GATENet has launched it’s bespoke in-house staking platform, allowing GATE token holders to earn rewards.
9 February 2022, GATENet, owned and operated by GSX Group, has launched a new staking platform that allows GATE token holders an opportunity to stake their tokens, via non-custodial solution (i.e. directly with a smart contract), to earn rewards.
To celebrate the launch, GATENet will reward stakers with a one-off ‘Loyalty Bonus Award’ of 8%. The loyalty bonus award will run for 30 days from launch; everyone who stakes during that period will be awarded the GATE loyalty bonus award, payable at the end of the 30 day period.
The platform has commenced a ‘Daily Loyalty Reward’ programme, totaling 36,500,000 GATE tokens over the first year of opening the new staking platform, equal to 100,000 GATE tokens each day, for a whole year (365 days) – shared proportionally between everyone that stakes. The daily loyalty reward is in addition to the one-off loyalty bonus award and in addition to any GATENet fees generated during the 365 day period of the daily loyalty rewards, as its partner exchanges commence activities.
Nick Cowan, CEO of GSX Group, commented on the launch, saying:
“We’re very excited to offer our GATE token community a new in-house staking platform that caters exclusively to GATE and the future of GATENet. GATENet has the power to transform the lifecycle of securities issuance, trading and settlement and we look forward to growing our network over the next few years whilst increasing the utility of GATE token, including governance features to be introduced this year. We hope GATE token holders enjoy the staking features!”
The platform smart contract code is open sourced, and can be found on GitHub.
For more information on GATENet’s vision, see our Whitepaper.