It is our pleasure to announce that BCVT token holders will be able to stake their tokens.
Why should you consider staking your BCVT tokens?
As you are aware, when tokens are staked the supply is temporarily reduced which can have interesting impacts on the token market. However, what you will be keen to find out is exactly what´s on offer and the specifics.
Lock Time & Rewards
The lock time will be 180 days (6 months) and holders who chose to stake their tokens will be rewarded with 6% at the end of the 180 days.
BCVT holders will be able to:
Deposit tokens from their MetaMask wallet into the Staking Smart Contract, minimum 5,000 BCVT.
These tokens will be locked securely in the Staking Smart Contract.
Staking rewards will be credited and can be withdrawn at the end of 180 days.
If a BCVT holder wishes to withdraw their tokens before 180 days, a penalty fee of 1% will be deducted from the principal amount and none of the accrued rewards will be claimable.
Once 180 days is complete, BCVT holders will be able to withdraw their principal including all the accrued rewards with no withdrawal fee.
Mr Smith deposits 10,000 BCVT and withdraws it at the end of 180 days.
10,000 BCVT has accrued 6% in rewards making for a total of 10,600 BCVT.
Mrs Smith also deposits 10,000 BCVT, but after 3 months decides that she wants to withdraw early, in this case, she will pay a 1% penalty fee meaning that she will receive 9,900 BCVT tokens as opposed to the 10,000 she started with.
Staking your BCVT is a brilliant way to earn passive rewards whilst contributing to the reduction in circulating supply, it is a unique opportunity that will only be available for a limited amount of time.
The staking technology is in development as we speak and the interface will be available on the BitcoinVend website.
Once it is made live the above offer (180-day lock, 6% rewards) will only be available for the first 15,000,000 tokens staked.
In the future, more staking opportunities may become available however the regards on offer might vary, therefore, if you wish to take advantage of this offer you are encouraged to remain engaged with the community through social media, in the Telegram chat and join our early access newsletter so you don’t miss the staking contract going live.
We estimate staking to become available in late May or early June, updates will be provided in due course.
Thank you for holding BCVT, we look forward to a bright future for the BitcoinVend project and BCVT token market.