount whenever they stake and to withdraw the PURSE, they are required to use the share they owned to withdraw an equivalent amount of PURSE.
Formula
Share Received = Staked Amount / Total Staked Amount x Total Share Amount
PURSE Withdrawn = Share Withdrawal Amount / Total Share Amount x Total Staked Amount
Example
Event 1: Alice stakes 100 PURSE, she will receive 100 Share
Event 2: 700 PURSE from BDL Mechanism transferred to PURSE Staking contract
Event 3: Bob stakes 800 PURSE, he will receive 100 Share (800 / 800 x 100 = 100)
Event 4: Alice withdraws 80 Share, she will receive 640 PURSE (80 / 200 x 1600 = 640)
Event 5: 600 PURSE from BDL Mechanism transferred to PURSE Staking contract
Event 6: Bob withdraws 50 Share, he will receive 650 PURSE (50 / 120 x 1560 = 650)
Application
The PURSE Staking page is available at https://pursetoken.com/stake.
- Connect Wallet (MetaMask or WalletConnect).
2. Click Approve to allow spending of PURSE in your wallet.
3. Select the Stake tab and enter the PURSE amount or click the Max button to input all your PURSE balance.
4. Click Stake and the Share received will be reflected under “Share Balance”.
5. Select the Withdraw tab and enter the Share amount or click the Max button to input all your Share balance.
6. Click Withdraw and the PURSE received will be reflected under “PURSE Balance”.
7. Select the Check tab and enter the Share amount to check the equivalent amount of PURSE you will be able to withdraw.
Following are the contract addresses for reference, the LP Staking Contract and Purse Staking Contract are whitelisted where BDL mechanism is not applicable to the PURSE transactions with these contracts.
Purse Token Contract: 0x29a63F4B209C29B4DC47f06FFA896F32667DAD2C
PURSE-BUSD LP Staking Contract: 0x439ec8159740a9B9a579F286963Ac1C050aF31C8
Purse Staking Contract: 0xFb1D31a3f51Fb9422c187492D8EA14921d6ea6aE
Thank you.
