Staking Portal 2.0

It has been two months since we suspended our Staking Portal owing to the problems with its smart contract. We are happy to announce that we have rectified these problems and are now ready with Staking Portal 2.0. The portal will go live tonight!

We have also addressed the most prominent queries about the updated portal in the FAQs section.

How does staking work on the updated portal?

While most of the operations remain the same, we have made some significant changes in Staking Portal 2.0.
Just as before, we decide the reward amount, duration of the reward campaign, and the tokens that users earn at the contract deployment time. The reward earned by any given user for a reward cycle is proportional to their stake at its end.

1. The APR is no longer dynamic and is now fixed at 35%.
2. The rewards are now auto-credited to your wallet in $DMZs at the end of every cycle by default. You can change it to Manual using the toggle button in the Rewards section.
3. The Withdraw Stake is now a multi-step process. The details are available below.
4. We have modified the penalty at withdrawal to 20% of the amount removed from the stake.
5. The maximum time that you can stake your $DMZs is 4 months, i.e., you will get the rewards for the period of 4 months starting today- 19th May’22.
   Consecutively, if you start staking a week later from 19th May’22, you will earn rewards for 3 months and 3 weeks.

We have also defined the safety features in the updated contract that will allow the admin to withdraw the rewards and the stake in an emergency.

How to stake on Staking Portal 2.0?

1. Connect your ZilPay Wallet.
2. Navigate to the Staking Portal.
3. The current distribution of your $DMZs will be shown on the Staking Portal.
4. Read the FAQs regarding the Staking Portal for its brief understanding.
5. Please do not close or refresh the page while the requests are processed.
6. While DeMons does not charge you, every transaction on the Zilliqa blockchain costs a fraction of ZIL.

To add your $DMZs to the stake-

1. Click on the Add Stake button to add $DMZs to the stake.
2. Fill in the desired amount and click on the Stake button. The minimum stake amount is 1 $DMZ, and we do not allow fractional stakes.
3. The system will prompt the user to confirm the transaction for an Increase in Allowance in case of insufficient allowance, making Add Stake a 2-step process.
4. Click on the Confirm button in the confirmation pop-up to continue to increase allowance and then to stake.
5. In case of sufficient allowance, click on the Confirm button to continue to add the stake. Otherwise, click on the Reject button to cancel the request.

To remove your staked $DMZs-

1. Click on the Remove Stake button to un-stake the DMZs. Fill in the amount you wish to remove from the stake.
2. Click on the Confirm button in the confirmation pop-up to continue. Or click on the Reject button to cancel the request.
3. The set amount will be un-staked, and you will no longer receive any rewards on this amount. Please note that you have not yet withdrawn this amount but have set it aside for withdrawal.

To withdraw your $DMZs from the stake-

1. Remove the amount from the stake (as mentioned above).
2. Continue to the Withdraw Stake stake section after the set amount is removed from the stake.
3. You can now withdraw the un-staked amount immediately with the penalty or without penalty after the block timer ends.

Staking is just as risky as any other investment. Nevertheless, it makes you extra money, helps maintain the security and efficiency of blockchain, and is better for the environment than Crypto-mining while offering competitive APY.
Stake your $DMZs on the DeMons’ Staking Portal 2.0 and continue to earn rewards!