DARCvault Staking Series: The Importance of Staking! 🔐💸🔐
DARCwallet’s staking module, #DARCvault, is officially LIVE! With staking DARC, you are able to earn more DARC rewards and help optimize Konstellation’s network functionality. This is a significant help to the team and the project, and a great way to earn more DARC. We’re glad to see DARC token holders already start participating in DARCvault’s staking.
DARCvault is LIVE!:
As you may have heard, DARCwallet’s staking module — DARCvault, is live and available to DARC token holders! With staking DARC, you are able to earn more DARC rewards and help optimize Konstellation’s network functionality. This is a significant help to the team and the project, and a great way to earn more DARC. We’re glad to see DARC token holders already start participating in DARCvault’s staking. We hope to see the staking activity increase throughout the completion of mainnet development and will share weekly updates with the community.
Also, important nuance here of staking utilizing binance chain: You always remain in custody of your tokens with DARCvault! The staking process simply allows for the “freezing” of the token in your DARCwallet, which you can access at any time. Staking/unstaking works both ways!
For a tutorial on “How to Stake” and “FAQs” on DARCvault’s staking, visit our extended overview here: https://medium.com/@KONSTELLATION/introducing-darcvault-stake-your-darc-earn-more-assist-in-feature-testing-87bfe4a21575
Staking’s Importance to Konstellation Network Development:
The primary driver behind DARCvault, is to create a staking module that allows users to easily manage and stake their DARC token (and in the near future, other crypto-assets) in an efficient and easy to understand manner. The primary importance of staking DARC is to participate in testing the interblockchain communication modules built into DARCvault’s staking functionality. This will serve as key insights to aid in optimizations of DARCvault prior to being released on Konstellation Network’s mainnet. (Targetting end of Q2/early Q3 for mainnet completion!)
Through DARCvault’s functionality and the interaction by the community, the Konstellation Network will be able to specifically focus on:
Enhanced functionality for DARCwallet including cross-chain capabilities
- This will allow us to support various cryptocurrencies via DARCwallet. We currently have completed swap functionality to allow user to swap from NEM (XEM) to BEP2 (BNB). The next one we are working on is BITCOIN! This is truly where the IBC (Interblockchain Communication) testing and integrations come into play.
User improvements for staking that will be integrated once Konstellation Network mainnet goes live
- We’re trying to optimize the UI/UX for the DARCvault functionality and the dashboards to get a better understanding for user’s “staking” behavior and how this is applied to mainnet in the near future.
Blockchain integrations within the DARCwallet
- As a portion of increasing the functionalities across blockchains, we will also be supporting other chains on the DARCwallet.
Staking and unstaking accessibility
- This feature must work seamlessly and in real-time. We are examining the user features for staking/unstaking and optimizing as much as possible based on these insights for seamless integration into mainnet.
Key Features and Details:
- Stake: Lock up your DARC tokens to earn more DARC during the DARCvault tesing phases. You complete this by logging into DARCwallet and finding DARCvault’s “Stake” button.
- Earn: As soon as you stake your DARC tokens, you will begin to earn more DARC: 0.5% per week of your staked balance! DARC rewards are compounded, which means you are directly incentivized to stake your DARC and continue to stake until the completion of Konstellation Network’s Mainnet. (The staking reward amount is 29.6% annualized (based on weekly rewards of 0.5% compounded), up to a maximum amount of 1.0 million DARC / week.)
- Unstake: DARCvault provides you with custody of your tokens at all times. If you would like to unstake any portion of DARC tokens that you have previously staked, you may do so with the “Unstake” button available in DARCvault.
- DARCvault Dashboard: Log into your DARCwallet to access the DARCvault dashboard. This dashboard tracks your DARC staking rewards in real time. Though DARC token rewards are tracked in real time, rewrd distribution occurs on a weekly basis. Staking rewards will be transferred to your account every Sunday at 00.00 am EST.
Staking Snapshot: Weekly Updates
- We have officially released a weekly DARCvault Staking Snapshot, which will continue leading up to release of Konstellation Mainnet. To give you a current update for staking, see below. (Snap shot as of Sunday 5/17 ET)
Total DARC Staked: 35,657,445.67; 4.38% ⬆
Total DARC Rewards Paid: 136,930.74; 61.80% ⬆
Total Unstaked DARC: 0; ⬆
‼ 🗣Start staking if you haven’t already, and let us know what you think in Telegram of via email: firstname.lastname@example.org.