BUDS Staking
The final piece for the Hashkings system is here!
Last updated
The final piece for the Hashkings system is here!
Last updated
Introducing BUDS Staking: A New Way to Earn More BUDS in the HK Ecosystem
We are excited to announce the launch of our new BUDS staking program. This program is designed to reward BUDS holders and users who participate in the HK ecosystem with more BUDS.
When you stake your BUDS, you receive BUDSX tokens that represent your stake in the staking pool. The amount of BUDSX tokens you receive depends on the current BUDS to BUDSX ratio.
The staking pool is filled with funds from our curation account (which you can delegate HP to) 1% of these funds are then used DAILY to buy back BUDS from the market and add them to the staking pool. These BUDS are the primary rewards for our stakers.
BUDSX tokens are newly minted when a user stakes any amount of BUDS, and they are burned when they are unstaked. BUDSX tokens are also tradeable in the market.
How are the rewards for stakers calculated and distributed?
At the end of each day, the staking pool buys back BUDS from the market and adds them to the pool. This increases the ratio of BUDS against BUDSX, which increases the amount of BUDS your BUDSX represent. Your share of the BUDS in the pool also increases each day.
To calculate your gains, you can use the following formula: YOUR ORIGINAL STAKE - TOTAL AMOUNT OF YOUR BUDSX * CURRENT RATIO
An example of how the ratio in the staking works:
Liuke stakes 1000 BUDS when the current ratio of BUDS:BUDSX is 1:1. He receives 1000 BUDSX.
Chocolatoso stakes 1000 BUDS on the same day. The ratio of BUDS:BUDSX remains the same (1:1), and he also receives 1000 BUDSX.
At the end of the day, the staking pool buys 5000 BUDS from the market and adds them to the pool. Now we have a total of 7000 BUDS in the staking pool, with 1000 belonging to Liuke and 1000 belonging to Chocolatoso.
The ratio of BUDS against BUDSX has increased to 3.5:1 (7000/2000=3.5).
If Liuke were to unstake, he would receive 3500 BUDS (1000*3.5=3500 BUDS). His profit would be 2500 BUDS (3500-1000=2500 BUDS).
Monthly,
we'll give out four exclusive avatars to the top 1-10 players on the leaderboard, along with 25 HIVE, 10k BUDS, 10k XP, 20 FT, 20 AP, 20 SOULS, and 50 KAT.
Players ranked 10-25 will receive three avatars, 5k BUDS, 5k XP, 10 FT, 10 AP, 10 SOULS, and 25 KAT.
Those ranked 25-50 will get two avatars, 2500 XP, 10 FT, 10 AP, 5 SOULS, and 15 KAT.
Finally, players ranked 50-100 will receive one avatar, 5 FT, 5 AP, 3 SOULS, and 10 KAT.
There's always more rewards!! Check out our layered rewards to see how to multiply your staking rewards
