Publication > editorial > PARAS Marketplace Rewards is Here!
PARAS Marketplace Rewards is Here!
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12 February 2022
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We’ve seen explosive growth in the NFT space, a lot of innovation and more people are coming into the space. The community grows exponentially and everyone looks forward to interesting and beneficial tools. In a space where people could create, collect, and transact while also getting a lot of incentives doing so, is the environment we would like to project.
No man is an island, entire of itself; every man is a piece of the continent, a part of the main -John Donne
We are always thinking about our token holders and creating more and more value for them. Token holders and the community have always supported us from the early days. They are one of the key reasons we built and maintained the ecosystem. January was crazy; our volume exceeded 500k NEAR (~US$5M) which generate around 25k NEAR in marketplace fee. In retrospect, we only had a fraction of that in our first year as a marketplace. We could not imagine the limit of the NFTs space on NEAR right now. We would like to be in the front seat along with our users when we take off together.
We’re very excited to announce that starting from 14th February, we will start distributing the PARAS marketplace rewards to the $PARAS token holders via a multi-rewards staking pool. We plan this system as a small step to grow the community at large.
PARAS marketplace rewards mechanism:
- Every early of the month, we will calculate the fee received by our treasury account (plutus.paras.near) last month.
- We will take 70% of Paras marketplace fee (in NEAR) and wrap it to wNEAR.
- Add wNEAR to the $PARAS staking pool as part of the multi-rewards pool in mid of that month.
- wNEAR rewards will last for approximately a month.
- $PARAS stakers will be able to claim the staking rewards in $PARAS and $wNEAR until it expires.
- The calculation will be done every month, and the rewards for each month will be different based on the volume generated a month before.
Starting from 14th February 2022 00.00 UTC, we will distribute 20,000 NEAR to the $PARAS stakers from the generated fee in January and will last until 14th March 2022 00.00 UTC.
How to earn $PARAS and $NEAR with PARAS Staking:
Users need to stake $PARAS into the “PARAS Staking” pool and starting 14th February 2022 at 00.00 UTC will be able to earn not only $PARAS but also $wNEAR.
Steps:
- Visit https://stake.paras.id/ & login with NEAR.
- On the “Paras Staking” pool, click “Stake PARAS”.
- Put any amount to be staked. If you don’t have any balance, get $PARAS from Ref Finance, MEXC, or Hotbit. You can stake all of your tokens by clicking “Use Max”.
- You will be redirected to the NEAR wallet, click “Approve” to finalize the step. The amount you staked will be visible on “Staked PARAS”.
- Click “Claim” on the pool anytime and your rewards will be automatically going to your wallet.
Note:Paras Marketplace does not support $wNEAR to buy/sell NFTs. You can easily wrap/unwrap your $wNEAR to $NEAR on Ref Finance.
NFT Staking is coming:
Your NFTs could generate new revenue like a cryptocurrency! In the next couple of weeks, we’re also going to launch the NFT staking! Eligible NFTs can be staked and will be rewarded with $PARAS tokens. If you’re interested to be part of NFT Staking program please fill in this form.
As we rapidly progress with our roadmap, Paras will continue to unveil amazing features and use-cases for the tokens Community feedback is our cornerstone to success. We have seen some terrific ideas from the community and we love to hear more from you. By doing this, we hope the community has a voice to direct small or big changes immediately. We believe that the inputs from users are ideal to consider. Some features that we’ve been thinking about are:
- Dynamic trading fees governed by $PARAS stakers
- Eligible NFTs for the staking program will be chosen through vote by $PARAS stakers
These are just a fragment of ideas we received and thought about. Join our discord and telegram group, we’re very excited to hear more input and feedback from you guys. WAGMI!
