zxstim
commented
1 month ago Can you elaborate on how the staking mechanism would work in your context and what stakers would be earning?
Open jerydam opened 1 month ago
zxstim
commented
1 month ago Can you elaborate on how the staking mechanism would work in your context and what stakers would be earning?
jerydam
commented
1 month ago The staking mechanism on the Klaytn blockchain provides several benefits and incentives for users to participate in securing the network and contributing to its decentralization. Here's an overview of how it works:
Stake Selection: Users can choose to stake a certain amount of KLAY, which is then locked up in a smart contract. In return, they receive KlayX tokens as a reward for their participation.
Validation: The staked KLAY serves a crucial role in validating transactions on the Klaytn blockchain. By staking their tokens, users contribute to the network's security and decentralization.
Reward Distribution: Stakers receive rewards in the form of KlayX tokens, proportional to the amount of KLAY they have staked. This provides an incentive for users to continue staking and contributing to the network.
Staking Interest: Users may also earn a percentage of their staked KLAY amount as staking interest, similar to earning interest on a deposit. This further incentivizes long-term participation in the staking process.
Airdrop Rewards: Stakers may become eligible for future airdrops on the Klaytn blockchain based on their staking participation and loyalty. This rewards users for their continued support of the network.
Additional benefits of staking include:
Governance: KlayX tokens can be used for voting on proposals and decisions related to the token and its ecosystem. This gives stakers a say in the governance of the network and fosters community involvement.
Exclusive Features: Holding KlayX tokens may grant users access to premium features, such as priority transaction processing or enhanced security measures. This incentivizes users to hold and stake KLAYX tokens.
Community Recognition: Top stakers may receive recognition and rewards within the community for their contributions to securing the network. This encourages healthy competition and a sense of achievement among stakers.
The staking mechanism on the Klaytn blockchain provides a comprehensive system of incentives for users to participate in securing the network, contributing to its decentralization, and being actively involved in its governance and development.
zxstim
commented
1 month ago I can see what you are trying to do. I recommend that you read up on "Liquid Staking on Klaytn". I think it will help adding a lot of values to the ecosystem. Liquid staking at the moment is very much still reserved only Governance Council member so it's hard to get into.
I would suggest you to come up with some applications revolving around liquid staking token like stKLAY or npKLAY.
Anyway, approved to proceed but rewards is dependent on your submission. Check back here if you need more help.
The staking Dapp is a decentralized application built on the Klaytn blockchain that enables users to participate in staking activities seamlessly. Staking involves locking up a certain amount of cryptocurrency to support the network's operations, validate transactions, and earn rewards in return. The Dapp simplifies the staking process, making it accessible to both novice and experienced users.