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6.3 Staking and Rewards 🎁

Introduction to Staking​

Staking involves holding $PAYS tokens in a wallet to support the operations of the PaySocial network. In return, stakers earn rewards, contributing to network security and receiving incentives for their participation.

How Staking Works​

  • Stake Your Tokens: Lock your $PAYS tokens into a staking contract through the PaySocial platform.
  • Participate in Validation: While staked, your tokens contribute to the validation of transactions and maintenance of the network.
  • Earn Rewards: Receive periodic rewards in the form of additional $PAYS tokens based on the amount staked and the duration.

Types of Staking Pools​

  • Fixed Staking Pools: Offer a predetermined reward rate for staking tokens over a fixed period.
  • Flexible Staking Pools: Allow you to stake and unstake tokens at any time, with rewards calculated based on the staking duration.
  • Promotional Staking Pools: Special pools with higher reward rates or bonuses for limited periods to encourage participation.

Benefits of Staking​

  • Passive Income: Earn additional tokens without active trading or participation.
  • Support Network Security: Contribute to the stability and security of the PaySocial network.
  • Increased Voting Power: Staking may enhance your governance voting power, influencing platform decisions.
  • Incentivized Holding: Encourages long-term holding of $PAYS tokens, potentially increasing token value.

How to Stake Your Tokens​

Step 1: Access the Staking Platform​

  • Navigate to 'Staking': Log in to your PaySocial account and click on the 'Staking' tab.

Step 2: Choose a Staking Pool​

  • Review Options: Explore available staking pools, noting their terms, reward rates, and lock-up periods.
  • Select a Pool: Choose the pool that best aligns with your investment goals.

Step 3: Stake Your Tokens​

  • Enter Amount: Specify the number of $PAYS tokens you wish to stake.
  • Confirm Transaction: Review the staking details and confirm the transaction.
  • Transaction Confirmation: Wait for the transaction to be confirmed on the blockchain.

Step 4: Monitor Your Rewards​

  • View Staking Dashboard: Track your staked tokens, accrued rewards, and staking duration.
  • Claim Rewards: Depending on the pool, you may need to manually claim your rewards or they may be automatically distributed.

Unstaking Tokens​

  • Lock-Up Periods: Be aware of any lock-up periods or penalties for early unstaking.
  • Unstake Process: Initiate the unstaking process through the platform when you're ready to withdraw your tokens.
  • Withdrawal Time: Tokens may require a certain period before they become available after unstaking.

Conclusion​

Staking $PAYS tokens is an excellent way to earn passive income while supporting the PaySocial network. By participating in staking, you contribute to the platform's security and stability, and benefit from the rewards generated through your commitment.