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

      Package Portal Buoy Contract
      See latest annualised APR on Staking Rewards

      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

      Package Portal Dock Contract
      See latest annualised APR on Staking Rewards

      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

      1. Head to https://www.packageportal.com/
      2. Click Launch App in the top right hand corner
      3. 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.

      Conclusion

      You are done!

      Your PackagePortal is staked. As you can see from the steps above, it is quite a simple process. Happy staking!

      About The Author

      Abishek Y Kannan

      is studying actuarial studies at UNSW. He has been in the crypto space since 2019, trying to form links between the areas of finance and the crypto space. Currently Abishek is working on building his own non-custodial dedicated staking wallet that aims to automatically compound user staking rewards. Abishek is a crypto enthusiast who loves exploring the new and interesting ways that different blockchain projects are trying to make the world a better and more efficient place.