Blockchain based P2E Fantasy Sports Game TradeStars has announced the launch of staking of their native token TSX. Users will now be able to stake their TSX tokens and earn more TSX tokens as rewards.
TradeStars and TSX
TradeStars is a P2E Fantasy Sports game built on Ethereum, where users can trade Fantasy Stocks whose value is directly influenced by the real-life performances of athletes. Sports enthusiasts can use their sporting knowledge to buy Fantasy Stock of players who display potential to be the stars of tomorrow, and enjoy significant upside on their investment.
The Fantasy Stocks are implemented as Fractional Non-Fungible Tokens (F-NFTs), and are traded against smart contracts using TSX as the medium of exchange. TSX is an ERC-20 token which serves as the in-game currency (utility token).
Users can also participate in DFS (Daily Fantasy Sports) contests on TradeStars and win TSX as rewards.
Being the utility token, TSX drives the in-game economy of TradeStars. TSX is also the governance token, and allows holders to participate in decentralized voting rounds to finalize decisions which concern various issues of the platform governance and its future direction of growth.
Apart from this, TSX entitles holders to a range of other benefits, such as earning a share of the platform fees generated, and getting first access to special edition NFTs minted on the platform.
TSX is currently listed on leading cryptocurrency exchanges such as MEXC, Uniswap and PancakeSwap.
With the launch of TSX staking, another item has been added to TSX token’s list of utilities.
The total supply of TSX is 100 million, out of which 22% (22 million) tokens have been reserved to be paid as staking rewards. These rewards will be distributed at an annual release rate of 4.4% over a total of 5 years.
TSX staking rewards are calculated every second, and in the future, TSX will be required to be staked by community members who want to participate in the governance of the TradeStars ecosystem.
How to Stake TSX
TradeStars has created a Staking Dashboard through which users can easily stake/unstake TSX and claim their staking rewards. The Dashboard also displays various statistics related to the staking of TSX, including the total amount of TSX staked, APR, TSX price, daily TSX rewards and circulating supply of TSX.
Users have to first connect their Metamask wallet or any mobile wallet of their choice (through Wallet Connect) to the Dashboard. Thereafter, TSX can be staked or redeemed using the “STAKE” and “UNSTAKE” buttons.
There are no criteria regarding minimum lock-up period or minimum amount of TSX that needs to be staked in order to be eligible to earn rewards. Staking rewards are calculated every second, and can be claimed using the “CLAIM” button.
The Purpose of TSX Staking
TSX staking is a major milestone in TradeStars’ goal of involving the community in the decision-making process in a much larger capacity.
TradeStars wishes to grow into a truly decentralized community governed P2E game. In order to ensure that only those users who are genuinely interested in the development of the platform can participate in the governance process, they have to stake TSX tokens first.
The staking based rewards program is also a means of rewarding community members who have shown that they believe in TradeStars by locking up their TSX tokens.
For more information about TSX staking, please refer to – https://tradestars.gitbook.io/tsx-staking
Visit the Staking Dashboard to stake your TSX – https://tradestars.app/stake