This is a staking guide for BLV token. I will attempt to make it as thorough as possible, and will keep it up to date with added FAQ as they appear in the community.
Bellevue is a price reactive-cryptocurrency, as such, it’s staking mechanisms vary from that of a traditional staking pool where tokens are locked. In Bellevue staking platform, staked tokens are still held in your wallet during staking. Stakers are still free to transfer or sell the tokens they have staked, but doing so before the next rewards update will disqualify them from being able to claim their rewards for that reward period.
Let’s take a closer look.
BLV rewards are minted and distributed to stakers wallets upon manually claiming in the BLV staking platform. Stakers are highly incentivized to hold for long periods of time, as their rewards are dependant upon the number of days their tokens have been staked. The formula for BLV rewards is as follows.
Rewards must be claimed after every reward update window, stakers have until the next positive reward update to claim their rewards. If the next 7 day reward update is negative and there are no rewards to collect in the following rewards window, their rewards will still be available to collect until the next positive reward update.
Price checks are made every 24 hours and the price changes are averaged within a 7 day window, negative price changes are excluded from this. For example if there are 5 positive price days within a week and 2 negative price days, the average will be taken only from the 5 positive price days. This means that stakers will still benefit from the short-lived volatility within a 7 day window, and unless ALL days in the 7 day window were negative, they will receive rewards each week.
Holders of BLV are strongly incentivized to hold and not sell. The burn fees for sells and transfers is a strong deterrent, as well as the generous long term holding rewards. In the staking rewards formula, the number of days staked acts as a multiplier; meaning the more days you hold, the better the rewards.
In order to stake BLV, you will need to be familiar with using Metamask. If you haven’t used Metamask before, please watch and follow along with this video:
Please navigate to the Bellevue staking platform and on the left side press “Connect to Metamask”
Once you have connected to your Metamask wallet, your BLV balance will automatically be staked. The ‘Stake’ button is only for holders who were holding BLV before the staking contract was deployed, which was on October 12 2020. It’s only a requirement to press the stake button and pay gas if your holdings were in your wallet before this time. Otherwise, all you need to do is connect your metamask, you can ignore the stake button.
**Note: Rewards are currently based on a 24 hour window but we are currently working to modify this and within the next couple of days we will be on a 7 day reward cycle.**
Rewards work on a 7 day window. In order to receive rewards for any given 7 day rewards window, you must have your staked coins in your wallet before the beginning of the rewards window.
After the 7 day rewards update is complete you can claim your rewards. Simply open the staking app and select claim.
You will be prompted by Metamask to confirm the transaction. Since the ethereum network has been quite clogged lately, it would be a good idea to select higher gas fee. Once you are happy with the gas fee you have chosen simply confirm the transaction
After you have confirmed the claim, you can check the pending transaction in your metamask dashboard.
You have successfully claimed your BLV tokens, now you just need to come back next week and do the same thing. Remember, you need to claim your tokens after every positive price week.