— 6 Apr 2022
We are excited to announce our first single-sided staking programme that offers rewards for TAP holders. Under the programme, participants can earn rewards simply by signing up to the access list, gaining exclusive access and staking their tokens on the Tapmydata platform. We look forward to welcoming you aboard.
Below, we show you how to stake your TAP tokens.
How does staking work?
Staking is a process where holders of staked tokens get rewards for keeping their investment in the blockchain. The incentives are mostly financial, but there’s also governance rights and even more exciting things on offer! In this sense it feels like having an account that pays interest as long you keep your funds safe within these “walls”. Sounds cool, right?
What does single-sided staking for TAP look like?
The TAP token is a utility token used within the Tapmydata ecosystem. It is used to open data channels, where users can share their data and earn monthly rewards. The single sided-staking programme will allow all TAP holders to stake their tokens and earn a TAP return.
When you stake TAP, you will get back xTAP. This xTAP will represent your portion of the single-sided TAP staking pool. The rate of xTAP to TAP will update over time as more TAP is accumulated from fees. When you unstake and pay back your xTAP, you will receive more TAP than what you entered with.
This is important because now holders of TAP tokens can earn on their TAP with no risks or impermanent loss. Single-sided staking means that you only have to deposit TAP, and when you withdraw you get more TAP back than you deposited.
How do you jump into the Tapmydata staking programme?
We did this process as simple as possible, here’s how you can get started staking your TAP tokens in 5 steps:
- To gain exclusive access and start staking, you will need to sign up to the allow list found here and enter your details on the page.
- Now you need to visit the staking website at staking.tapmydata.com
- Next you will need to connect the same wallet you hold your TAP tokens.
- Finally, stake your TAP tokens, choosing how much you would like to stake. You can also calculate your rewards before you commit to stake. A staking lock will occur for 45 days and if you want to withdraw before then, you will pay a 10% early sacrifice fee.
- If you would like to withdraw, simply click “Withdraw”, then choose how much you would like to withdraw (0% fee).
Head on over to our single-sided staking website at https://staking.tapmydata.com and stake your TAP today.