What is staking?
It is simply the process of securely locking up your selected crypto holding(s) in return for Tokenized rewards. The Token(s) locked are inaccessible for a certain time frame and by the end of this coded contract tenure, you would end up with original funds plus the access compiled amount
What is the purpose of Staking?
In order to preserve security, decentralization, and encourage user contributions, staking is a crucial feature in blockchain networks.
Staking offers several benefits such as earning passive income in the form of rewards, increasing the security of the network, and participating in the governance process.
What utility does the native token $SPHRI hold?
The whole Spherium ecosystem is governed by its native token $SPHRI, which holds the most significant value attached to performing any action across the applications present.
While interacting with Spherium DApps, $SPHRI holds the most feasibility as compared to any other digital asset. Lower fees, early opportunities and an impact to shape and re-shape the future prospects of how Spherium grows intrinsically. $SPHRI, being the only token of the entire system, will also work in such a way that it grants rewards, giveaways, airdrops, whitelist entries and perks to the HOLDERS.
$SPHRI will also act as the key asset to participate in the governance based on-chain and off-chain decisions.
$SPHRI being a hard-cap token maxed at 100M and also having a deflationary token mechanism will continuously create more utility holders.
How do I stake my tokens?
You can stake your tokens with the following steps:
- 1.Access HyperStake HERE and ensure that your tokens are Arbitrum compatible
- 2.Select Connect Wallet on the top right corner of the page
- 3.Navigate to the Staking section and select the option to stake your tokens
- 4.Select the staking option that best suites your needs, and select the amount of tokens you wish to stake
- 5.Follow the prompts to complete the staking process, which may involve confirming the transaction with your wallet's private key or entering a verification code.
- 6.Once the transaction is confirmed, your tokens should be staked and you should start earning rewards.
Can I stake another token?
Yes, we aim to provide the more popular tokens on our platform as we grow. Initially, we will be providing tokens only whitelisted by the team to prevent any users getting scammed.
How can I claim my rewards (APYs)?
Here are the steps you can follow to claim your reward:
- 1.Check HyperStake HERE to determine the method and frequency of reward distribution.
- 2.Ensure you satisfy any minimum requirements such as minimum staking or staking period.
- 3.Connect your wallet to HyperStake on the top right corner of the page.
- 4.Select the option to claim your rewards.
- 5.Follow the prompts to complete the claiming process, which may involve confirming the transaction with your wallet's private key or entering a verification code.
- 6.Once the transaction is approved, your rewards should be credited to your wallet or account.
What is an early redemption penalty?
This is a penalty for unstaking early. You may incur a penalty which could result in a reduction of your staking rewards
What’s dual farming?
Dual farming allows you earn rewards from two different sources simultaneously by holding and locking their tokens in HYPERSTAKE and providing liquidity to a decentralized exchange such as HYPERSWAP in addition to staking your tokens
Investors that engage in dual farming could potentially achieve larger returns than those achieved by conventional staking alone by combining these two revenue streams. As a result, investors should carefully weigh the benefits and dangers of dual farming before making a choice based on their risk appetite and investment objectives.
How much rewards i can earn?
The amount of rewards you can earn from staking depends on several factors, such as the token you are staking, the amount you are staking, the length of time you are staking.
Staking rewards are often paid out in the form of additional tokens or coins. The annual percentage yield (APY) for staking rewards can vary widely, ranging from just a few percent to over 100% per year. It depends on how many actual users are farming that pool.
For example, 1. Stake Token A worth $200 to participate in a reward pool of $1000 worth of Token B or example 2. stake Token A to participate in a reward pool of 3500 Token A.
Now let’s take example 1, assuming if only one person is farming the pool worth of B Token 1000, he will ultimately earn all of the tokens available in the pool. Meaning an APY of 500%.