We're continuing the series of explanatory publications about staking GMT tokens.
23 Feb 2023, 15:02
We're continuing the series of explanatory publications about staking GMT tokens.
Today we're going to talk about how we guarantee the receipt of a specified percentage of income and the return of frozen tokens in fixed staking.
As you already know, when opening a position user tokens are frozen for 3 months without the possibility of withdrawal.
Technically, the fixed staking smart contract can be described in the following steps:
š£ Holders allow the use of personal tokens for our smart contract;
š£ They open a staking position for an amount not exceeding 100,000 GMT tokens;
š£ When opening a position, the smart contract checks whether there are free tokens on it to cover the interest on the deposit.
If there are enough funds, the position is successfully opened, and users' tokens are frozen along with the interest rate.
The total amount to cover all interest on active deposits cannot be reduced, prematurely withdrawn, or changed in any way.
If there are insufficient funds on the smart contract, your position cannot open.
Where does the amount to cover fixed staking interest come from?
The company replenishes the smart contract balance in advance with GMT tokens, taking into account the equipment reserved. The more ASICs we have in reserve, the more funds the company has available for staking.
As you can see, the blueprint is safe and simple. And it is thanks to the aforementioned that we can guarantee the fulfillment of all our obligations to users.