Staking represents the process of depositing your funds and locking them for a certain period of time in order to receive staking rewards.
On Unique.vc platform, club founders are able to initiate a staking process by opening a Staking Account. They can then deposit their UNQ tokens or Universe NFTs together with their club members, or alone.
Here’s a step by step guide to help you stake your Universe NFTs on Unique.vc!
STEP 1: Create a Staking Account
Open your club’s dashboard and create a new Staking Account by clicking on ‘Create Staking Account’ button.
A pop up screen will appear where you will need to insert the Staking Account’s name and choose the Staking period as seen below:
Once you have done so, click on the ‘Create Staking Account’ button and your account will be created and visible on your dashboard.
STEP 2: Deposit UNQ Tokens
Each member of the club can participate in the staking process and deposit UNQ Tokens to the Staking Account.
Click on the ‘Deposit’ button on the Staking part of the dashboard and deposit your tokens.
Once you’ve clicked on the ‘Deposit’ button, you will be able to choose the staking item and the amount you want to stake, as seen below:
Choose ‘UNQ Token’ and enter the amount of Tokens you want to stake and click on the ‘Deposit’ button.
Note that in one Staking Account, a club can stake a maximum of 500,000 UNQ Tokens.
Before the staking is locked by the founder, you are allowed to withdraw your Tokens and receive them immediately.
STEP 3: Deposit a Level 1001 Universe NFT
Each member of the club can deposit his/hers Universe NFT on Level 1001 in order to increase the staking reward. The app will choose the NFT of the highest rarity to be staked and if additional NFTs were deposited, they will not be used for staking.
It is neccessary to stake UNQ Tokens in the Staking Account as well, as the additional reward is calculated from the deposited amount of UNQ Tokens. Check out how much more you can earn for staking an NFT of a certain rarity in our Gitbook.
When you’re ready to add your NFT, click on the ‘Deposit’ button within your active Staking Account.
In this step, you need to choose a staking item. Select ‘UNQ 1001 NFT’ and you will be able to choose an NFT from your wallet that you wish to stake.
Once you have selected the NFT you wish to stake, click on the ‘Deposit’ button and you will have successfully added your NFT to the Staking Account.
Before the staking is locked, all members can withdraw their deposits and receive them immediately.
STEP 4: Lock the Staking
The club’s founder has a right to cancel the staking and to officially initiate it by locking it. The founder can lock the staking right away or wait for club members to deposit their funds as well.
Click on the ‘Lock staking’ button and the staking period will begin.
Once the staking period has started, one can withdraw the deposited assets by clicking on the ‘Unstake’ button. In that case, it will take you 21 days to retrieve the funds back and you will lose the opportunity to win the staking reward. Unstaking your assets will not cancel the staking proccess for other members.
STEP 5: Claim Your Reward
After the staking period is over, all members who participated in the staking will be able to claim their rewards proportionately.
Click on the ‘Claim’ button and you will receive your staking reward.
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