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 and depositing their UNQ tokens or Universe NFTs. They can do so together with their club members, or alone.
Here’s a step by step guide to help you start staking!
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.
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 Funds
Each member of the club can participate in the staking process.
Click on the ‘Deposit’ button on the Staking part of the dashboard and deposit your funds.
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:
Note that in one Staking Account, a club can stake a maximum of 500,000 UNQ Tokens.
Click on the ‘Deposit’ button and your assets will be deposited.
Before the staking is locked by the founder, you are allowed to withdraw your Tokens and receive them immediately.
STEP 3: Lock 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.
To lock the staking, the founder has to click on the ‘Lock staking’ button and the staking period will be initiated.
Note that each member is allowed to unstake the deposited amount without cancelling the staking period for the rest of the members.
STEP 4: 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.
This is it – now you know all the steps and can start staking your UNQ Tokens!