Explaining The Staking Rewards Logic
Greetings and salutations, cryptonians!
“Where’s my NFT for staking? Please help.” became the motto of the month, and it’s time we clear some things up. Today we will talk about $SCOTTY staking activities, more specifically providing you with a better understanding on how and when the NFT rewards will be issued.
First things first, all of you who staked $SCOTTY until November 20, 13:00 UTC received special one-time bonuses from your favourite astro hamster! Hurry up and check your wallets right now for the Scotty Bonus Collection items! Let me remind you that you’re able to check out your NFTs in our app or view it in the Metamask Mobile following this guide.
Once received, I want to remind you of the golden principle — time in the market is more important than timing in the market. In our situation, patience is also an essential element of success.
Our reward system is designed to prioritize long-term supporters over trigger-happy visitors. Some could consider this a loyalty program, but if you ask me, it’s all simple mathematics. Numbers don’t have feelings, right?
So about the rewards logic related to $SCOTTY staking — your ownership ratio to the general pool, as well as the dedicated staking time determine your chances of winning special prizes.
For example, your choice of staking period acts as a multiplier of your chances to win NFT:
- 1 month x1
- 3 months x1.25
- 6 months x1.5
Simple enough, right?
Let’s raise the stakes a little bit and give you a visual perspective on how your token ownership may get you a better chance of winning. Imagine we have 1000 SCOTTY tokens staked in each staking option. We would have these numbers in total:
- 1000 tokens staked for 1 month ~ 1000 probability index
- 1000 tokens staked for 3 months ~ 1250 probability index
- 1000 tokens staked for 6 months ~ 1500 probability index
That’s a 3750 total probability index. Suppose you staked 100 tokens for 3 months, meaning a 125 probability index. So your chance of winning 1 NFT = 125 * 100% / 3750 = 3.3%
Don’t worry though, your APY is unaffected, and percentages can be seen on this picture.
Now you probably want to find out about the reward itself.
If you keep up with the latest updates on our social media channels, you know that we are forming many promising partnerships. The plan is to create a special secure NFT vault and forward all unique partners’ and Scottie’s NFTs there, and distribute portions of them to $SCOTTY stakers according to probabilities described above!
This means you would get not only APY from the staking, but also a chance to win dozens of cool NFTs! Will make an announcement each time such a cool staff happened, so make sure you’re staying tuned to our Twitter and Announcements.
NFT rewards for $SCOTTY staking are not that different from an NBA Draft Lottery chances for getting a number one pick, where the probability index is translated via additional ping pong balls in the container.
The concept is not that hard to understand, and creates a fair playing field for all participants while acknowledging the dedication of serious stakers. Balance is key here!
Subscribe to my social media channels to stay in the mix and keep up with the giveaways!