Everything You Want to Know About Staking
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As many of you have discovered while browsing the beta of our Red Pulse platform, staking has been rolling out gradually to users over the past week. At the moment, deposits and withdrawals of RPX have not yet been enabled, but those features should be released over the next few weeks. Once deposits of RPX are enabled, everyone will then be able to deposit RPX (soon to be PHX) into their platform wallets and earn staking rewards. However, at the moment only users that have received PHX through our bounty program and those contributors that have earned PHX can stake.
What is Staking and How Does It Work
In the world of crypto, staking refers to the reward you receive for supporting a network or token by holding the token or running a node. There are many ways in which staking can be implemented. With Red Pulse, we’ve decided to tie in staking with the platform itself. In order to stake your PHX, you’ll need to deposit your token into your www.redpulse.com account. You’ll then be required to “fire up” your PHX into PHF (PHOENIX Fire). Once your PHX has been converted to PHF, you’ll then start to earn staking rewards at a rate of 5% per year. The staking rewards are distributed daily, so this works out to be around 0.000133680617113496 per PHF per day.
How Do I Stake My PHX
1. First you’ll need an account at www.redpulse.com. Once created, please login and navigate to “My Wallet”.
2. Next step is to “fire up” your PHX and convert it to PHF.
3. Your PHX will now be converted to PHF, and will be staking at a rate of 5% per year (about 0.000133680617113496 per PHF per day). When you’re ready to convert back to PHX, you’ll click on “fire down”. Please note that the fire down process takes 30 days to complete, and you will stop staking on the amount fired down as soon as the process starts.
How Much Can I Earn from Staking
Staking rewards are 5% per year, so this works out to be around 0.000133680617113496 per PHF per day. So for example, if you started off with 10,000 PHF staked, you’ll have:
10,000 PHF x 1.000133680617113496 = 10,001.336806 PHF after 1 day
10,000 PHF x 1.000133680617113496³⁰ = 10,040.18202 PHF after 30 days
10,000 PHF x 1.000133680617113496³⁶⁵ = 10,500 PHF after 1 year
Deposits and Withdrawals
As mentioned previously, deposits and withdrawals have not been enabled yet. Withdrawals are planned to be rolled out next week, while deposits will be enabled on August 20.