Staking refers to a rewarding process within blockchain networks that resembles a cryptocurrency rewards program. It can be likened to a specialized savings account where individuals deposit their cryptocurrency instead of traditional money. By staking their cryptocurrency, participants actively contribute to the functioning of the network, similar to how savings in a bank help fund loans. In return, stakers are often rewarded with additional tokens, similar to the interest earned on savings accounts. Notably, in the context of the Neo Tokyo project, staking not only provides rewards but also grants participants a voice in network decisions. While there are inherent risks, the potential for cryptocurrency growth makes staking an enticing option for many.
Benefits of Staking
Passive Income: Staking BYTES enables individuals to earn a passive income or yield that would not be possible if their tokens were left idle in their wallets. This yield accumulates daily and can be claimed at any frequency.
Increased Earnings: The staking system rewards participants who stake for longer durations and with larger amounts. Staking offers the potential for enhanced earnings, particularly for those committed to long-term holding.
Community Benefits: Staking in Neo Tokyo incentivizes community engagement. As more Citizens are staked, the daily emission of BYTES increases, benefiting the entire community. Increased participation translates into greater rewards for all involved.
Token Utility: Staking allows users to derive utility from their tokens. By staking BYTES, individuals gain a means to actively engage in the Neo Tokyo ecosystem beyond mere token value.
Enhanced Network Security and Stability: Although not directly beneficial to individual users, widespread staking contributes to the overall health, security, and stability of the network, indirectly benefiting all users over the long term.
It is crucial to remember that while staking offers significant rewards, it is not without risks, including potential losses if token values decline. As with any investment, individuals should assess their risk tolerance and investment objectives.
How to Stake a Citizen and Bytes
Before engaging in staking, ensure that you have migrated your citizens by following these steps:
- Visit the website: https://neotokyo.codes/.
- Locate the white vertical bar on the left labeled 'Mint/Upload' and click on it.
- Choose 'CODES_MIGRATION.EXE'.
- Connect your wallet.
- Provide approval for the NT NFT Collection(s).
- Click on 'Migrate' to complete the process.
Now that you have completed the migration, let's proceed with staking your Citizen by following these simple steps:
- Return to https://neotokyo.codes/ and connect your wallet using the option in the top right corner.
- Once your wallet is connected (indicated by a green glow), click on it.
- Choose your Citizen and approve them for staking.
- Decide the desired staking duration for your Citizen, selecting from the available options: 1 month, 3 months, 6 months, 1 year, or 2 years. Keep in mind that longer staking periods yield greater rewards, but the Citizen cannot be unstaked until the chosen period concludes.
- When ready, click on the "stake" button (depicted by a steak icon ).
As staking necessitates locking the Citizen in a staking contract, you will receive a soulbound token (SBT) representing your staked Citizen. The SBT mirrors the appearance of your staked Citizen and bears the Bank of Neo Tokyo seal. It is not transferrable or available for sale.
Once your staking is complete, there is an additional step remaining:
Determine the amount of $BYTES you wish to stake with each Citizen. Staking Bytes with a Citizen increases its yield. Yield is increased every 200 Bytes.
Scroll down the page, select the desired Citizen, and determine how many Bytes will be staked with the Citizen.
Troubleshooting
If you are having issues staking, try the following to resolve…
- If staking, ensure that you migrate your assets to the new contracts first.
- Update your hardware wallet.
- Update your browser.
- Use a desktop or laptop.
- Metamask: Make sure you're connected to the Ethereum network.
- Metamask: Ensure the NFT is listed in the “NFT” tab in Metamask and not in the “Token” tab.
- You may need to approve additional transactions. Most processes require at least two approvals.
- Disconnect your wallet from the site, clear your cache, and reconnect.
- Use Google Chrome.
Contract Address
https://etherscan.io/address/0xd37ea75dd3c499eda76304f538cbf356ed9e7ed9 https://opensea.io/collection/neo-tokyo-staked-citizen