Hello 👋 Sombra Sinners!
Welcome to the latest Medium dedicated to the staking of SMBR token and our Genesis SINS NFTs. Below you’ll find the breakdown and explanation of all things SMBR Staking and of course if you have any questions please let us know. We are so thrilled to have had such a successful Genesis drop and can’t wait to start the rewards!
SMBR staking is set to occur on June 1st and allows users to stake SMBR token on ETH chain for SMBR rewards based on our current and future NFT sales as well as revenue distributions. You must own a Genesis Sinner to stake SMBR token and have the choice in addition to stake your Genesis NFTs for a .1% staking boost per NFT.
When a holder stakes their SMBR token on ETH the rewards are distributed as per the amount the user stakes against the greater pool of stakers. The more you stake the more you earn. The less stakers the more you earn.
Q: What is Staking?
A: Staking offers crypto holders a way of putting their digital assets to work and earning passive income without needing to sell them. You can think of staking as the crypto equivalent of putting money in a high-yield savings account. Users will submit their tokens to our staking contract to hold. This incentivizes holding of the token vs. selling and creates stability over the eco-system.
Q: Why should I stake SMBR?
A: When staking SMBR token you receive more SMBR as a yield. These rewards are accrued over set durations and can amount to high passive income amounts.
Q: How does it work?
A: Users who wishes to stake must purchase and own a Genesis SINS NFT and own SMBR token. Users stake on our dapp and choose the amount of SMBR they wish to submit to the staking contract and also if they wish to stake NFT(s) in unison with their token. ETH is taken from 10% of all NFT sales as well from Sombra VFX revenue. The ETH is used to purchase SMBR which is then added to the staking contract in increments over set durations. Users who stake their NFTs can also obtain a .1% yield boost on their total staking rewards per NFT staked.
Q: When does it start?
A: June 1st.
Q: Why June 1?
A: We want to ensure a week of test net protocol with trusted community beta testers (paid).
Q: What Chain?
A: SMBR and NFT staking will be on the ETH chain only for now.
Q: How long do I have to stake?
A: There are no restrictions on when you can stake vs unstake. It can be done whenever you want.
Q. Can you explain the NFT staking boost?
A. Users can choose to stake their SINS NFTs alongside their tokens. Each NFT staked provides a .1% boost to your overall staking return. You can stake as many NFTs as you want and it will compound. Each NFT must be staked for a minimum of 3 months before the boost activates. Once active, the boost stays until you unstake your NFT and the time period resets to 0.
Q: What is the APY?
A: When staking SMBR token as a Genesis NFT holder you receive an APR based on the amount of ETH being used to purchase SMBR from the sales and revenue for that moment. The staking rewards are distributed over 1 month durations and occur as often as revenue and sales are present. APY can be achieved with boosted NFTs and a compounded stake. There is no set % as it will be based on user count and total revenue case
Q: Do I have to stake my NFT alongside SMBR token when staking?
A: No you do not. The only requirement is you must own a Genesis NFT. NFT staking is optional.
Q: What happens to my SMBR reflections from trading volume?
A: Your SMBR trading reflections are absorbed by the staking contract and then redistributed to hodlers appropriately so you never lose your reflections.
Q: Will you be able to stake the SINS from public mint?
A: Yes but the Genesis boost will be more powerful.
Q: What happened to all 3 chains being stakable?
A: We still plan to allow staking on all 3 chains but due to market conditions and the security reasons involved with creating a centralized solution for cross chain verification, we have chosen to separate the processes to different aspects of our ecosystem. Our BSC tokens will become stakable soon inside the CHEE arcade which will host a variety of tech prizes, SMBR and NFT airdrops + more! Polygon staking will open with the launch of our 3D avatars.
Q: Do love me?