What are your options for staking $PORT?
You have two staking options; PackagePortal’s buoy contract and/or dock contract. These are smart contracts that allow you to stake your $PORT in a non-custodial manner straight from your ZilPay web wallet.
Let’s deep dive into the workings of these smart contracts and what you need to know to get started.
The Buoy Contract
The most important distinctions between the two contracts are the APR and unbending periods. The Buoy contract pays out a 7% APR (see latest annualised APR on Staking Rewards), offers a 7-day unbonding period, and follows a reward cycle of roughly 1 day.
The 7-day unbonding period means that you have to stake for at least 7 days to avoid the 10% unstaking fee and that you will see rewards accruing daily. Total Rewards indicates how much $PORT is left to be distributed to stakers. By extension, Total Stakers and Total Staked indicates how much users have deposited into the contract. This contract can be found on the Zilliqa Block Explorer here. When you unstake, you will still earn rewards over the 7 day period but at a reduced APR. If you withdraw immediately, there will be a 10% unstaking fee.
The Dock Contract
The Dock contract follows the exact same structure but features a 90-day unbonding period and offers a 19% APR (see latest annualised APR on Staking Rewards). Thus, it is identified as a long-term contract with a higher APR than the Buoy contract, which has a lower lockup but also a lower reward incentive.
PackagePortal emphasizes the long term nature of this contract by introducing a 25% fee for those who stake for less than 90 days. Before you stake into this contract, make sure you understand the risks. Unlike the Buoy contract, you get the full 19% reward over the unstaking period; only paying the 25% unstaking fee if you withdraw instantly.
What you need to stake PackagePortal
- A ZilPay web wallet
- 20 Zilliqa for fees
- At least 1 $PORT to stake
Step-by-step guide to staking PackagePortal
Step 1 – Connect your ZilPay wallet to PackagePortal
- Head to https://www.packageportal.com/
- Click Launch App in the top right hand corner
- Connect your respective wallet
Step 2 – Staking through the Buoy contract
Staking through the Buoy contract is a simple process that involves inputting the amount of $PORT you want to stake and then confirming the transaction. Reminder! This staking method has a 7-day lockup period with a 10% instant withdrawal fee.
Step 3 – Staking through the Dock contract
Staking through the Dock contract follows the exact same process as the Buoy contract and just requires you to input the amount of $PORT that you want to stake. Reminder! This staking method has a 90-day lockup period with a 25% instant withdrawal fee.
You are done!
Your PackagePortal is staked. As you can see from the steps above, it is quite a simple process. Happy staking!