HOPR staking scheme goal is to reward HOPR token holders while providing a way to develop and test cover traffic with the help of the community. This is a six month-scheme takes standard yield farming and gives a gamified twist thanks to collectible NFTs which can boost your APY. It was launched on July 27th and will run until 17th January 2022, a period of 175 days.
Locking HOPR tokens in this smart contract isn’t just a way to farm tokens: it’s your gateway to participating in HOPR community testing, earning even higher rewards while helping to improve online privacy.
To participate in HOPR staking you’ll need to stake and lock your tokens in a HOPR smart contract.
Rewards will pay out as the contract runs. You can claim your rewards as you go, or you can choose to reinvest them in the contract to compound your earnings. If you choose to reinvest, your APY will increase, but those tokens will be locked until January 17th like the rest of your stake.
Staked tokens receive a base reward of 0.05% per day. This works out at 18.25% APY, assuming you don’t take advantage of compounding.
Inspired by the daily tasks from our earlier incentivized testnets, HOPR NFTs will be a way to track participation in our testnets and other events like the DAO and various one-off games and promotions.
Here’s how it will work: we’ll be running regular testing programs throughout the six months of the staking program. Once each round of testing is complete, each participant will receive an NFT to certify that you participated in testing and helped with the development of the HOPR protocol.
Linking that NFT to your staking address will earn you an APY boost. Best of all, they stack, so the more NFTs you collect the higher your APY will be.
Want to know more about the staking? Read here
How to stake?
The HOPR staking contract lives on Gnosis chain, and stakes are in xHOPR. You need to make sure your wallet is set to Gnosis chain before you connect to the widget. If you try to connect on Ethereum, nothing will happen.
Once you have the xHOPR you want to stake in your wallet, and your wallet connected to Gnosis chain, you can go ahead and connect to the HOPR staking interface.
Visit https://stake.hoprnet.org You’ll see the staking interface.
(1) Press the “Connect to a wallet” button in the top right.
Choose your wallet type. For this tutorial we’ll use MetaMask.
A popup will appear.
(2) Select the wallet you want to use as your staking address from the list
(3) After you selected your staking address, click “Next”.
(4) Another popup will appear. Click “Connect” to give the staking interface permission to access your balance details.
(5) Once connected, the site will update to show your personal staking details. The wxHOPR, xHOPR and xDAI balances of your wallet will show at the top. In our example there’s 100 xHOPR available to stake.
(6) Enter the amount you want to stake in the amount field
(7) After you entered the amount, press the “Stake xHOPR Tokens” button.
(8) Another popup will appear. Press “Confirm” to stake your tokens. You’ll need some xDAI to pay the extremely small fee associated with this. (In this example, the fee was less than a cent.)
If you’re short of xDAI you can get some from the xDAI faucet
Wait for the transaction to confirm. This should take just a few seconds, but it may take several minutes if the chain is busy. Once the transaction is confirmed, your balances should update.
(9) As you can see in the example bellow, the available xHOPR balance is now 0, and the staked balance is now 100.
Earning and Claiming Rewards
Rewards can be claimed at any time. To see how many xHOPR are available to claim, click the “Sync Rewards” button. To claim, click the “Claim Rewards” button. Like staking, there will be a small fee associated with this.
Rewards are paid in wxHOPR, you can unwrap your wxHOPR to xHOPR using our wrapper. Once unwrapped, the xHOPR can be immediately staked by repeating the steps above, you can find that here
First, you can go to the UI at stake.hoprnet.org and connect your wallet, as explained above. If your wallet has any NFTs in it, they will appear in the NFT panel.
Second, you can visit blockscout.com and enter your address. Click the “Token” tab and your NFTs will appear.
If you want to redeem an NFT, head to stake.hoprnet.org and connect your wallet. To redeem an NFT, press the “Lock NFT” button under the NFT you want to lock. A popup will appear asking you to confirm and pay a (very) small amount of gas.
When you confirm, the NFT will be sent to the token contract and boost the associated address. This cannot be undone! So make sure you’re redeeming the NFT you want in the address you want. Like stakes, NFTs are locked until 17th January, at which point they’ll be automatically returned.