Stake Fan Tokens. Reward Your Passion.
It’s time to make your Fan Tokens work for you.
This means staking them in the Socios.com Wallet and watching the Reward Points roll in!
Fan Token Staking is the easiest and most effective way to earn Reward Points.
It’s also at the core of the new look Socios.com Wallet and key to accessing the full experience on Socios.com.
Why? Because staking your Fan Tokens will be an essential step from now on in being able to vote in polls, complete typeforms and earn more Reward Points.
Ok.
Let’s get down to it.
What is Fan Token Staking?
Fan Token Staking means locking your Fan Tokens in your wallet. In exchange for doing so you’ll earn reward points and you’ll also be able to participate in key features, like voting.
How do I earn Reward Points for staking?
All you need to do is stake your Fan Tokens and a fresh batch of Reward Points will be allocated to you at midnight each day.
How many Reward Points will I earn?
That depends on how many Fan Tokens you stake. Before confirming your stake, you’ll see your estimated daily rewards in the Reward Points pool.
Sounds good. How do I get started?
Just follow the clear and straightforward in-app instructions to get started and stake your Fan Tokens.
It’ll go like this.
- Hit ‘stake and earn’ to get started
- Choose the amount of Fan Tokens you wish to stake from the available balance
- Note the daily rewards you will receive from Reward Points pool
- Review and sign the transaction to confirm your intent to stake your Fan Tokens
- Receive confirmation of your submitted stake
- Start earning Reward Points on your staked Fan Tokens
Got it. What were you saying about needing to stake to vote etc?
Yep. Soon, if you want to vote in a poll or participate in quizzes, you’ll need to stake your Fan Tokens. Different polls, teams, quizzes will require you to stake differing amounts of Fan Tokens to participate, so check the requirements. Note – once you stake your Fan Tokens to take part in a poll or a quiz they will be locked until the poll or quiz has been completed, at which point you’ll be able to unstake them.
Which brings us nicely to the next question!
How do I unstake Fan Tokens?
You can unstake your Fan Tokens anytime, at which point you’ll no longer receive Reward Points for staking.
If you want to unstake, follow the steps in the app as below.
- Click the unstake button from your staked Fan Token balance
- Select the amount you want to unstake
- Review and sign the transaction to confirm your intent to unstake your Fan Token.
- Receive confirmation your Fan Tokens have been unstaked
Once you’ve unstaked, there will be a 7-day cooling off period during which your Fan Tokens will move to ‘pending claimable’. At the end of the seven days, you will be able to stake them again or use them in the market.
What’s next?
We’ll be rolling out more educational content to make sure you have everything you need to make the most of making your Fan Tokens work for you! Watch this space, we’ll be in touch soon.
