Discover how you can participate in the exciting SUI on-chain earning event. Stake your SUI tokens and get a chance to share rewards from a massive prize pool.
Overview of the On-Chain Earning Event
On-chain earning events allow cryptocurrency holders to stake their assets and earn rewards. These events are designed to incentivize participation and support network security. The SUI staking event offers a structured opportunity to earn additional SUI tokens by committing your holdings over a specific period.
This initiative not only helps you grow your digital assets but also contributes to the overall stability and decentralization of the blockchain. Whether you're new to staking or an experienced participant, this event provides a clear and rewarding pathway.
Understanding the mechanics, eligibility, and calculation methods is key to maximizing your returns. Let’s explore the details.
Event Participation Requirements
To join the SUI staking event, you must meet two basic conditions:
- Complete the identity verification process (KYC) on the platform.
- Stake a minimum of 1 SUI token during the event period.
These requirements ensure a secure and compliant environment for all participants. The identity verification step is a standard procedure to prevent fraudulent activities and maintain platform integrity.
Staking Rules and Snapshot Mechanism
The event uses a snapshot mechanism to determine user rewards fairly.
- A baseline snapshot of your staked SUI in the on-chain earning product will be taken at the event's start time.
- Subsequent daily snapshots will record your staked balance at the same time each day.
- Your reward is calculated based on the average increase in your staked amount compared to your baseline. The earlier you stake more funds, the greater your potential reward.
This mechanism encourages sustained participation and rewards users for increasing their commitment throughout the event.
How Your Rewards Are Calculated
Your personal reward is determined by a proportional formula:
Your Reward = (Your Average New Stake) / (Total Average New Stake of All Users) × (Total Prize Pool)
Illustrative Example:
- User A's baseline snapshot shows 5 SUI staked.
- On Day 1, they stake an additional 5 SUI, bringing their total to 10 SUI.
- On Day 7, they stake another 5 SUI, holding 15 SUI for the remainder of the event.
- Their average new stake is calculated at 7.5 SUI.
If the total average new stake across all users is 1,000 SUI and the prize pool is 10,000 SUI, User A's reward would be:
- (7.5 / 1,000) × 10,000 = 75 SUI
This model ensures that rewards are distributed equitably based on each participant's relative contribution to the staking pool.
Key Event Details
| Event Period (UTC+8) | Total Prize Pool | Reward Token |
|---|---|---|
| Starts April 19, 2024, at 14:00 | 10,000 SUI | SUI |
Reward Distribution and Rules
- All rewards will be distributed in the form of spot tokens to your funding account within seven business days after the event concludes.
- The platform reserves the right to convert any reward into a voucher of equivalent or lower value, or into USDT, under specific circumstances. This may occur due to regulatory restrictions in certain jurisdictions or if the platform is unable to procure the designated reward.
For a seamless experience in tracking your assets and rewards, it's crucial to use reliable tools. 👉 Explore advanced portfolio tracking methods
Important Considerations for Participants
- The on-chain earning service is supported by a technical team and trusted third-party operators who manage node infrastructure and bear all associated costs.
- Staking yields are variable and depend on the actual on-chain rewards generated; the platform will distribute earnings accordingly.
- This event is exclusively available to main accounts; sub-accounts are not eligible to participate.
Frequently Asked Questions
What is on-chain staking?
On-chain staking involves locking your cryptocurrency in a network's protocol to support its operations, such as validating transactions. In return, you earn rewards, much like earning interest, which are generated from network fees or new token issuance.
How do the daily snapshots work?
A daily snapshot is a record of your staked balance taken at a specific time each day. Your reward is based on the average increase of your balance from the initial baseline snapshot. Consistently maintaining or increasing your stake is key to maximizing your earnings.
When will I receive my staking rewards?
Rewards from this event will be credited to your funding account within seven business days after the event period has officially ended. You will receive them as spot SUI tokens.
Can I unstake my tokens during the event?
The reward calculation is based on the average amount you have staked throughout the event. Unstaking tokens would lower your average balance and significantly reduce your potential reward. It is recommended to keep your tokens stabled for the duration.
Why is identity verification (KYC) required?
KYC is a mandatory security and regulatory procedure. It helps prevent fraudulent activities, multiple account registrations, and ensures a safe, compliant environment for all users on the platform.
What happens if I live in a restricted region?
The platform must adhere to local laws. Users from certain restricted jurisdictions may be ineligible to participate. The full list of restrictions is detailed in the platform's terms of service.
Final Tips for Success
To make the most of this staking event, commit your tokens early and maintain your stake. The calculation model rewards those who contribute more to the network over time. Always ensure you understand the terms and conditions, and remember that cryptocurrency investments carry inherent market risks. Participate responsibly and enjoy the potential rewards.