Staking Universe NFTs Guide

Guides

unique.vc

- 22/09/2022

Staking NFTs Guide

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.

Open a Staking Account

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:

Staking period

Once you have done so, click on the ‘Create Staking Account’ button and your account will be created and visible on your dashboard.

Note that a Staking Account can only be opened by the club’s founder and the number of staking accounts that can be opened depends on the number of members in the club.

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.

Deposit Funds to a Staking Account

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 a Staking Item

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.

UNQ tokens deposited

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.

UNQ tokens deposited

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.

Stake Universe NFTs

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.

Staking UNQ Tokens and NFTs

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.

Claim staking rewards

Once the staking period is over, the Staking Account is closed and the founder can initiate another staking activity by opening a new Staking Account.

This is it – now you know all the steps and can start staking your Universe NFTs on Unique.vc!

Join our Discord if you need any help.

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