Staking on Wagon Network: Unleashing the Power of Passive Income
In this article, we’ll delve into the exciting world of staking on Wagon Network, providing you with a step-by-step guide to get started and maximize your potential earnings.
Understanding Staking and Wagon Network
Staking is a way for us to reward our community members for having a long term mindset and locking up their WAG tokens. By staking your WAG, you’ll receive StkWAG tokens and earn WAG tokens as rewards. In the future, StkWAG will be used to participate in governance and voting Loan approval process for Wagon DeFi pools.
There are two sources of staking rewards, they are:
- Staking Rewards Pool Allocation
7,000,000 WAG Token are allocated to rewards stakers. These rewards will be distributed for 4 years long as scheduled here.
- Profit Shares from Wagon DeFi
Each financing that are done on Wagon DeFi platform, small percentage of it will be cut and distributed to WAG stakers. Gradually, as more real world assets or businesses take loans at Wagon DeFi, this portion will generate large rewards for stakers.
How do I Stake?
Step 1: Navigate to the Staking Section:
Open Wagon Dapp. After connecting your wallet, navigate to the staking section on the platform. On the Stake page, click on “Stake”.
Step 2: Choose the Amount to Stake:
input the amount of WAG you wish to stake and complete the transaction on the connected wallet.
Step 3: Confirm Approval and Stake:
Follow the on-screen instructions to confirm your approval and staking transaction. Double-check the details to ensure accuracy.
Step 4: Congrats you Staked your WAG:
Once confirmed, your WAG tokens will be staked, and you’ll receive StkWAG in return.
How can I unstake or withdraw my stake?
Once WAG is staked on the protocol, it is locked into the protocol. You can click on “Unstake” anytime, input the amount of WAG you wish to unstake and complete the transaction on the connected wallet.
With the completed unstake transaction, you will trigger a cooldown period called the “UnstakePeriod”. After the period is finish, you can click on “Withdraw” and get your unstaked WAG token to your wallet.
What is the Unstake Period?
The unstake period has been added to prevent any kind of abuse which might be possible by staking for a very short period of time.
User can unstake more WAG during the unstake period. Unstaking more WAG, with the same wallet, during the period will reset the unstake period.
Can I transfer StkWAG?
StkWAG can be transfer to other wallet addresses. Transferring StkWAG will transfer the ownership of the staked WAG token and eligibility to generate rewards after the transfer finished.
Rewards associated with staking are not transferred when StkWAG is transffered. The receiver of StkWAG will starts accruing rewards based on when they received the tokens.
Staking on Wagon Network provides an exciting opportunity for community to earn passive income while contributing to the security and decentralization of the platform. By following this comprehensive guide, you can confidently embark on your staking journey with Wagon Network and unlock the potential for sustainable returns.
Connect with Wagon Network:
- Website: https://wagon.network/
- Telegram: https://t.me/wagon_network
- Twitter: https://twitter.com/WagonNetwork
- Instagram: https://www.instagram.com/wagonnetwork/
- Medium: https://wagonnetwork.medium.com/
Stay updated on Wagon Network’s latest developments, announcements, and community discussions by following our social media channels and exploring our official website.