Native PAID Staking and Ignition Moon Ticket Boosts Are Coming

As we strive to deliver the most comprehensive, forward-thinking IDO platform to our community, one path to help accomplish this has cropped up regularly — we’re talking about staking.

Staking represents an opportunity to not only reward our most dedicated community members, but to also implement solutions that help to make participating in one of our upcoming Ignition launches a fairer, more equitable experience.

Now, following an extensive market and competitor analysis, we have devised a staking reward schedule that is not only highly attractive but also sustainable long term. We believe this will help better reward those that support the PAID Network ecosystem, while providing an incentive for further growth.

The new staking reward system will provide two major benefits to participants. The first is a multiplier to the number of IDO moon tickets and the second is a generous, but sustainable APY.

To incentivize our long term supporters, we have made it so that those that commit to a longer staking period receive an increasingly attractive multiplier to the number of moon tickets they receive for each IDO — with an up to 5.3x multiplier available!

Put simply, this allows you to dramatically increase the odds of winning a slot in each lottery, helping you participate in more Ignition IDOs. With our launches typically demonstrating incredible performance, we believe the new staking program offers a great deal of value to our users — not to mention the juicy rewards in the form of $PAID tokens!

Head over to the new staking platform now to see the benefits you can get by staking your tokens.

HERE’S HOW IT WORKS:

The new staking feature helps to better reward our long-term holders by boosting the odds of winning an allocation in each Ignition launch by up to 5.4x and offering generous staking APYs of up to 60%.

It simultaneously helps to maximize the long-term viability of the $PAID token by reducing the circulating supply, reducing the hit-and-runners (those that buy and then sell $PAID between IDOs), while incentivizing long-term participation in our ecosystem.

A full breakdown of the moon ticket multiplier and APY boost mechanics can be seen in the table below. Note that the maximum multiplier varies based on your bracket and committed staking term, as does the APY you receive.

All users will be required to stake their PAID tokens to participate in Ignition launches. Those that do not commit to a long-term lockup schedule (i.e. short-term stakers) will receive a flat 5% APY reward. However, those that commit to a fixed minimum term will receive a higher APY as well as moon ticket multiplier bonuses.

See below for a full breakdown of the rewards available through the staking program. Note that longer terms offer increasingly attractive rewards — both in terms of the moon ticket multiplier and staking APY.

For example, by committing to a 1 year stake, you’ll receive a 15% yield in your first year, which then drops to 5% per year in subsequent years. Whereas if you committed to a 2 year stake, your yield would start off at 15% in the first year, before increasing to 25% in year 2, followed by 5% per year in subsequent years if you remain staked.

In order to manage inflation, the APY will increase for each year committed to stake, before dropping back to the base rate of 5% APY. After the fixed term has elapsed, users will automatically transition to the short-term staking model — this has a 10-day unstaking window and no moon ticket multiplier.

As you can see, there is also a range associated with the moon ticket multiplier. The multiplier you receive depends on both the years you commit to and the total number of $PAID tokens you stake across all your wallets/chains (1k-50k, 50k-200k, or 200k+). In this way, someone can’t game the system by staking lots of smaller amounts to get higher multipliers. Click here to see the full moon ticket multiplier details for each bracket.

For example, if you staked 1,000 PAID and committed to a 5-year staking period, you would receive a 5.4x moon ticket multiplier in addition to the yields shown in the above table. To easily calculate and see which benefits you’ll receive, check out the staking platform.

The benefits of the new staking system will also carry over to the SMART Agreements side of the PAID Network ecosystem. By minimizing volatility and maximizing long-term holding incentives, the PAID DApp will become increasingly attractive to businesses looking to maximize efficiency and reduce operating costs by leveraging PAID’s SMART agreement technology.

To help clarify some of the key points surrounding the new staking mechanism, we have separated out the key information. We highly recommend giving it a read as it will help make clear the purpose and benefits of the new staking system.

Minimum stake amount: No minimum to receive APY. However, like before, you must stake at least 1,000 $PAID to receive a moon ticket in the lottery for IDOs. The number of tokens you stake will determine your tier, as follows:

  • 1,000–74,999 PAID = Moon tier
  • 75,000–149,999 PAID = Galaxy tier
  • 150,000 PAID or more = Cosmos tier

Minimum unstake amount: None. You can unstake any fraction of your staked tokens, any penalties will only apply to the unstaked amount.

Unstaking periods: A 10-day unstaking period will apply, during which no rewards will be accumulated. Afterwards, you can withdraw your tokens to your wallet.

How the APY is calculated: Interest is calculated every 24 hours. The APY ranges between 5% and 60% based on the length of the time the stake is committed and the number of years elapsed. Everyone who commits to staking long term will benefit from a 15% APY in year one, and those who stake two or more years would then get 25% in year two, and so on (up to 60% by year 5).

