On Meta Apes staking
Staking your MAPES goes a bit different than with other coins. Most tokens have either farms or pools, but we have what we would like to call a subscription.
Normally you invest your tokens into a pool and gain interest on top of your deposited tokens. With MAPES however you use your tokens to buy a 30-day subscription, this subscription generates you a certain number of tokens over the course of 30 days based on how much you ‘staked’.
So, the following happens when you buy a staking subscription for 50000 MAPES:
1. The 50000 MAPES go into the deposit tab, you lose those tokens.
2. The contract initiates a 30-day subscription plan for 50000 MAPES on your wallet.
3. This subscription generates you your initial amount of MAPES back plus interest.
a. The interest in this case is the APY divided by 12 months
4. By the end of the 30 days the subscription plan ends and no longer generates MAPES for you. At this point your rewards will be higher then your initial MAPES investment.
a. The only exception here is if you withdraw MAPES before the subscription ends. In any case the total amount of generated MAPES will always be the same, early withdrawals or not.
Compounding works the same way as regular staking, you buy a subscription with your current reward count. The compounded amount will be a separate subscription, and will not be added to your previous one.
So, for example you invest 50000 MAPES on the 1st of January:
- The rewards for the 50000 MAPES will last 30 days up until the 31st of January.
- You compounded ~27000 MAPES after 15 days. These 27000 MAPES will have a separate subscription that generate rewards up until the 15th of February.
o The 27000 compound will generate less rewards than the 50000 investment since it’s a plan with less invested tokens.
We also have a lottery system for our stakers where every staker has a chance to win. The way the lottery works is with tickets, and the only way to receive those tickets is by staking MAPES.
For every 1000 MAPES you stake 1 lottery is ticket is earned, and the maximum amount of lottery tickets per wallet is 100.
This lottery is weekly and both investing and compounding will earn you tickets.
Note on NFT plans:
Keep in mind that when you stake your NFTs you will not be able to perform the following functions on the token-staking platform:
You will still gain your rewards, however you will need to unstake your NFTs before can use those functions again.
As a warning for the future when we have a marketplace. Be sure to withdraw your tokens from staking before you sell off your NFT!!
Below is an example of how much tokens you would gain per month per APY: