Genopets launches GENE Token Staking

Genopets launches staking option for the GENE Token with benefits such as GENE rewards, NFT and KI distributions, in-game boosts and governance voting, among others.

May 21, 2022
by Michael
Genopets launches GENE Token Staking
News

Genopets has announced the introduction of the GENE Token staking into its gameplay. The staking subject has been keenly debated in the Genopets community ever since the release of the GENE token, and this decision places Genopets as a community-focused game dedicated to improving the quality of gaming experience for members of its ecosystem.

According to Genopets, their staking proposal was inspired by three projects: Curve, Frax Finance, and Illuvium. Curve was notable for pioneering the vote-lock mechanism, and Frax introduced distribution rewards via stablecoin airdrops. Illuvium was the first GameFi project to present a staking mechanism similar to Defi with multiple pools, weighted rewards, and an in-game synthetic token.

The goal of the GENE Staking program is to Incentivize long-term holding of GENE token, encourage usage of GENE token in-game, maximize DEX liquidity, and minimize inflationary pressure of GENE token.

Meanwhile, the benefits of this program for members of the Genopets community are multifaceted. They include Token rewards from the allocated reward pool, Initial KI Token Generation via Airdrop, and asset distribution for stakers in the form of NFTs. In addition, GENE token stakers are given preference with regards to in-game mechanics and other early access features.

The Token stakers also have the right to vote on governance decisions and contribute to future token emissions, game mechanics, and other foundation-related decisions of the Game.

The Staking program will have a duration of 4years, with GENE token rewards distributed across various staking pools. The total rewards pool will be 4,000,000 GENE spread over the allocated timeframe, and the locking period will be 1 month to 2 years.

Interested persons can access additional information on the Staking program via the Game’s website.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
We have sent you an email, please confirm!


News Filter
Play Games Now
Galaxy Fight Club
Galaxy Fight Club
illuvium
illuvium
Gods Unchained
Gods Unchained