4,000,000 $GENE tokens have been allocated towards staking rewards for the Solana GameFi project.
Staking Is Here
Solana MovetoEarn blockchain gaming project, Genopets, announced the arrival of their $GENE staking program.
Genopets released the details of their $GENE staking program through a Twitter thread released on May 19. The team confirmed that a total of 4,000,000 $GENE tokens have been set aside as staking rewards for those participating in the program.
“Since the release of the GENE token, staking has been one of the hottest topics of discussion among the community; and for good reason,” Genopets said in a Medium post. “GENE token is the governance and staking token used along with KI, to craft, level up Habitats, and earn in-game. [It] also served as the primary token through which players have been purchasing Genopets NFTs in our minting games and seasonal drops. Our staking proposal was inspired by three projects; Curve, Frax Finance, and Illuvium.”
The team announced through a follow-up Tweet on May 20 that the total $GENE staked nearly reached 400,000 within 24 hours of the launch of the program. The Genopets team outlines four main goals that the staking program hopes to achieve. It wants to incentivize holding $GENE, maximize its DEX liquidity, minimize inflation pressure, and encourage in-game uses of the token.
There are multiple rewards that the Genopets team have set in order to entice its community to stake their $GENE token. These are token reward distributions, $KI airdrops, in-game boosts and Beta access, and governance voting. The 4,000,000 $GENE rewards will be distributed over a period of four years. Users may choose to lockup their tokens for a minimum period of one month up to a maximum of two years.
“The staking program has a duration of 4 years with GENE token rewards split between different staking pools,” Genopets added on their post. “To start, we will only have a GENE token staking pool, but we intend to have a KI/USDC staking pool as part of the KI launch to incentivize liquidity for KI Token.”
Governance capabilities will be a function of total $GENE staked and how much time is left on their initial staking period. This governance weight will also influence $KI airdrops and Beta access. Check out Genopet’s Medium post for more details of their $GENE staking. Users can start staking their $GENE token on the official token staking website of Genopets.
What is Genopets:
Genopets is a free-to-play mobile NFT RPG that transforms your everyday activities into enchanting gameplay, making it enjoyable and rewarding to live an active lifestyle. Make your Genopet come to life. Your digital familiar is as rare and unique as you are, imbued with your personality and formed in your likeness. When you gamify your daily routine, self-care no longer feels like a chore. Every step you take unlocks new in-game features, storey progression, aesthetic customization, performance improvements, and, of course, the evolution of your Genopet, increasing its rarity. Genopets’ patented move-to-earn mechanic, built on Solana, serves as a strong reminder that the more you invest in yourself, the more you’ll inevitably appreciate, especially with a Genopet by your side. And it evolves as you do.
Where to find Genopets:
Source : web3wire.news
