Great news, KOY Community!
KOYN staking is LIVE on Mainnet!
Ready to make your KOYN work harder for you?
By staking your KOYN, you can potentially earn up to 20% APR (Annual Percentage Rate), all while supporting the security of the network. Let’s turn your KOYN holdings into a passive income stream!
Here’s your essential guide to get started.
Understanding KOYN Staking
What is KOYN Staking? KOYN staking allows you to contribute to network stability and earn rewards for doing so. It’s a win-win!
APR Power: Earn up to 20% APR (Annual Percentage Rate) on your staked KOYN. Note that the APR might change over time, and KOY Network has set aside a generous pool of 70 million KOYN per year for 5 years as staking rewards.
KOYN vs. SKOYN: SKOYN is an internal token that ensures accurate staking calculations. Think of it as your backstage pass to earning sweet KOYN rewards.
Liquid vs. Staked: “Liquid KOYN” is in your wallet, ready to be used. “Staked KOYN” is locked up earning those rewards.
Locked vs. Unlocked: Want more flexibility? Stake without a lockup period for immediate unstaking. Opt for a lockup to receive vested payments over time.
Why Stake Your KOYN?
Effortless Income: Generate passive returns on your KOYN holdings.
Support the Network: Play a role in strengthening the KOY Network ecosystem.
Growth Potential: As KOYN’s value increases, so do your potential rewards.
Flexibility: You can unstake your KOYN to regain full control and use them however you wish.
The Nitty-Gritty: Staking and Unstaking KOYN
I. How to Get Started
Get KOYN: If you don’t own KOYN yet, you’ll need to purchase some. KOYN will soon be available on exchanges, but in the meantime, you can currently swap TLOS/EOS for KOYN through Telegram chat. Contact the admin there for further instructions.
Digital Wallet: Use a supported wallet (Anchor wallet) to store and transfer your tokens.
II. Staking Your KOYN
Visit the Staking DApp: Head over to https://app.koynetwork.io/staking
Connect Your Wallet: Link up the wallet where you keep your KOYN.
Choose Your Amount: How much KOYN do you want to stake? You can even use handy percentage options (25%, 50%, 75% or 100%).
Confirm transaction: Review the details and confirm the transaction using Anchor.
III. Unstaking KOYN
Need your KOYN back? Here’s the basic process:
Back to the DApp: Revisit https://app.koynetwork.io/staking and connect your wallet.
Unlock It (if necessary): If you used a lockup, click ‘Unlock’ to move those KOYN into your available balance.
Unstake Time: Enter the amount of unlocked KOYN you want to unstake, or use the percentage options.
Confirm Unstaking Transaction: Review the details and confirm your unstaking transaction using Anchor.
Ready to start staking? Let’s make your KOYN holdings work for you!
Need even more detailed instructions?
Check out the full KOYN staking guide here: https://docs.google.com/document/d/1yjl5WG9bgTxVOxNBIjlt1PNZgzHpPEu0-MwY6u8fSvY/edit