SHRK Staking programme is excited to announce the upcoming staking feature for our native token, SharkCoin (SHRK). Staking offers a fantastic opportunity for our community members to earn rewards while helping to secure and maintain the SharkRace ecosystem. Let’s dive into the details of staking, explain how it works, discuss the benefits it offers to SHRK holders, and introduce the additional perks that come with the Club privileges.

What is Staking?

Staking is a process in which users participate in the proof-of-stake (PoS) consensus mechanism of a blockchain network by locking up a certain amount of cryptocurrency in a wallet. This helps support the network's operations, and in return, participants are often rewarded with additional cryptocurrency.

For SharkRace, implementing staking means that our community members can now stake their SHRK tokens to earn passive income while contributing to the network's stability and growth.

Club Privileges for Long-Term SHRK Holders:

In addition to the standard staking rewards, long-term SHRK token holders will be granted exclusive access to the Club privileges. These privileges include VIP staking, which offers higher rewards and additional benefits compared to regular staking. By participating in VIP staking, long-term holders can maximize their earnings and enjoy a more premium experience within the SharkRace ecosystem.

How Does Staking Work in SharkRace?

To stake your SHRK tokens, you will need to lock them up in a compatible wallet for a specified period. Once your tokens are staked, you'll become a SharkRace validator (or “Sharkidator”), helping to secure the SharkRace network by validating transactions and maintaining the blockchain. As a Sharkidator, you'll earn rewards in the form of additional SHRK tokens based on your contribution to the network.

SharkRace offers several staking options with varying lock-up periods and rewards:

  • 6 months: 5% APY
  • 9 months: 18.75% APY
  • 12 months: 35% APY

Envelop's Role in Staking

SharkRace has partnered with Envelop to provide a cutting-edge staking experience that leverages liquid NFT farming for our community members. This partnership enables users to stake their SHRK tokens with increased flexibility, as they can trade their farming positions and easily rebalance their investments. In addition, staking with Envelop eliminates the need for LP tokens and minimizes potential losses due to APY and transaction fees.

Benefits of Staking SHRK Tokens:

  1. Earn Passive Income: By staking your SHRK tokens, you can generate a passive income stream through the rewards you receive for your participation in the network.
  2. Take advantage of Envelop's liquid NFT farming: Benefit from tradable farming positions, easy rebalance, and no APY or transactional losses. This innovative approach allows for increased flexibility and liquidity compared to traditional staking.
  3. Support the SharkRace Ecosystem: Staking helps to secure and maintain the SharkRace blockchain, ensuring a stable and robust network for the entire community.
  4. Align with the Project's Success: By staking your tokens, you demonstrate your commitment to the project and align your interests with the overall success of the Sharks.

How to Get Started with Staking:

We will soon release detailed instructions on how to stake your SHRK tokens, including the steps to set up a compatible wallet, the minimum staking requirements, and the rewards structure. Information on how to qualify for the Club privileges and VIP staking will be provided later. Stay tuned for more updates and announcements!

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