Our staking system is now deployed!
Staking is here! This is a very important feature of the Nosana Network so make sure to read the details in this post carefully. When you stake your $NOS tokens they will be locked for a period of time in order to secure the network. In return, stakers will receive network benefits for their commitment. Staking your tokens is a requirement to make use of the Nosana Network but it will also provide you with many other rewards, like climbing in the Nosana Tier system and participating in the Burner Phone NFT drop.
Receiving token rewards is one of the major benefits of staking. The reward pool comes from future usage of the network in the form of network fees. As the network is still very much in development, the current rewards pool will come from the mining pool. The Nosana Network has 20 million tokens reserved for network participants. In the first year, a portion of these will be released to the reward pool.
How it works
First, you have to stake your $NOS tokens. The amount of tokens that you stake and the time that you lock these tokens decide your xNOS value. By staking $NOS for a longer period of time, you get a higher xNOS value (multiplier system). Your NOS rewards are calculated by looking at the number of xNOS that you have compared to the total amount of xNOS built up with our network. You can see your expected daily NOS rewards in our dashboard.
If you don’t claim your NOS rewards, they’re automatically “restaked”, potentially giving you a higher balance of xNOS, and thus earning you more daily rewards. If you claim your rewards, this benefit (a higher xNOS balance and thus more NOS rewards in the future) disappears.
This is the beauty of our program. Although the $NOS rewards seem restaked for you to earn even more daily rewards, you can still get them out of our program at any time if you want to. So the decision is up to you: earn more every day by keeping your NOS rewards on the Network, or claim whenever you like and restart building up your NOS rewards.
The benefits of this staking program go further than just earning NOS rewards, as stakers will also be part of a tier system that will give you access to different types of rewards depending on your level. The higher the level, the better the incentives. The first use case of the tier system will be the Burner Phone NFT drop. Here’s a quick list of what our tiers will look like, going from tier->name->chance to win an NFT mint token:
Tier 1 (top 20) — Bionic Kraken -> Guaranteed NFT mint token
Tier 2 — Bionic Dragons -> 15 tickets
Tier 3 — Bionic Whales -> 6 tickets
Tier 4 — Bionic Sharks -> 3 tickets
Tier 5 — Bionic Bulls -> 1 ticket
You’ll be able to track your and other stakers’ levels through our leaderboard, visible on your dashboard. The position you get in it matters because top-level stakers will not only earn better rewards, but they’ll also have a much higher chance to earn NFT mint tokens that can later be used in our vending machine to mint their Burner Phones. To find out more about the perks of owning one of our NFTs, please check out our NFT page: https://nosana.io/nft
Through your dashboard, you’ll be able to track your tier level, leaderboard position and rewards, as well as calculate exactly how much you need to stake to move up tier and estimate future rewards depending on the amount of tokens you’re planning to stake.
NFT mint token
Our top 20 stakers will win a NFT mint token instantly. High stakers will have a chance to win a mint token, which they can use in our vending machine to mint an NFT from our collection. These are called Burner Phones and owners will have access to many benefits such as:
- Guaranteed early access to our Incentivized Testnet during phase 2
- Access to an exclusive Discord channel where you can vote on future rewards and new properties
- A chance to win a range of prizes during the Nosana Burning Festivities
- Free virtual representation of your NFT, to be used in future metaverses
- One-of-a-kind reward-boosting utility when mainnet goes live — for a limited number of Burner Phones only
- Access to the Nosana workbench — details to come
Are you ready to stake and earn MASSIVE rewards? Let’s go! → app.nosana.io/stake
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