Earn for creating a brighter future. BRIGHT staking explained
The Bright Union IDO marks the release of the Bright token and with it, the arrival of a staking pool. The BRIGHT token’s utility can be used as a governance token for Bright Union; BRIGHT holders can have their say in the development of the risk coverage platform.
This Thursday August 10th 11.00 UTC the BRIGHT staking functionality will go live.
This article explains how the staking process works.
What is staking?
Many cryptocurrencies allow for staking in a staking pool. This can be compared to an interest-bearing savings account which requires you to lock your funds for a set period of time. You earn rewards with your crypto, because they are put to work instead of being idle.
When you stake your BRIGHT, your tokens will be accumulating rewards while being “locked” in the protocol. A cooldown period of seven days exists before unstaked tokens can be withdrawn back to your wallet.
How much reward will I earn by staking?
Bright Union will release 0.5 BRIGHT token for each block released on the Ethereum Blockchain (~every 12 seconds). The Annual Percentage Yield (APY) reflects the rewards the user receives for staking BRIGHT tokens for an entire year. The APY is a dynamic number which can increase or decrease based on the total amount being staked by all users. If you want to know how your APY and staking returns are calculated, visit this page.
The BRIGHT tokens are released on a pre-determined intervals, therefore the rewards per earner are higher when few people are staking. For new projects there often is a rush of users to be the first ones to stake, because the rewards on the first blocks are shared by the “happy fast”. The overview above shows the expected APY based on the total amount staked by all users. We feel that the low market capitalization with its limited number of tokens available are an attractive proposition.
How to stake BRIGHT?
Follow the steps below, take a look at the documentation on gitdocs or watch the Youtube tutorials.
Buy BRIGHT tokens
If you are not a BRIGHT owner yet, first complete these steps to acquire BRIGHT tokens.
- Get a wallet and fund it with ETH. This 3 minute video explains you how to use MetaMask, an Ethereum Wallet:
- Buy BRIGHT tokens 2. (Watch the tutorial on Youtube or follow the steps in this guide)
Stake BRIGHT
To start staking BRIGHT, watch this video, or follow the steps below.
1. Go to Stake BRIGHT in the Bright Union application
2. Connect to your MetaMask wallet
3. Press “Stake BRIGHT” and select an amount. Leave a decent amount of ETH in your wallet to be able to pay the fee to stake.
4. Approve spending of BRIGHT token in your MetaMask wallet
5. Approve the transaction in your MetaMask wallet
6. Your wallet now contains stkBRIGHT as a proof you staked BRIGHT (these tokens can now be send to another wallet if required)
Congratulations, your tokens are now earning rewards. Your rewards will be automatically accumulated.
How to Unstake your BRIGHT token
- Press “Withdraw”
- Select amount of BRIGHT to unstake
- Approve transaction in your Metamask wallet
- Wait until cooldown period has passed (7 days)
- Press “Unstake” in the next 24 hours
- Your wallet now contains BRIGHT
Note: You can withdraw your tokens after the the cooldown period. While the cooldown period is ongoing, the amount of BRIGHT to be unstaked can be adjusted at any time. You will continue to earn rewards, during the cooldown period.
If you have any questions about the staking proces, please reach out to us on Telegram: t.me/brightunion. We are more than happy to guide you through the proces or fix errors if there are any.
The Bright Union team
About Bright Union
Bright Union is launching the world’s leading aggregator and accelerator for the crypto risk markets. Our mission is to make the crypto risk markets work. On our decentralized crypto coverage platform, crypto users can cover their assets, stake and cover the community, and earn guaranteed yield through Bright Staking with embedded coverage.
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