With millions of Merit Circle tokens upgraded the new version of its staking platform, together with the look and feel of the platform and included a variety of new features to improve on the experience.
What is Merit Circle Staking?
Merit Circle Staking helps to secure the Merit Circle (PoS) blockchain network by ensuring that there are enough active users participating in the validation of transactions. This helps to prevent malicious actors from gaining control of the network and potentially causing harm.
In addition stakers helping to secure the network, allows them to earn rewards in the form of additional Merit Circle. These rewards are given to stakers as a way to incentivize them to continue participating in the network and help maintain its security. This can be a good way for users to generate passive income from their cryptocurrency holdings.
What are the Staking options?
All Merit Circle holders (except locked tokens) are able to stake the tokens within two different vaults:
- Single-sided staking pool, containing only MC and will receive 20% of the liquidity mining rewards
- Uniswap liquidity providing: MC/ETH LP, containing a position of 50% MC and 50% ETH. This pool will receive 80% of the liquidity mining rewards
How to earn Merit Circle staking rewards?
Similar to the previous staking pools, Merit Circle has incorporated a time-based element into the calculation for the liquidity mining rewards. This model perfectly rewards long-term stakers.
When you stake your tokens, you can choose a lockup period ranging from 0 (flexible) to 48 months (locked). The longer you lock up your tokens, the larger your share of the staking pool will be and the higher your rewards will be.
For security reasons, the minimum lock is 1 day.
Earn more than staking rewards
In addition to the rewards distributed in MC, there may be additional bonuses available through Merit Circle staking. These bonuses could include airdrops, whitelist spots, NFTs, or other rewards provided by portfolio projects or products within the Merit Circle DAO ecosystem. These bonuses may vary over time and could provide additional value to stakers. Note that in most cases, a large portion of bonus rewards will be distributed to long-term stakers (minimum of 2 years).