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What Galaxy Staking Is and How to Stake an NFT Hero
What is Galaxy Staking?
Galaxy Staking is an NFT yield farming service that operates in conjunction with NFT Heroes non-fungible tokens. NFT Heroes holders stake their NFTs and generate rewards in NFTS tokens, the native token of NFT STARS.
What are the Galaxy Staking Reward Mechanics?
Galaxy Staking offers three tiers of yield farming: Original, Rare and Legendary (Exclusive NFT Heroes receive the same staking rewards as Legendary Heroes). The higher the rarity of the staked NFT Hero, the bigger the holder’s reward will be. The size of the rewards also depends on how many other NFTs with the same rarity have been staked in the pool. If all NFT Heroes holders staked their NFTs on Day 1, they would receive the following profit:
- Original NFT Heroes farm 50% of their cost, annually
- Rare NFT Heroes farm 90% of their cost, annually
- Legendary NFT Heroes (incl. Exclusive Heroes) farm 140% of their cost, annually
These are the minimum guaranteed rewards each staker will generate. If some holders choose not to participate in Galaxy Staking, the ones that do will farm bigger rewards.
Thus, 1 Original NFT Hero farming 50% of its initial minting cost will earn 0.0275 ETH annually (50% of 0.055 ETH). With each Ethereum block, the Original Heroes holder generates 0.11935 NFTS.
The initial cost of a Rare NFT Hero is the cost of 1 Rare upgrade card, which is 0.1 ETH. By staking a Rare Hero, holders generate 90% of 0.1 ETH annually. With each Ethereum block, the Rare Hero holder farms 0.086805 NFTS.
As for the initial cost of a Legendary Hero, we are adding the cost of the 3 Legendary upgrade cards needed to create one Legendary NFT Hero, which comes to 0.6 ETH. With each Ethereum block, the Legendary and Exclusive NFT Heroes holders generate 0.40509 NFTS.
How often is profit generated?
Profit is generated with each Ethereum block and users can harvest their profit at any point in time (as of October 18th 2021). Remember that harvesting is a transaction within the Ethereum network and requires paying a Gas fee.
The rewards are tied to a set amount of ETH. Assuming that all Original NFT Heroes holders stake their NFTs, each user will generate the equivalent of 0.01375 ETH in NFTS tokens over 6 months. The platform uses a fixed exchange rate of 1 NFTS to 0.0005 ЕТН. The system works the same way for Rare and Legendary (incl. Exclusive) Heroes.
How long does the first round of Galaxy Staking last?
The first round of Galaxy Staking will last 6 months (October 2021 - March 2022). After this period, the SIDUS team and the community may reconsider the terms and conditions of the staking.