The Unique Network community can start staking UNQ, the Unique blockchain’s native token!
Users can support the network by holding UNQ tokens and participating in the staking program. It's a simple process allowing users to increase their capital while supporting the Unique Network ecosystem and sponsoring dApp transactions.
Here's how UNQ staking works and the steps to get started.
UNQ Staking Benefits
The main focus of our initial release is to assist UNQ token holders in growing their token holdings through compound interest. For instance, if you stake 1000 UNQ tokens, you will accumulate 0.5 UNQ tokens daily at 0.05%.
However, these tokens are compounded immediately, accumulating 0.50025 UNQ tokens the following day instead of just 0.5 UNQ tokens. This mechanism enables you to achieve an annual percentage yield (APY) of roughly 20%. We source this yield from the Treasury to encourage more token holders to participate and generate it through inflation.
Partial Unstake UNQ While Continuing to Earn Rewards on the Remaining Staked Tokens
Partial unstaking is a unique feature that allows users to partially liquidate a percentage of their staked tokens. It gives users greater flexibility and control over their staked assets as they can withdraw a portion of their staked holdings while keeping the remaining amount staked.
Users can unstake UNQ tokens at any time, and the tokens will be sent to their wallet within a one-week period. 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.
This enables more effective fund management, allowing users to access liquidity when needed while still earning staking rewards on the remaining staked assets. Partial unstaking can mitigate the risk of slashing penalties when users unstake their entire balance, reducing the amount of unstaked assets.
UNQ Staking: How to Get Started
For an easy step-by-step tutorial to stake UNQ tokens, watch the video below:
Alternatively, please follow these steps:.
1. Visit the Polkadot/Substrate Portal, where you’ll arrive at the ‘Unique network’ under the ‘POLKADOT & PARACHAINS’ tab.
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 provided is expressed as a whole number of 1018 of the token value. So if staking 1300 UNQ, add eighteen zeroes to the specified staking amount (1300000000000000000000).
- The minimum required is 100 native tokens.
- You can have ten active stakes per wallet.
7. Submit the transaction.
How to Confirm you've Staked our UNQ Tokens
Upon staking the UNQ tokens, follow the steps below to confirm the staking process:
- Visit the Accounts section
- Choose your account
- Click on show more
- Check the locked section. Ensure the number of staked tokens is identical to your chosen amount of UNQ tokens staked.
The unstaking process is:
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.
Remember that unstaking resets the limit counter.
*Also, notice the partial unstaking option.
3. Submit the transaction
What to Expect in the Future
We have a significant launch planned imminently, the ‘Unique Staking Hub.’ The hub will provide a quick and convenient way to stake UNQ and QTZ tokens from one easy-to-use interface.
AppPromotion features will be integrated into Unique Staking. We intend to allow UNQ/QTZ owners to impact the sponsorship of apps and earn additional rewards as the promoted dApps grow more prosperous.
The team will provide updates on each feature, so follow our blog and social media channels for the latest information.
Participate in UNQ Staking & earn UNQ rewards.