Gcookie Gspark! Did you all meet the $SPK from @sparkdotfi that came to us yesterday? This morning, I saw on Spark's Twitter that the staked tokens have already exceeded 10M, and to my surprise, it has surpassed 20M! Wow! Staking carries risks, so why are so many people staking? Let's take a look! 1โƒฃ What is SPK Staking? Users can stake SPK tokens to enhance the security of the Spark network (e.g., bridges, etc.). You will start receiving Spark Points and Symbiotic Points rewards immediately through staking. Now, it seems like a new method has been added, right? It was a moment that made me more curious about the uses of Spark Points! 2โƒฃ How to Stake Connect your wallet here and click the Stake button. Enter the amount of SPK to stake and execute the transaction. You will start earning rewards immediately after completion! 3โƒฃ Rewards Two types of points, Spark Points and Symbiotic Points, are credited immediately upon staking. You can check the reward status in the Spark app. 4โƒฃ Unstaking & Withdrawal Click Unstake โ†’ Specify the amount โ†’ Register for withdrawal queue. A waiting period of at least 2 weeks and a maximum of 4 weeks will occur for unstaking. Since there is a waiting period, it seems you should choose wisely and stake! You can check the withdrawal availability in the UI. After clicking Finalize, retrieve SPK to your wallet through the transaction. 5โƒฃ Withdrawal Delay Mechanism Based on the staking infrastructure of Symbiotic (Epoch). Each Epoch lasts 14 days, and withdrawals are only possible after the current and next Epoch ends. For example, if you unstake on the 7th day of Epoch 38 โ†’ 7 days remaining in Epoch 38 + full 14 days of Epoch 39 = 21 days delay. (I honestly still don't fully understand it, but anyway, withdrawals are delayed!) The good thing is that Spark Points continue to accumulate even during the waiting period for withdrawal. 6โƒฃ Reasons for Delay Securing network security. Preventing sudden large withdrawals. Safety measures to ensure minimum collateral staking. It definitely seems like @sparkdotfi is preparing some new reward system with Spark Points!! Happy SPARK day, everyone! Start now! ๐Ÿ˜
Over 10m SPK staked! Overdrive ๐ŸŽ๏ธ๐Ÿ’จ
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