How to stake $PAID tokens on Ignition?
Visit the Ignition Staking website: ignition.paidnetwork.com/staking
We recommend bookmarking our official staking website to prevent the risk of accidentally clicking scam links.
Log into your Ignition account and connect your wallet.
Ensure that you are connected on the network where you hold your $PAID tokens, and confirm that you have sufficient ETH/BNB for gas fees.
Enter the amount of $PAID tokens you want to stake.
Don’t forget to factor in the 2% staking fee whenever you stake and unstake $PAID.
For example: if you want to take 75,000 tokens, you'll need to allow for an additional 2%.
You can calculate this as follows:
[number of tokens you wish to stake] (75000) + [2% ] (staking fee = 75000 x 2% = 1500) = [# of token needed] (76500 $PAID).
Click "Approve" and follow the prompt on your wallet.
Proceed to “Stake” and follow the prompt once more.
Please note that this is a 2-steps process, so you will have to approve the contract first and then actually stake the tokens.
After successfully staking your $PAID, sPAID will be minted to your wallet.
Congratulations, you have now staked your PAID tokens.
An Overview of the Staking Benefits
Staking any amount of $PAID tokens will make you eligible for the following staking benefits:
Airdrops from participating partner projects
Staking $PAID tokens will make you eligible for token airdrops from some of participating Partner Projects launching on Ignition. Participating projects will allocate a percentage of supply for this and anyone who has $PAID staked on ignition will get an airdrop proportional to their stake.Protocol Revenue
$PAID stakers will receive $PAID tokens via real yield APY from the $PAID Community Fund investment profits. This will create a more sustainable and circular token economy in the long term.Governance
Stakers will be able to engage directly in decision-making processes with the ability to vote on proposals in the $PAID Community Fund.
Staking 75000 $PAID tokens will add another staking benefit to the list:
Early pool
Staking a minimum of 75000 $PAID tokens unlocks access to the exclusive Early Pool, providing you with early entry to Ignition launches.
Terms, requirements, and details
To help clarify some of the key points surrounding the new staking mechanism, we will highlight the key information.
Minimum stake amount: None. You can stake as few or as many PAID tokens as you wish. The amount of Revenue shares and Partner airdrops you will receive, is based on the amount of $PAID tokens that you staked.
Minimum unstake amount: None. You can unstake any amount of your staked tokens, the 2% staking fee will only apply to the unstaked amount.
Unstaking period: None. You can unstake any time you want. There is no cool down period, so your tokens will be available immediately.
Staking frequency: Any wallet can stake as many times as they would like. It is possible to register multiple wallets to your account and combine the total amount of tokens.
Unstake penalties: Keep in mind that a 2% unstaking fee will be deducted from your sPAID balance when you unstake.
Example: 75000 sPAID - 2% unstaking fee = 73500 $PAID tokens
Staking FAQ
Can I stake my tokens using my Ledger/Trezor?
Yes, you will need to connect your Ledger/Trezor through your MetaMask account. You can use WalletConnect on our website.
Can I stake some tokens on ERC20 and some on BSC20?
Yes, the tokens from all your registered wallets will be combined automatically and will count towards Early Pool.
I tried to stake, but my $PAID tokens are still in my wallet and are not shown on the Ignition staking page. What can I do?
Any blockchain transaction is designed in the following way: you first have to give permission to the other party to spend your funds, and once you give them the permission, the transaction can be executed. The same happens with any trade or exchange on the blockchain.
Staking on Ignition platform consist of these 2 steps:
- the first step is giving the approval of spending your tokens (the tokens will remain in your wallet)
- the second step is the execution of the staking transaction (tokens are transferred to the staking contract)
In order to stake your tokens, you will need to complete both steps.
After pressing the ‘Approve’ button, please check your Metamask wallet and confirm the transactions there.
What happens with the staking fee?
The 2% fees are used to maintain the platform’s robust ecosystem and to refill the Community Fund. This means that the staking fees will flow back to the community and $PAID token holders.
What is sPAID exactly?
After staking, you'll receive sPAID (staked $PAID derivative), which represents your staked amount. sPAID is minted directly to your wallet and is instrumental for participating in ‘Early Pool’, receiving airdrops, APY, revenue share, governance and more.
How do I add sPAID to my wallet?
After you staked your $PAID tokens, you can simply add the sPAID token contract address to your wallet: 0x071Fe1027e1064390083019019e9182CB4Fb43FB.