We’re pleased to announce the launch of another $BITE staking program on MANTRA DAO which is available for $BITE holders now.
Staking is an important component for any DeFi project. It allows token holders to generate passive income by simply contributing their tokens to a pool for a given period of time.
Check out the below information to get a better understanding of the ins and outs of the Mantra Dao $BITE staking program.
Mantra Dao DragonBite Staking Program — Key information:
- Opening date: Wednesday, June 16th at 11:30PM
- Type of Staking program: permanent
- APY: variable
- Total $BITE for staking: 360,000/mth
The tokens used for this staking program are part of the bucket dedicated for this purpose announced in the emission and tokenomics piece which you can find in this article.
How to Stake $BITE on Mantra Dao?
After purchase the $BITE tokens will be stored in your wallet.
To stake $BITES on MANTRA DAO, please go to the MANTRA DAO Dapp at, https://app.mantradao.com/staking and connect your wallet.
In case you need further information on staking MANTRA DAO, there is a comprehensive guide with screenshots which available here.
Distribution of $BITE Staking Rewards
360,000 BITE will be distributed to the stakers participating in the program every month.
The APY earned will be based on the number of stakers and will depend on the amount and duration of $BITE staked.
Since the participants will receive a higher APY at the beginning of the program, it’s recommended to start staking early if you want to take advantage of high returns.
Stakers don’t need to wait for the end of the program to claim their rewards which they can access 8 days after unstaking.
Deposit and withdrawal fees will apply when moving your $BITE in and out the pool because $BITE is an ERC-20 token that operates on Ethereum’s network; so gas fees will be required to participate and redeem.
Additionally, there is a 2% fees for immediate unstaking.
About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.
DragonBite is a decentralized ecosystem that puts the power of the cryptocurrency market into the hands of its users. DragonBite offers various products and services, catering to almost every aspect of the cryptocurrency economy, including a digital wallet, a cryptocurrency exchange, loyalty redemption points, discounts/purchases with crypto, and more. Using the DragonBite application, users gain access to every feature they could need within the cryptocurrency market.