ðMagic Staking
Last updated
Last updated
Staking your $SQR tokens with Magic Square is a strategic move to potentially gain from the platform's growth while being part of the ecosystem. Hereâs a guide to why and how you should consider staking $SQR tokens.
Potential Passive Income: Stakers can earn rewards based on the Annual Percentage Rate (APR), which varies across different pools. This APR offers a pathway to passive income, rewarding the amount and duration of the stake.
Exclusive Access via SQRp Points: Staking also yields SQRp Points, which provide exclusive access to Launchpad Sales within the Magic Square ecosystem. These points are earned based on the quantity of $SQR staked and the staking duration, offering a unique advantage to active participants.
The staking mechanism for $SQR tokens is designed with simplicity and direct rewards in mind. It has two primary parts: earning APR returns and getting SQRp points for access to the Magic Launchpad.
Here's a breakdown of the process:
APR Returns: When you stake $SQR tokens, you're entitled to Annual Percentage Rate (APR) returns. These returns are a form of compensation for the assets you've committed to the platform, serving as a financial incentive for your participation.
SQRp Points for Launchpad Qualification: Beyond financial returns, staking also grants you SQRp points, which are crucial for qualifying for Magic Launchpad Sales. The amount of SQRp points you earn depends on two factors: the volume of $SQR tokens you have staked and the duration of your stake.
Step 1: Visit the Staking Page Start by going to the Magic Square staking page.
Step 2: Connect Your Wallet Securely connect your digital wallet by following the on-screen prompts.
Step 3: Choose Your Stake Decide the amount of $SQR you wish to stake. Select from various staking pools, considering the lock-in period, potential APR returns, and the SQRp Points you aim to accumulate.
Step 4: Approve the Transaction Finalize your decision by reviewing the staking details and approving the transaction in your wallet.
At the bottom of the page, you can view your staking history. The only actions available here are "Claim Available Earnings" and "Unstake." You can claim your staked tokens once the lockup period ends, but your yield can be claimed block-by-block.
Staking $SQR involves interacting with a decentralized service via smart contracts. It's essential to know the inherent risks of decentralized finance (DeFi) and smart contract staking. These risks include potential vulnerabilities, market volatility, and the speculative nature of digital asset returns. Magic Square, through its decentralized system, does not control the staked assets or the functionality of the smart contract post-launch.
Staking $SQR through Magic Square involves interaction with a decentralized service provided by Castor 24, highlighting a smart contract-based system that operates independently post-deployment. This decentralized nature means Magic Square has no control over the staked assets or the smart contract's functionality after it's launched. Participants should be aware of the inherent risks of decentralized finance (DeFi) and smart contract staking, including but not limited to potential vulnerabilities, market volatility, and the speculative nature of digital asset returns.
$SQR Staking is unavailable for residents of the following countries: China, Ecuador, Algeria, Egypt, North Macedonia, Nepal, Morocco, Canada, United States of America (USA), United Kingdom, North Korea, Iran, Venezuela, Cuba, Libya, Sudan, Crimea, Syria, Yemen, and Afghanistan.
