Following our project launch schedule we have entered phase 4 of 5 and launched SYN staking. Next week users can expect, the adding of a 3X BTC/USD asset pair along with details of the SYN token sale proposal.
SYN staking is now live on the Ethereum mainnet! Users may now deposit SYN to begin early staking. At 18:00 UTC Dec 4th 2020 SYN staking will go fully Live and all accrued ETH fees will be distributed evenly to all SYN early stakers, this will include a portion of the dev fund SYN. That total amount of ETH can bee seen in the below contract.
At the time of writing there is currently ~165 ETH that will be released at 18:00 UTC Dec 4th 2020. To calculate your expected rewards: ETH fees x your staking SYN / Total staking SYN = ETH rewards. E.g. If a user is staking 50,000 SYN out of a total 5,000,000 SYN staking and 165 ETH are sent to the contract they will be rewarded 1.65 ETH.
After this the staking contract is fully activated and ETH will continuously be deposited from all SynLev Exchange trading fees and distributed to stakers. For early staking rewards SYN from the dev fund will be deposited to earn approximately 40% of early staking rewards. After the initial rewards are released more dev fund SYN will be added to the contract representing approximately 40% of the SYN circulating supply.
How To Stake and Claim
Before you start staking you must approve the staking contract to allow you SYN to be deposited. Click “Approve” on the dApp and then accept the transaction on Metamask or you wallet of choice. The dApp will automatically allow you to start staking once the contract is approved.
Then to begin staking just enter the amount of SYN to stake click the “Stake” button and approve the transaction. Once the transaction is confirmed you will begin earning ETH from SynLev trading fees.
ETH in the staking pool is updated with every transaction on the contract. Your unclaimed ETH rewards can be viewed on the dApp and claimed by clicking “CLAIM ETH” at any time. There is no minimum required to claim ETH or SYN staking minimum.
SYN may be unstaked at any time by entering the amount of SYN to be withdrawn and clicking “UNSTAKE”.
NOTE: Adding to your stake or unstaking will automatically claim ETH and reset your stake. This does not adversely affect your staking rewards.