Dear BitMax.io Users,
To support the continued growth of Wootrade (WOO), BitMax.io has launched WOO Staking Program jointly with the Wootrade team. BitMax.io users will get exclusive access to WOO
staking rewards and enjoy sizable additional yield if they stake over certain periods of time consecutively. Details are as follows:
|Est. APR%||Depends on Network Stake Ratio (User Staking Amount/Circulating Supply)|
|Minimum Delegation Amount||200 WOO|
|Maximum Delegation Amount||None|
|Minimum Staking Period||Unstake anytime|
|Reward Calculation Starting Time||T+1 Day|
|Reward Distribution Starting Time||T+2 Day|
|Reward Distribution Cycle||Every Day|
|Regular Unbonding Period||15 Days|
|Instant Unbonding Fee/Penalty||5%|
|Minimum Undelegation Amount||200 WOO|
|Staked Assets as Margin Collateral||Not Available Now|
App: Click [Staking] on the homepage to participate.
Every month (30-day period), the Wootrade team will allocate a certain amount of tokens from the “Ecosystem” portion of the token distribution as the staking reward pool. Then they will be distributed on a pro-rata basis to all stakers in the program every day in a linear fashion.
The size of the monthly (30-day period) staking reward pool is based on the beginning-of-the-month circulating supply on CoinGecko (https://www.coingecko.com/en/coins/wootrade-network) multiplied by the token allocation rate (6% on an annualized basis, adjustable by Wootrade in future periods). For example, if the network stake ratio (user staking amount/circulating supply) is only 5%, then expected staking yield for staking participants is 120% on an annualized basis.
Continuous Staking will be rewarded with up to 40% est. (Annualized) reward bonus
Per the project’s request, this activity has concluded on August 31, 2021.
Every month (30-day period), the BitMax.io and Wootrade team will conduct a random snapshot on WOO staking participants. A user who is staking at the time of the snapshot will be selected for additional staking rewards if the user has been staking continuously over a certain period of time:
Additional Staking Reward = time-weighted average WOO staking balance during continuous staking period * (annual staking reward bonus / 12)
|Continuous Staking Period (Days)||Annual Staking Reward Bonus|
|180+||+2% Per Month (30 days), 40% cap|
For example, if user A is a staking participant at the time of the snapshot, and user A has staked WOO continuously for 92 days; Assume in the past 92 days, the user's time-weighted average number of WOO staked is 500, then an additional staking reward of 500 * (3%/12)= 1.25 WOO will be credited to user A. If user A continues to stake the WOO tokens and does not quit entirely, the number of continuous staking days in the next snapshot will be 122, and user A can obtain another additional staking reward based on the time-weighted average WOO staking balance over the 122 days with an annual reward bonus of 6%.
This program is different from traditional airdrops or deposit rewards. Under the staking program, BitMax.io users will be required to lock up tokens in order to earn rewards. Also users have the flexibility to unstake anytime, which is different from term-deposit. While unstaking requires an unbonding period, BitMax.io offers instant unbonding service that allows users to claim back staked tokens immediately for a small fee.
We truly appreciate your continued support.
Nov 26, 2020