📆 PRIME Staking FAQ

📆 PRIME Staking FAQ === PRIME staking: why bother? Introduction --- Below will be a guide, or answers to clear any potential doubts, for when the time comes to navigate through the SolanaPrime staking mechanism. How and when can I stake PRIME? --- As soon as you have the PRIME tokens in your walet! If you are not sure on how this process works exactly, head on over to the "PRIME Staking Suide". In the other hand, if you are not sure which is the best way to buy PRIME, "IDO Participation Guide" might help you navigate that process. What are the benefits of staking? --- Staking provides users with three different types of benefits: 1. The main benefit is direct access to the private fundraising IDO pools, with an allocated maximum participation limit. This limit is affected by the amount of staked PRIME. More information can be found in the “Tiers” section. 2. The secondary benefit is SPIX rewards, which have been explained in detail in the ‘SolanaPrime FAQ’ and can be simply understood as a direct exposure to a basket of tokens represented by the sum of a percentage from each successful IDOs previously launched and to be launched in the future throughout the entire life of the platform. 3. PrimeDAO governance, which is TBA. Where can I stake? --- The SolanaPrime launchpad application is now live! You can head to the staking terminal [here](https://app.solanaprime.com/staking). Which wallet will I need for staking? --- Users will be able to stake PRIME tokens with many Solana Network web3 wallets. Although, and until further announcements in our social media, Phantom will be the only compatible wallet in the SolanaPrime ecosystem. Does staking require any fees? --- There are no fees paid to SolanaPrime in PRIME to begin staking. You will pay a fee to interact with the staking smart contract on Solana, however. This fee entirely depends on the congestion of the Solana network at the time you stake (which should be negligible due to the nature of the Solana blockchain). How many PRIME tokens do I need to stake? --- You can stake any amount of PRIME tokens. SPIX rewards are distributed on a pro-rata basis according to your total stake. The more you stake, the more rewards you receive. There is, however, a minimal amount of PRIME tokens one needs to stake in order to gain access to participating in private pool IDOs. How do I add new PRIME tokens to my current stake? Will I incur additional fees? --- Fees in PRIME are only applied when you remove your staked tokens from the staking smart contract. There are no fees charged by SolanaPrime to add extra tokens for staking to the staking smart contract. Please be aware that Solana transaction fees will have to be paid each time you interact with the contract. What is the deadline to stake PRIME in order to receive SPIX tokens? --- There is no deadline. Once PRIME tokens are staked, the SPIX reward mechanism is live. The distribution rate per second of SPIX (APY) will decrease over time. What is the cast-out fee and why is there one? --- Essentially, the cast-out fee is a fee incurred to the unstaker which is the value of a small percentage of the total amount of PRIME that is being unstaked. If you unstake 100 PRIME from the staking smart contract, 4% of this will be the cast out fee. It is designed as a deflationary measure as per our utility tokenomics. Example: Alice stakes 1,000 PRIME through the PRIME staking smart contract. She remains as a staking participant for three months, generating rewards from cast out economics and SPIX tokens from IDOs. After three months, Alice decides to unstake her PRIME. Alice will still pay 4% of her unstaked PRIME as a cast-out fee, but now Alice’s total staking rewards, owing to the dollar-value in rewards she received from other staker’s cast out fees and SPIX rewards, far outweigh her own cast out fee. As you can see, this incentivises long-term staking, but it does not create a significant loss to staking participants who unstake unless they do so after a significantly short amount of time. Instead, those who stake for a sufficient amount of time receive rewards that far outweigh the cast-out fee. In turn, long-term staking generally has advantageous effects on the market price of a token, effectively removing PRIME from circulation and reducing its availability to be sold on exchanges — increasing demand and reducing supply. Is PRIME staking related to Raydium or Serum liquidity mining? --- No. These are two separate concepts. In Liquidity Mining, PRIME is provided to enable trading between other users, and a portion of the trading fees are awarded to the Liquidity Provider. In staking, a user effectively locks his or her tokens into a smart contract. This smart contract then provides preprogrammed staking rewards such as SPIX and cast out fee distribution. Keep in mind the user can ‘unlock’ his stake at any time and release the tokens from the staking smart contract - but in the process the user will be incurred with a cast-out fee of 4%. Are there any limits to staking PRIME? --- There will be no limits to staking of your PRIME tokens. Exact Staking Requirements <- **Read Me!** --- Important note — when you stake your tokens through a digital wallet, you will be prompted to approve access to your funds from the SolanaPrime staking smart contract. You must accept this contract without modification in order for staking to be successful. --- <br /> Next Page: 🐣 [PRIME HQ Accelerator](/JJk1WDmaRriXG6DEdyTc7Q) Previous page: 🤑 [Claim your SPIX Rewards!](/svD6eTzBQrWoRAxrK0EOQA) Home page: [📑 Product Guide & FAQ for SolanaPrime](/xWizxQCIQI2E9cHFTFFREQ)