New rewards are being offered to stakers as PORTX staking enters a new epoch. Token holders already staking PORTX tokens do not need to take any action and can continue staking.
This new epoch will start on March 9th, 2023, lasting 120 days, and is an extra staking rewards on top of the ongoing staking rewards generated from porting fees and token transactions taxation. Read more on that here.
The rewards for staking PORTX tokens during this epoch are 600K PORTX tokens. The rewards will be displayed as an APY or annual percentage yield and will be automatically updated. PORTX’s APY will decrease as more participants stake PORTX, and it will increase if users unstake.
The minimum staking time required is 50 days. Token rewards will be offered to those who stake their tokens for at least 50 days during the epoch. The rewards will be distributed in proportion to the time each participant has staked their tokens.
In addition to earning high APYs, staking PORTX tokens reduces bridging fees. Users who stake PORTX tokens will receive a discount from the standard 0.3% bridge fee to 0.2%. This can add up to a considerable amount of savings for frequent bridge users. The discount will be automatically applied, and the bridge fee will be deducted from the PORTX staking contract.
This new epoch of PORTX staking is a great way to drive further innovation and adoption of ChainPort and its ecosystem. With generous rewards and a low minimum staking time, this new epoch will attract a lot of attention from DeFi enthusiasts and the PORTX community.