Unique Network is pleased to announce the release of the staking program for our chaotic, innovative sister network, Quartz Staking.

This flexible program involves holding cryptocurrency in a wallet to support the network. The biggest difference, however, is Quartz Staking doesn't focus on validating transactions. Instead, it works as a mechanism to grow user capital while sponsoring dApp transactions on the Unique Network. This is the first step to enable on-chain staking, we’ll share as soon as it's ready.

Read on to learn how this staking program works and why it's good news for the Unique community.

Quartz Staking Benefits

In this first release, we're focused on helping holders grow the number of QTZ tokens they own by using compound interest. Let's say you have 1000 QTZ tokens staked:

1000 QTZ * 0.05% = 0.5 QTZ accumulated daily, but the tokens are immediately compounded, so the next day, you accumulate not 0.5 QTZ, but instead more tokens, 0.50025 QTZ.

That's why you can earn ~20% APY.

To incentivize as many token-holders to participate, this yield is taken from the Treasury and generated through inflation.

What Makes Quartz Staking Different From Other Staking Programs?

An issue users face among staking programs is locking in their tokens, at times, for extended periods. This obligation increases the risk for holders since the tokens may fluctuate on the open market while the assets are held.

Quartz minimizes these risks and increases the potential benefits for users by issuing no lock-in periods. So while it takes a week to release funds, users can profit from sponsoring dApps transactions while remaining free to unstake their tokens anytime circumstances change.

Quartz Staking: How to Get Started

1. Visit the Polkadot/Substrate Portal, where you’ll arrive at the ‘QUARTZ by UNIQUE’ network.


2. If you don’t have an account, you can quickly create one from the 'Accounts' page. Or add one using the Polkadot(.JS) Chrome extension.


3. From the Developer menu, select Extrinsics.


4. From the provided pallet list, select the appPromotion pallet.


5. Select the stake extrinsic from the list of pallet function calls.


6. Set your desired staking amount.

However, please note:

  • The amount you provide is expressed as a whole number of 1018 of the token value. So if you're staking 1300 QTZ, simply add eighteen zeroes to the specified staking amount (1300000000000000000000).
  • The minimum required is 100 native tokens.
  • Currently, you can have ten active stakes per wallet.

7. Submit the transaction.


Remember, users can only stake QTZ, but after a successful testing phase, users will also be able to stake UNQ tokens.

Need Confirmation Your QTZ Tokens are Staked? Here’s How

Upon staking the QTZ tokens, follow the steps below to ensure the staking process is confirmed:

  1. Visit the Accounts section
  2. Choose your account
  3. Click on show more
  4. Check the locked section. Ensure the number of staked tokens is identical to your chosen amount of QTZ tokens staked.

How to Unstake QTZ Tokens

The unstaking process is as simple:

1. From the Developer menu, select Extrinsics.


2. From the provided pallet list, select the appPromotion pallet, then select the unstake extrinsic from the list of pallet function calls.

Keep in mind that unstaking resets the limit counter.


3. Submit the transaction.


What to Expect in the Future

As the first iteration of Quartz Staking, we’re starting with the basics. Still, as the program evolves, we plan to include even more appealing features in the future, including:

  1. Following a successful launch, users will soon be able to stake UNQ tokens in addition to QTZ tokens.
  2. The creation of a Quartz staking page on our platform.
  3. AppPromotion features will be integrated into Quartz Staking, as we plan on enabling UNQ/QTZ owners to influence how the apps are sponsored and earn even more as promoted dApps become successful.

The team will provide updates on each feature, so follow our blog and social media channels for the latest information.

Don't be left behind. Participate in Quartz Staking to start earning QTZ rewards.