GATENet To Continue Staking Rewards Through 2023￼
GATENet’s 2022 staking rewards programme will be renewed and continue to run until February 2024, in support of V1 Go-Live this year.
7 February 2023: between 9 February 2022 and 9 February 2023, GATENet successfully distributed 36,500,000 GATE tokens, (100,000 GATE tokens a day) to all Stakers. Since the launch of the staking platform, we have seen the total GATE tokens staked by token holders climb to over 400,000,000, almost 60% of GATE tokens in circulation, returning a yield of just over 9%.
STAKING REWARDS ROLLOVER
We are excited to confirm that the GATENet staking rewards initiative will continue throughout 2023 for another 12 months to 9 February 2024.
GATENet will ‘drop’ a 10% reward to Stakers on a weekly basis based on a snapshot of the total GATE tokens staked via GATENet’s staking platform every Thursday at 12PM CET (the ‘Calculation Time’), using the existing functionality built into the current smart contract (see FAQ Below).
Example: a total amount of 365,000,000 GATE tokens staked, would require an amount of 700,000 GATE tokens per week to be sent to the smart contract, which will automatically be split pro rata amongst the Stakers.
The 10% reward is the MINIMUM that Stakers will earn until 9 February 2024. Once the V1 GATENet platform has launched, any future ‘transaction fees’ collected will be distributed IN ADDITION to the 10% reward, meaning greater staking reward opportunities for GATE token holders. The future splits in the distribution of GATENet’s transaction fees, between burning, rewards to Stakers and the maintenance of GATENet’s services, will be decided via GATENet’s Governance Platform, which is set to go live during 2023!
Mark Mariampillai, GATENet CEO, commented on the move, stating:
“We wanted to continue to reward our amazing GATE community that have supported this journey towards V1 GATENet’s tech go-live. The response last year when the staking platform launched was incredible, and we want to continue this forward momentum that highlights the real use-cases for the utility of GATE, within the platform’s ecosystem. Once we start to generate transaction fees and commence governance votes, it’s going to showcase how important GATE is to the future of our technology. Thanks to everyone who staked in 2022, we hope you join us this year as we launch!”
If you want to stake or have any queries regarding staking, visit our Guides
FAQ ON STAKING 2023/24
STAKING REWARD CALCULATIONS
- The reward will be calculated based upon GATE tokens staked via GATENet’s staking platform. For example, a total amount of 365,000,000 GATE tokens staked would generate an annual reward of 36,500,000 GATE tokens equivalent to 100,000 GATE token rewards per day (equalling an amount of 700,000 GATE tokens per week to be sent to the smart contract, automatically split pro rata amongst the Stakers).
- The 10% reward that will be ‘dropped’ on a weekly basis will apply to the total GATE tokens staked at 12PM CET every Thursday (it is a ‘snapshot’ reward).
- Rewards are distributed via the reward distribution functionality of the current smart contract (see FAQ Below).
- Rewarded tokens will need to be claimed and staked in order for rewarded tokens to accrue the 10% reward.
Claiming is an action performed by a staker to retrieve their rewards.
This can be performed as frequently as a staker chooses with the maximum being daily, (i.e. a staker can choose to claim their rewards weekly, monthly, annually or any period).
NOTE: reward GATE tokens must be claimed AND staked in order to be included in the staked amount of the 10% reward.
Please refer to the staking guide for more information.
REWARD DISTRIBUTION FUNCTIONALITY
We will be making some changes to the GATENet staking platform to give Stakers the option of claiming just their rewards, rather than having to un-stake all their tokens at once.
WHAT IS A REWARD DISTRIBUTION?
There is a function built into the staking platforms smart contract (Fee Distribution), whereby a periodic award of GATE tokens is distributed to Stakers, as a percentage of their stake vs total GATE tokens staked on the platform. Rewards distributed via the Fee Distribution method are not locked by the smart contract. More information here
NOTE: Staking, claiming, unstaking and restaking could cause a taxable event in your jurisdiction, as per the GATE terms and conditions GATENet Limited takes no responsibility for personal tax liabilities, please seek independent tax advice in relation to the tax requirements of your jurisdiction.