$SMG Staking Overview
$SMG staking is live! You can stake your $SMG here.
Here’s a complete overview:
- 7% of the total $SMG supply is allocated to staking rewards and distributed over two years. Rewards are regularly distributed to stakers and automatically added to their staked balance.
- In Q2 2022 (April-June), 4,000,000 $SMG will be released for staking each month.
- In Q3 2022 (July-September), the $SMG lowers to 3,000,000 each month, but an NFT will be randomly airdropped to a staker each week.
- In Q4 2022 (October-December), the $SMG again lowers to 2,000,000 each month, while the weekly NFT airdrop remains.
- In Q1 2023 (January-March), the SMG is again lowered to 1,000,000 each month, and the weekly NFT airdrop is still present.
- For the remainder of 2023 and Q1 2024 (April 2023-March 2024), the $SMG rewards remain at 1,000,000 each month, and the NFT airdrop becomes monthly instead.
A balance will earn proportionately to its share of the total staked amount. For example, if one wallet stakes 100,000 $SMG and there is a total of 1,000,000 $SMG staked, that wallet represents 10% of the total staking pool and will earn 10% of the rewards. This also applies to NFT rewards; a wallet with 10% of the staking pool will also have a 10% chance of winning the NFT prize.
Since rewards are automatically added to your staked balance, APY is displayed rather than APR. Many other staking platforms require you to claim and reinvest, and therefore they report APR, which is how much of the reward you would be able to claim after a year. By automatically reinvesting, your $SMG rewards are earning more rewards the block after they hit your balance. The APY takes into account the current APR and the compounding rate to show you the total expected return after a year.
When unstaking, the balance is released weekly for four weeks. For example, if a wallet unstakes 100,000 $SMG, it would receive 25,000 after a week, another 25,000 after the second week, and so on.
We expect staking to be an important part of the Samurai Legends ecosystem and will be looking for new ways to increase its utility going forward.