How the moon ticket multiplier is calculated: The number of moon tickets earned depends on the user’s tier and committed staking period. Tiers are based on all stakes on all wallets across all chains for a user.

  • Tier 1 = 1k to 50k PAID staked total;
  • Tier 2 = 50k to 200k PAID staked total
  • Tier 3 = 200k+ PAID staked total.

For example, a Galaxy tier user that has staked 75,000 $PAID would usually receive a base of 75 lottery tickets (in addition to the normal 1x guaranteed allocation). By committing to a staking term of 1 year, this would be increased to 120 tickets (75 * 1.6), whereas committing to a term of 5 years would increase this to 360 tickets (75 * 4.8).

  • Long-term staking intervals: Users can elect to stake their PAID tokens for 1 to 5 years, in 1-year intervals.
  • Staking frequency: Any wallet can stake as many times as they would like. Each stake is unique — you can have a mix of short (undefined period) and long-term stakes if you wish.
  • Unstake penalties: An unstaking penalty will apply only when staking on a long-term period. We burn only based on the amount being unstaked. On the Preview Unstake window, you can preview your penalties, if any.
  1. Max burn is 80%. The percentage decreases linearly each day.
  2. Burn % = 0.8 x (A-B)/A. Where A = total num of committed days and B = num of days from stake to unstake request.
  3. As for an example for a user who committed to 1 year staking period (365 days) and now wants to unstake after 30 days:
  4. Burn % = 0.8 x (365–30) / 365 = 73.42%
  5. In this case, we would burn 73.42% of the tokens the user requests to withdraw which can be just a portion of the total amount staked.

Reward tokens are not subject to burn when withdrawing rewards. If rewards are also staked, however, they will be added to the staked amount and will therefore be subject to the same benefits and penalties.

  • Reward withdrawal penalty: None. There are no penalties for withdrawing staking rewards.
  • Reward staking: Rewards can be directly staked within the platform with no need to withdraw first. These tokens are added to any other staked balance, or can be staked alone if the principal has already been withdrawn.

Short-Term Staking: Terms, Requirements, and Details

Though most of the changes will apply to those looking to stake their tokens long-term, PAID holders will also be able to stake short-term if they simply wish to participate in Ignition launches without earning any moon ticket multiplier. Short-term stakers will earn a flat 5% APY on their deposits.

We recommend reading the specifics below to get a better idea of what you can expect when staking your $PAID without committing to a long-term lockup.

Minimum stake amount: No minimum to receive APY. However, like before, you must stake at least 1,000 $PAID to receive a moon ticket in the lottery for IDOs. The number of tokens you stake will determine your tier, as follows:

  • 1,000–74,999 PAID = Moon tier
  • 75,000–149,999 PAID = Galaxy tier
  • 150,000 PAID or more = Cosmos tier

Minimum unstake amount: None. You can unstake any fraction of your staked tokens without any penalties. Though you may drop down to a lower tier if you no longer meet the minimum threshold.

Unstaking periods: There is a 10-day unstaking window before you can withdraw tokens to your wallet. Rewards will not be earned during this period.

How the APY is calculated: Users receive a flat 5% APY on any $PAID tokens that are staked short-term.

Staking frequency: Any wallet can stake as many times as they would like. Each stake is unique — you can have a mix of short (undefined period) and long-term stakes if you wish. Only the long-term portion will qualify for rewards (as described in the section above).

Unstake penalties: None. Short-term stakes will not be subject to any penalty if withdrawn.

Pool Contract & Lottery Impact and Change

Going forward, users will need to have their tokens staked in order to be counted for any new IDOs on the Ignition platform when joining any lottery. No tokens simply held in wallets will be counted.

The new staking system provides a more streamlined approach that minimizes the risk of errors, since we can now simply check the staked balances across both chains (ETH and BSC) at the time of lottery close to determine eligibility, before applying the respective moon ticket multiplier based on each user’s staked amounts/term commitments.

We will then check the balance at the time of each IDO to ensure participants retain the required staked amount for the number of winning tickets they are attempting to use.

Click here to explore the new staking platform and estimate the rewards you can earn.

About Ignition

IGNITION is a featured product of PAID Network, operating as a decentralized swapping protocol that allows blockchain-based token projects to offer their private and public auctions. The platform currently features Ethereum and Binance Smart Chain (BSC).

Ignition is different from other auction platforms in that it properly vets and selects only top-tier cutting-edge projects. Its straightforward lottery system provides easy access to top-tier project offerings. It isn’t just a trading platform, it FUELs projects and takes them to the next level.

Ignition brings quality projects, fixed swaps, and equitable lottery participation to the PAID community.

Website: Ignition.paidnetwork.com

About PAID

PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.

PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.

PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.

For any questions for the PAID network, please feel free to reach out to us on: