BetaNet Staking

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This is a team contributed page

In March of 2021, the team announced a program to automatically enroll all coin holders into a staking program from that point until MainNet. This program is designed to have up to a 50% APY (3.437% compounded monthly) for purchasers in the public coin sales and all BetaNet Node Operators. For BetaNet Node operators, this program applies to both coins received before and after March 2021, but those received after only receive interest from the point they are received.

There are four options to receive accrued staking interest. Coin holders who volunteer for longer vesting periods will receive higher interest rates. This incentivizes stability in the network, which benefits all coin holders.

Coin holders will use the Ethereum wallet that holds the ERC1404 xx coin they purchased (or received during BetaNet) to sign an intent and submit it to the team before MainNet Launch. Details on these submissions will be published soon.

The four planned options will be:

  • 9-month vest for 100% of the principal and receive 120% of BetaNet Staking Reward
  • 6-month vest for 80% of principal and receive 100% of BetaNet Staking Reward. This is the default if no selection is made.
  • 3-month vest for 90% of principal and receive 45% of BetaNet Staking Reward
  • 1-month vest for 100% of principal and receive 12% of BetaNet Staking Reward
  • No vest and receive 2% of BetaNet Staking Reward over six months

Coins locked in a vest cannot be traded, but they can be staked for rewards and used for network governance. They become unvested at a linear rate every block over the lifetime of the vest.

The BetaNet Staking Reward will be vested over the same period as the principal vest.

How to Select Rewards Options

  1. Go to the xx explorer and log in with your account.

  2. In the navigation menu, go to Accounts and in the drop-down menu, click on Betanet Rewards.

    Betanet Rewards submenu option.
  3. On the window that opens, you can change your BetaNet reward options.

    If you do not see the options shown in the image below, then click Expand to learn more.
    1. If you get the message "Account selected not valid for Betanet Rewards.", then you are either using the wrong account or your account is not eligable.

      1. If you have a different account, select it from the drop-down menu.

      The selected account is not valid for BetaNet rewards.
    2. If the voting has occured, then you will get the message "It is no longer possible to change the Betanet Reward Option." and you can no longer change your rewards.

      BetaNet Rewards Expired
    1. Select the correct user.

    2. Select the vesting time. Your current BetaNet reward is initially selected.

    3. Click the Submit Betanet Rewards Option button.

      If you do not see the Submit Betanet Rewards Option button, then your selected vesting time is unchanged from your current selection.
    Selecting BetaNet rewards options windows
  4. In the next window, you will authorize the transaction.

    1. Enter your password.

    2. Click the Sign and Submit button Explorer Sign and Submit button.svg.

    Authorize BetaNet rewards options windows
  5. On success, you should see two notifications that look similar to the picture.

    BetaNet Rewards Transaction Notifications