BLOCK token & NFT staking
The time has come, staking for BLOCK tokens and Legends (and Exiled Lomu!) NFTs is upon us.
From 16 February 2022 evening GMT, BLOCK token holders will be able to lock up their BLOCK tokens on the Blockasset staking protocol and receive 30% APR on their stake.
Rewards are updated throughout the day, meaning you can claim your rewards at any time.
Tokens rewards are not automatically added back into the staking pool, so users will be required to manually add their rewards back into the staking pool to receive the best return.
NFT staking will also be going live this week! Users can stake their Legends and Exiled Lomu NFTs to earn ASSET tokens which can be later redeemed for priceless athlete rewards, as a bonus; we’re also giving BLOCK rewards to NFT stakers for the first 30 days. NFT staking will go live towards the end of the week.
The Asset Hub is a staking platform like no other, allowing you to earn ASSET tokens that unlock real-world athlete perks not available anywhere else, at any price; from signed Wayne Rooney jerseys to sparring sessions with World Champion MMA fighters and so much more.
BLOCK token staking walkthrough
To begin staking your BLOCK tokens head over to the Blockasset Asset Hub, your new hub staking tokens and NFTs and claiming rewards. To join the vault gas of around 0.013 SOL may be required. It is recommended by Solana to have at least 0.05 SOL at all times to process tx’s.
For Phase 1 of BLOCK, users will be able to stake 50k BLOCK tokens at one time and this will increase in token staking Phase 2. If you’d like to stake more than 50k you can use multiple wallets.
To stake your BLOCK tokens, follow the sequence below.
Claiming your BLOCK token rewards is simple! Your rewards will be added to your Asset Hub page throughout the day, every day, and you can claim at any time.
To claim your BLOCK rewards, simply click the claim button that appears when you have earned enough BLOCK tokens. You can then re-stake your BLOCK token rewards to earn the maximum return and compound your rewards.
NFT staking walkthrough
NFT staking will go live this week, keep an eye on our socials for full updates. Staking your NFTs is incredibly easy and we’ve worked hard to make this a great experience for all users, especially those new to NFTs and staking in general.
To stake your NFTs, select NFT staking on the left-hand panel, and then select ‘OPEN STAKING VAULT’.
Further guidance will be added once NFT staking goes live.
F.A.Q. Single Asset Token Staking for BLOCK token
What is Single Asset Token Staking?
Single Asset Token staking is a way to put your BLOCK tokens to work and earn additional tokens. You are required to add your tokens to the BLOCK staking pool, and in return, you can earn additional BLOCK tokens at a high APR.
What is the APR for Single Asset staking?
Single Asset Tokens staking for BLOCK token is set at 30% APR. E.G. Stake 100,000 BLOCK tokens to receive 30,000 BLOCK tokens per year.
What is the cooldown period for token staking?
There is a 10-day cooldown to unstake your BLOCK. The cooldown acts as a deterrent to prevent panic dumping of BLOCK in times of market crashes. When you un-stake your BLOCK tokens you will receive your tokens back into your wallet after 10 days; you will not receive any staking rewards during these 10 days. We have decided to go with this option on the suggestion from our advisors, this decision has been taken to protect the BLOCK token price long term.
Do the tokens rewards auto-compound?
No, you will need to claim your rewards and manually add them back into the staking pool to receive maximum rewards and compound your earnings
I keep getting transaction requests when staking, what is this?
There are 2 transactions required when entering or exiting the vault.
My balance isn’t showing, why is this?
Sometimes a hard refresh is required to update balances.
FAQ: NFT staking
What is NFT staking?
NFT staking refers to locking up your NFTs in exchange for staking rewards. Staking NFTs allows you to earn rewards from your Blockasset NFTs while maintaining ownership.
Is there a cooldown period for NFT staking?
NFT staking will not have a cooldown, you can un-stake your NFT at any time.
What are the rewards for NFT staking?
Users will receive 10–20 ASSET tokens per day depending on the rarity of NFT staked
As a bonus, users will earn between 1 and 2 BLOCK per day (for Legends NFTs), or 0.5 BLOCK per day (for Exiled Lomu NFTs) depending on the rarity of NFT. BLOCK rewards for NFT staking are available for the first 30 days only from the date NFT staking goes live.
Exiled Lomus will receive 5 ASSET per day per NFT regardless of rarity.
How is rarity defined?
Rarity can be found on howrare.is, the rarer your NFT, the higher your rewards. Rewards are variable depending on the number of NFTs staked and the rarity of your NFT.
What are ASSET tokens?
The ASSET token is a reward token that can be redeemed for a number of things, to begin with, there will be blockasset merchandise, hoodies & T-shirts with your NFT printed on them, whitelist spots for upcoming mints of ours… do you remember the trading cards we gave out during our NYC event?
Going forward, we will be continually adding items to the ASSET store, we want users to have access to a wide variety of items and experiences through staking their Legends and remaining loyal. We can introduce BLOCK redemptions, event tickets, bespoke NFTs, signed athlete goods, athlete experiences and a whole lot more. We’re aiming to make this store full of desirable items to incentivise users to stake and earn ASSET.
Are there any limits to redeeming rewards?
We will apply limitations to the amount of purchases users can make from the store, this is to prevent whales from purchasing all available items which potentially excludes stakers with smaller holdings. We appreciate anyone who stakes a large number of NFTs, so we will of course ensure there are still incredible rewards and incentives for all. These limitations will be more refined when we have more data on the numbers being staked per holder.
Can I buy and sell ASSET tokens?
ASSET is intended to only be used for purchases within the ASSET store, there is no means to buy and sell ASSET tokens, the tokens can only be earned by staking Blockasset NFTs although we may potentially introduce competition rewards in ASSET too. The tokens do not have any direct monetary value
When can I swap my ASSET tokens for the rewards on the store?
The store is not yet live, please keep an eye on Blockasset socials to stay updated.
Stay up to date on all on Blockasset socials.