How Fan Token™ Staking Impacts Other Features
You may have been wondering how Fan Token™ Staking will affect other features on Socios.com.
Or, you may think you already know based on what we’ve told you so far in this thrilling educational content series. If you haven’t read the earlier articles you can now, here and here.
Or, you may be curious, or just really cool about it, or maybe a little nervous.
However you are feeling about this topic, we’re here for you.
Get ready to have all your questions answered. And if you don’t have any questions, well we think you should know how it all works anyway! So, read on!
Voting
If you want to participate in a poll, then you’ll need to stake Fan Tokens™ for the team that is running the poll.
However, in the case in which the team launches a new poll while you have already staked all your Fan Tokens™ of that team, don’t worry!
You won’t need to purchase additional Fan Tokens™ and stake them to participate in the poll. As long as you have staked the necessary amount of Fan Tokens™ to join the poll (even before the poll is launched), you can still participate.
Let’s make an example.
You own 15 $JUV Fan Tokens™.
On day 1, you decide to stake 10 of them.
On day 2, the team launches a new poll, which requires 1 $JUV Fan Token to be staked to participate and vote.
In this case, you won’t need to purchase 1 additional $JUV Fan Token and stake it in order to participate in the poll. Since you have already staked 10 $JUV Fan Tokens™, and only 1 $JUV is needed to participate in the poll, 1 of those 10 $JUV Fan Tokens™ staked will count, meaning you’re all set and good to go!
On day 3, Juventus launches another poll, which requires 10 $JUV Fan Tokens™ to participate. Also in this case, you’re good to go and you won’t need to purchase additional $JUV Fan Tokens™ and stake them in order to join the poll. This is because you have already staked the necessary amount of $JUV Fan Tokens™ (10) to join the poll.
Now let’s say that, on day 4, Juventus launches another poll, this time requiring 15 $JUV Fan Tokens™ to participate. In this case, since you have currently staked only 10 $JUV Fan Tokens™, you will need to stake another 5 $JUV Fan Tokens™ in order to join the poll.
Quizzes
Very much the same as polls, you’ll need to stake to participate. And if you’ve already staked your Fan Tokens, you are still good to go!
Predictor
You don’t need to stake your Fan Tokens to use the predictor feature.
Locker Room
Staked Fan Tokens™ can’t also be used for Locker Room. So, that means using unstaked Fan Tokens or acquiring more to participate if your Fan Tokens are staked.
That’s it! Your standardised, concise, one page (on google docs) guide to how Fan Token Staking relates to other features on the app. By now, you’re something of an expert. But, there’s gonna be a couple more articles heading your way soon, too. Just to make sure you’ve got absolutely everything you could possibly need to become a Fan Token Staking guru.
Please note
You will not be able to sell or send your staked assets until the unstaking process is complete; price volatility will still apply to Fan tokens during this process and whilst staked.
How is Fan Token Staking on Socios.com different from staking on other platforms
The staking function within Socios does not generate any financial rewards for users. Instead, the rewards are ‘reward points’ that can only be redeemed within the app for experiences or app functions. These points cannot be converted into any other form, nor do they hold any financial value.
