GATNet’s 2023 staking rewards programme will be renewed for 2024.

19 January 2024: During 2023, GATENet continued to support its staking rewards programme, which will see the successful distribution of approximately 41,000,000 GATE tokens to all stakers.

We are pleased to confirm that the GATENet staking rewards initiative will continue throughout 2024 for another 12 months to 9th February 2025. We will continue, as per the previous staking programme of 2023, to offer a minimum APY of 10% to all stakers.

In continuance of the 2023 initiative, there will be no new smart contract and a weekly ‘drop’ every Thursday at 12PM CET (the ‘calculation time’), sending an amount which equates to exactly an APY of 10% based on the total staked at that time, will continue throughout the programme. 

Example: a total amount of 400,000,000 GATE token staked at the calculation time, would require an amount of 808,191 GATE Token to be sent to the smart contract, which will automatically be split pro rata amongst the stakers. The APY has been calculated assuming you will retain your GATE token on the staking platform every week (i.e. compounded returns). The APY will ‘reset’ to 10% every Thursday. If a large deposit is made between two calculation times (e.g. on a Monday), then the APY will momentarily fall below 10%, but will reset back to 10% at the next calculation time when the next ‘drop’ is made reflecting the higher amount staked. Similarly, if a large withdrawal is made between two calculation times (e.g. on a Monday), then the APY will momentarily rise above 10%, but will reset back to 10% at the next calculation time when the next ‘drop’ is made reflecting the lower amount staked.

Remember, this is the MINIMUM you will continue to earn. Once the V1 GATENet platform has launched, any ‘transaction fees’ collected, will be distributed in addition to the minimum 10% APY, meaning greater staking reward opportunities for GATE token holders.

Disclaimer: 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 your jurisdictions tax requirements.

If you want to stake or any any queries regarding staking, visit our Guides