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FAQ for Staking
Everything you need to know about staking your tokens and earning rewards.
What is staking?
Staking is a process where you lock up your tokens in the network to support its operations, like securing the blockchain and validating transactions. In return for staking, you earn rewards over time, similar to earning interest on a savings account.
How does staking work?
When you stake tokens, they are temporarily locked in the network. By staking, you participate in the network’s security and stability, and the network rewards you for this contribution. In Soarchain Connect, rewards are calculated based on the amount you stake, the duration you lock it for (unstaking period), and the current APR. You can claim your rewards anytime, and tokens remain staked until you choose to unstake, at which point a preselected waiting period will begin before they are accessible again.
What happens after I stake my tokens?
After staking, your tokens are locked, and rewards start accruing based on your staking multiplier and the current APR. You cannot access these tokens until you choose to unstake.
Can I reduce my unstaking period after staking?
No, the unstaking period is fixed once you start staking. You can select a period between 14 and 365 days, but it cannot be shortened or changed after staking.
What is the ‘unstaking Period,’ and when does it begin?
The unstaking period is a waiting period, ranging from 14 to 365 days, which starts only when you choose to unstake. During this time, you won’t receive any staking rewards, and the period must complete before your tokens are accessible.
How does the Staking Multiplier work?
The staking multiplier is calculated based on the amount you staked and your chosen unstaking period. A higher staked amount or a longer unstaking period increases the multiplier, leading to higher estimated rewards.
Why is the Current APR changing?
The APR is a network-wide rate reflecting overall staking conditions and can fluctuate due to various factors. It does not depend on individual staking amounts or unstaking periods.
What are ‘Estimated Daily Rewards’?
Estimated Daily Rewards represent the approximate amount you’ll earn per day from staking, based on your staked amount, staking multiplier, and the current APR. This is an estimate and may vary slightly from actual rewards.
Can I add more tokens to my staked amount?
Yes, you can add tokens to your staked amount. Doing so will increase your staking multiplier and your estimated daily rewards.
What happens when I initiate unstaking?
Initiating unstaking will stop all staking rewards, and all your staked funds will enter the unstaking period you originally selected. This process cannot be reversed, and you must wait for the unstaking period to end to access your tokens.
Can I claim my rewards anytime?
Yes, you can claim your accumulated rewards anytime while your tokens are staked. The rewards will continue to accumulate as long as you are staked and have not started the unstaking process.
Will adding funds change my unstaking period?
No, adding funds does not change your selected unstaking period. It will only increase your staking multiplier and estimated rewards.