NEW YORK, Aug. 30, 2022 /PRNewswire/ — UFO Gaming (UFO) just released their long-awaited Staking Decentralized-App (dApp). Staking is the process of locking up cryptocurrency holdings for a certain duration in order to obtain rewards or earn interest. The UFO dApp offers both due to its dual-staking mechanism; by using their dApp, users can earn interest in the form of UFO tokens and rewards in the form of Plasma Points. UFO rewards can be sold for profits and Plasma Points can be exchanged for tradable NFTs that users can use to play UFO’s new game Super Galactic or sold.
According to their official website, there are a couple of ways to maximize the APR from the staking dApp; firstly by combining Ethereum with UFO tokens and staking into the UFO-ETH LP pool, users will earn 300% more potential returns. Secondly, if users lock in their stakes for the maximum duration of 52 weeks, users can further increase their APY by 100%. Currently the maximum APY that can be earned from the dApp is 980% meaning if you lock $1,000 into the pool above, within 1 year the value of your investment will be worth $9,800 + Plasma Points which you can use to trade for NFTs.
You might be wondering where the rewards are coming from when the UFO token had a ‘fair launch’ (50% of the supply was burned at launch and 50% released on Uniswap) and the team had to buy their own tokens on the open market like everyone else. In a recent AMA, the team stated they have been accruing tokens since the early days and are going to give away a significant percentage of the supply of UFO tokens as rewards for those staking on their dApp in addition to potentially feeding any profits the company makes in $UFO into dApp rewards which insiders believe to be around 7% of the total supply of tokens being paid out as rewards.
If you factor in potential price growth into the current APY on the staking dApp, the rewards can be exponential:
If $UFO price is 0.0000019 (Current)—after unlock, the holder will be up ~ 9x
If $UFO price is 0.000019$—after unlock, the holder will be up ~ 90x
If $UFO price is 0.00019$$—after unlock, the holder will be up ~ 900x
Note, the APY varies depending on the amount users lock compared to the total amount locked.
Using the staking dApp to start earning is easy, just follow their tutorial here.
About UFO Gaming
UFO Gaming (UFO) is a revolutionary blockchain gaming platform giving players the power to earn cryptocurrency while playing games and to own their in-game items as NFTs. While launching their own games, UFO is developing its own Metaverse which invites users to meet, interact, hang out and jump into its play-to-earn games.
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SOURCE Market News