Readers, it’s time to start staking your $GOTEM! For those not in the know, staking cryptocurrencies is the simple process of committing your crypto assets to support a blockchain network and confirm transactions. It’s available with cryptocurrencies that use the proof-of-stake model to process payments.
The benefits of staking are that it’s by far a more energy-efficient alternative to the proof-of-work model, and doesn’t need a mining device that solves mathematical equations to obtain crypto. It also helps in maintaining the security and efficiency of the blockchain while staying environmentally friendly.
This means that users with the $GOTEM token can lock their token and earn passive profit monthly. The profit amount they earn depends on the APR percentage. Used well, it’s an excellent way to generate a passive income out of crypto.
If you’re wondering what APR is, it’s an abbreviation for Annual Percentage Rate, which means yearly funds that you get as investment interest. This usually includes any additional costs or fees you have to pay along the way but does not incorporate compounding.
It’s different than from APY, which stands for Annual Percentage Yield and is based on the compound investment. Both APY and APR are calculated based on interest rates, but with extra factors thrown in. In summary though, APYs can give you a more accurate idea of what you could earn, while APRs give you a clearer picture of what you could lose.
Earlier, we were facing a problem. Earning money through staking is based on the APR of the currency, and at the time the staking APR for $GOTEM was low because we had staked all 80,000 reserve $GOTEM available. The APR inevitably reduces as more funds enter stake to limit inflation, and the system auto-adjusts.
Thankfully, we had a plan to bring the APR back up to 100%. On November 17th, the vested tokens for staking were unlocked giving us full access to the token supply. This meant that we could allocate enough tokens to raise our staking APR back to 100%.
On November 18th, we have quickly increased supply to get the APR back to 100% successfully! Get in on staking now at: https://meta-play.app/staking and watch as the APR continues to auto adjust as more people stake!