Staking On bRing 2.0: How It Works
Staking on bRing is back and better than ever! We’re excited to tell you about what’s changed, and how you can use the new features to your advantage.
As you probably know, smart contracts make up the nuts and bolts of DeFi platforms like ours. The changes we made on the smart contracts are reflected in how the platform functions now. We just had our smart contracts audited and are putting on the final touches. You can read more about the audit here. But for now, take a closer look at our new staking system.
Staking Mechanics
The main difference between bRing and bRing 2.0 is that you can now unclaim and unstake separately. First stake, then claim your rewards before unstaking. Here’s how it works step by step.
- Stake. First, choose which pools you want to stake in. All pools last 90 days. You can stake from the time the smart contract is deployed on the blockchain until the moment it closes 90 days later.
- Claim.You can claim staking rewards anytime you like, as long as you haven’t unstaked already. If you want to claim a reward before the pool closes and there is a penalty system in this pool, you won’t get your full reward. This is explained further in “Reward Mechanics and Penalty System” below.
- Unstake. You can claim rewards and close your stake anytime, as long as it isn’t unstaked yet, even after 90 days from the time the smart contract was deployed.
Reward Mechanics and Penalty System
Each pool has a set number of tokens, which are shared as rewards between all pool participants at that time. The size of each participant’s reward is directly proportional to the size of their stake and how long they staked for, and inversely proportional to the total amount of staked tokens in the pool.
In order to motivate our users to keep their stakes in the pool, we decided to include a penalty system for unstaking early. Each pool’s penalty fees will be determined among participating projects. So remember, even though you can unstake early, you won’t get full rewards on your stake unless you stay in the pool the full 90 days.
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