POLS staking: How it works?
Staking enables POLS token holders to stake their tokens on-chain instead of keeping them in their wallets.
- Staking qualifies to apply to new IDO allowlists immediately - no need to wait 7 days.
- Instead of waiting for 7 days until you're eligible for allowlisting, your POLS will be locked for 7 days.
- POLS Power is increased by the number of your POLS in a 1-to-1 ratio. You don't lose your POLS.
- After the lock period of 7 days is due, you can withdraw at any time!
💡 The staking feature is available on Ethereum and BNB Smart Chain, both have equal value.
Go to the Dashboard and connect your wallet. We recommend using a desktop version of MetaMask. Make sure you are on the correct chain - BSC or ETH, depending on where you keep your POLS.
In the Deposit and Lock tab, input the number of POLS that you want to stake. You can see all of the POLS currently available to stake as your Balance. You can use the MAX button to stake all of the tokens. Make sure you have enough ETH//BNB to cover the gas fee and click 'Deposit and Lock'.
💡 If you encounter an error during staking, try again without the decimal numbers, i.e. input 250 instead of 250.123456789
Sign the staking contract (if you are staking for the first time), pay the gas fee and confirm the staking transaction.
That's it! You should see your POLS Staked number increased on the left side of the Dashboard. Your POLS Power will be updated with the next snapshot that we take - no longer than within 24h.
⚠️ Important: The main difference between holding and staking POLS is that your staked POLS tokens will give you POLS Power straight away (a slight delay may occur, but you are eligible for allowlisting, no worries); your POLS will be locked for the next seven days (instead of waiting for seven days when holding in the wallet), after which you can freely withdraw your POLS if you decide. There is no APY on POLS token staking, and if you withdraw, you lose POLS Power.
Staking tokens also come with smart contract risks as well as network fees. Particularly when it comes to Ethereum, where staking can cost somewhere between $50-100, it is significantly cheaper to stake on Binance Smart Chain, but still bearing in mind that smart contract risks are the same on both.
⚠️ NOTE: POLS Power is not a token and you cannot withdraw it - it only has Polkastarter platform utility. You can withdraw your POLS tokens on Polkastarter Dashboard. Make sure to switch to the correct chain - Ethereum or BNB Chain, depending on where you staked!