💲Staking
The team will be implementing a Time Shifters utility token, termed as $TIME. $TIME is available to those who have staked their Time Shifters NFTs. Time Shifters holders will be able to stake their NFTs and receive the $TIME token in return. They do so by connecting their $ADA wallets to the Time Shifters official website (www.timeshifters.nft) and selecting the NFTs that they wish to stake. Clicking the staking button and signing the smart contract will lock their NFT and start the staking. The process will be very similar to listing an NFT on jpg.store via smart contracts. holders will be able to view their account balance, detailing the amount of $TIME tokens that they are allowed to redeem on a daily basis. If the holders wish to do so, they click on Claiming Rewards and sign the smart contract. Similar to MuesliSwap, holders have to send a fee of 1.5 ADA, which will be returned together with the claimed rewards. It is important to note that gas fees of around 0.5 ADA will be charged for every transaction. All NFTs can be unstaked anytime without any lock-up period. Staking rewards: Staking of Time Shifter NFTs will begin 2 weeks after main collection launch. NFTs are eligible to be staked and in return, rewarded with $TIME token. For every NFT that is staked, holders will be rewarded with 1 $TIME on a daily basis. The tokens can be redeemed at any point in time within a 5 year window. In addition to staking, holders can redeem $TIME based on the rank of their NFTs. Refer to table for the rewards scheme. As an example, a holder with a Time Shifters NFT ranked #78, will be able to redeem 120 $TIME, as they fall within the first category. It is worth noting that this can only be redeemed once, not for every change of hands. This also means that when a holder buys a Time Shifter NFT on the secondary market, they should do so on the assumption of the one time reward already having been redeemed.
Last updated