Introducing the world’s first ‘Staking for Artists’ feature, exclusively on ROCKI.
Mining rewards will start to release from the 23rd of October, 2021, at12:00 UTC+0. However, you can now stake in advance.
What is Staking on ROCKI?
Most DEFI users should be very familiar with Staking. Basically, it is a way to earn crypto-assets while you sleep! You can pledge your crypto-assets to a cryptocurrency protocol to earn rewards in exchange.
On ROCKI, staking not only brings you some rewards but also offers you a way to support your favorite artists. We believe this is an entirely new way to support your favorite artist, with sharing your staking rewards directly with your favorite artists.
So how does Staking work?
Staking allows our users to participate in the community mining of the ROCKI token. ROCKI holders can choose to pledge their ROCKI token to their favorite artists. Consequently, both ROCKI holders and artists are rewarded with ROCKI tokens.
For Stakers, no matter which artist they pledge the ROCKI tokens to, the reward rate will be the same. So your stake is your vote. You can choose to vote for your favorite artists. For artists, the higher the amount of ROCKI tokens pledged for you, the higher the rewards you will receive. A more extensive fan base supporting you means a lot more free ROCKI tokens for you. So, it is a system that benefits all stakeholders of the ecosystem, a win-win!
How long will the staking program last, and how many rewards will be released?
The staking program is a part of the community mining, and it will run on a regular basis going forward. The staking period will be three weeks for this first trial run, and the artist reward vesting period (explained below) will be six weeks. The reward for the test run will be 57,534.25 ROCKI Tokens (50% for Stakers, 50% for artists). We will adjust the reward levels for the next Staking run based on this first trial run and results to make sure we can maximize earnings for everyone going forward.
How can I participate in the staking program?
The staking program is running on Binance Smart Chain (BSC) network. You will need to bridge your token from Ethereum to BSC if your ROCKI tokens are on Ethereum. A detailed bridging instruction can be found here.
For Stakers:
You can stake your tokens for any artist you like on the ‘Staking’ page. Your rewards start to accumulate once you stake your ROCKI token in the pool. You can stake, unstake and claim your rewards anytime. Each time you stake or unstake, your rewards will be automatically claimed. There is no vesting period of the reward.
For Artists:
You must complete KYC and SNS Verification to participate in the staking program. Once you complete these verifications, the admin will manually approve you as a ‘certified artist.’ After your status is approved, as a certified artist, your avatar will automatically pop up on the Staking page so that our fans can then stake ROCKI for you.
You can claim your staking reward from your account on the ‘Earn ROCKI’ page, and the rewards will be released linearly in the artist reward vesting period. Please note, you can only use the KYC verified wallet to claim the rewards. If you lose control of your KYC verified wallet, there is no way to recover the funds in the wallet and any unclaimed/vested token.
Step to step staking instructions:
For Artists:
A, Click ‘Account’ Tab and Click ‘Earn ROCKI’ Tab
B, You will find a ‘Claim’ button under the ‘Earn ROCKI’ Page (if someone has pledged their token for you), click ‘Claim’ to claim the unvested portion.
For Stakers:
A, Click the ‘Stake’ button on the top to enter Staking page
B, You need to approve the contract for the first time of Staking, click ‘approve contract’ and confirm the transaction in the pop-up menu
C, Click ‘Stake’ to stake your ROCKI for your favorite artist. You can unstake and claim any time. Each time you stake/unstake, your reward is automatically claimed. Please note: if you are a certified artist, you are unable stake for yourself
We expect to launch this first trial run of the ‘Staking for Artist’ feature by no later than next weekend, October 23rd. Thanks for everyone’s patience.
Team ROCKI 🤘
