How to Use Altrucoin Staking

Altrucoin released the new staking feature on July 9, 2021. If you missed our AMA and video, or if you just have more questions, this article is for you. Here we will go through the details of how the staking feature works, as well as possible expansions that we planned for.

The new feature can be found at https://app.altrucoin.io/vault

To use staking, you must have both Altrucoin tokens, as well as BNB. The Altrucoin will be the token that is used for staking, and the BNB will be used for gas fees to move the tokens. You can connect with any web3 wallet, including MetaMask and TrustWallet.

How to Stake

First, connect your wallet to the app using the “Connect” button in the top right corner of the screen.

Enter the amount of Altrucoin that you want to stake. If you want to stake different amounts of tokens for different amounts of time, you will need to submit each one individually.

Next, choose the amount of time that you want to lock the tokens (if any). Tokens can be added and removed without locking them, but locking provides extra bonuses. For each week that the tokens are locked, they will get one percent added to the rewards, up to ten percent. This means you can almost erase the impact of the entry and exit fees by staking for ten weeks.

Next we need to enable the connection between the wallet and the smart contract. Click “Enable Pool” to allow the contract to interact with the Altrucoin tokens in your connected wallet. Now you are ready to hit “Stake” and stake those tokens!

When you stake the tokens, you will have to confirm the amount, and the tokens will be moved to the smart contract. It will automatically determine the number of tokens that will end up staked, depending on the number of weeks that you locked them for.

Fees

The fees will include a 5% entry fee which is added to the staking pool, allowing holders to increase their number of tokens. A small part of the fee (0.5%) will be burned, and a small part of the fee (0.5%) will go to the multi-sig locked wallet for upkeep of the feature.

Withdrawing Tokens

For any tokens that are not locked, you can withdraw them at any time. The exit fee will be deducted and the tokens will be transferred back to your wallet.

For any tokens that are locked, they will be listed in the bottom half of the application, with the corresponding number of weeks remaining before they can be unlocked. Once they reach the unlock time, they will stay in the staked pool (though unlocked) until you withdraw them. Adding tokens while that pool is still locked will reset the timer on that pool back to the full amount, and apply the bonus to the new tokens added.

Since the bonus is calculated when the tokens are first added to the staking pool, relocking tokens that have finished their locking time will not give any additional bonuses. The bonus is applied on entry and will stay applied as long as the coins are in the vault. All tokens that are in the staking pool will receive token reflection, just like they would if they were not staked.

APY

Now that we know how to use the staking feature, let’s take a quick look at some of the factors that affect the APY and the rewards pool.

The APY is primarily affected by the number of holders in the staking pool and the amount of Altrucoin in the staking pool. Currently the number of tokens in the pool is made up from the entry and exit fees of the holders in the staking pool, though we did leave other options to increase the pool later. We left the option to add amounts manually from the mutli-sig wallets, as well as have a portion of the fees from defi lending to add to the staking pool when the lending feature is released, if desired.

Have any questions or suggestions? Feel free to reach out to us on our Twitter!

The Altruism Protocol is a set of defi tokens built to bring together defi lending, token reflection, charity donations, staking, and decentralized governance.