Coinecta Staking: FAQ
The post below will serve as an explanation and introduction to the staking platform and clarify how the staking tiers work, and provide an explanation for the un-staking fees and what purpose those serve.
What is CNCT Staking?
Staking CNCT tokens means that you’re locking your CNCT tokens for a given period of time to reserve allocation in upcoming token sales on the Coinecta platform. As a bonus, you also receive more tokens depending on the lockup period you choose.
What are the benefits of staking CNCT tokens?
The main benefit of staking is earning a first right of refusal for utility tokens launched with the help of the Coinecta platform.
Staking your CNCT tokens will also reward you with more CNCT based on the amount staked and the lock-up period you’ve chosen. Over a minimum of five years, 26,000,000 tokens will be distributed to our community of stakers.
What is a staking tier?
Staking tiers represent the pool weight you earn for staking CNCT tokens. The number of CNCT tokens you stake are counted towards your staking tier.
Pool weight represents your share of the overall pool of tokens available in any token launched on the platform. Each launch will have a different number of tokens available. The overall “pool” is the total weights of everyone who contributed to the sale. Your share of the pool determines your share of reserved allocation in a pro-rata sale.
Also, staking tiers stack! That means if you have 60,000 tokens, even though you’re 20,000 away from Visionary, you are given both Innovator and Expert tier pool weights (1750 total). If you are already above Oracle, you also get the additional tiers below. So if you have 180,000 you are Oracle and Innovator for 8500 pool weight. Staking 320,000 would be a double Oracle, with a pool weight of 16,000.
Where can I stake CNCT tokens?
In order to stake CNCT tokens please visit the dashboard on the Coinecta platform. https://coinecta.fi/dashboard/add-stake
After connecting your wallet, please enter the amount you want to stake and select a lock-up period for your tokens.
For more information and instructions, please read our step-by-step guide staking guide.
What does APY mean?
The annual percentage yield (APY) is the interest rate earned on the staked amount in one year.
Put simply, a higher APY indicates a higher return over a given time period.
What is the staking APY?
The staking APY % varies based on the lock-up period you have chosen.
Locking staked tokens for longer periods produces higher rewards based on a multiplier. The multiplier will depend on the lockup period.
There is a minimum lock-up period of 30 days and a maximum lock-up period of 12 months.
As more tokens are distributed and more stake is added, the APY will decline. The staking APY will be reduced frequently.
When are staking rewards distributed for the stakers?
You will receive the additional tokens at the same time that you unlock your initial stake.
Note that when you stake, the tokens are immediately added to your locked stake, and that means they’ll be included in your staking tier and allow you to maximize your allocation for upcoming token launches.
For example, if you stake 115,000 tokens for a 12-month lock-up period with an APY of 40%, you will immediately receive a staking key with a locked amount of 161 000 tokens. This automatically places you in the Oracle tier.
Can I unstake my tokens before the lock-up period is over?
No. There is absolutely no way to unstake your tokens before the lock-up period is over.
Those tokens are locked in a smart contract, and no human interaction can change or unlock it before the period is over.
What is a Coinecta stake NFT?
A stake NFT is simply an NFT (a non-fungible token) that represents the locked amount of CNCT that you are staking.
Our website can scan those stake NFTs and extrapolate how many CNCT tokens have been earned while staking.
Can “Staking NFTs” be transferred to different wallets?
Yes! The token you receive — the Coinecta Stake NFT — is a unique NFT that represents your stake. You are welcome to transfer these to any address you choose, or even trade them with someone or loan them if you don’t want to use your pool-weight for a given token sale.
How can I manage my staked tokens?
In order to stake or redeem, you have to connect your wallet with the staking dashboard on our platform.
Manage and view your staked amount, remaining lock-up period and more here: https://coinecta.fi/dashboard/manage-stake
Which wallets are supported?
In order to use our platform you can use Nami, Begin, Eternl, Flint, Lace, NuFi, Gero, Typhon and Vespr.
Note: Hardware wallets such as Ledger currently do not support message signing. If you are using a hardware wallet, please first create an account with a hot wallet. Once logged in with a hot wallet, cold wallets are supported for all platform features.
When does staking start?
On March 8th, the staking dashboard was launched.
How long will the staking last?
Staking emissions are set to last at least 5 years.
What percentage of your total tokens is the staking emission?
In total 32.5% (26,000,000) of the total CNCT supply is allocated for staking emissions over a period of 5 years.
What will happen with my staked tokens once the lock-up period is over?
Once the lock-up period expires, you must claim your tokens from the dashboard.
Note: once the lock-up period has expired, you must re-stake those tokens or you will not receive any rewards for the days beyond the lock-up period.
Is it possible to manually set any staking time, or is it in fixed intervals?
There are set intervals which are 1 month, 3 months, 6 months and 12 months.
When can I redeem my staked tokens?
https://coinecta.fi/dashboard/manage-stake
The content of the FAQ is for informational purposes only, you should not construe any such information or any material on the Coinecta site as legal, investment, financial, or other advice.
Thanks for reading, and please stay tuned for more updates!
