With the $BURP staking launch today, we would like to start revealing even more about what you can expect from the product in the next two weeks and how the $BURP token plays a key role both as a utility and as a governance token for things to come.
In this article, we’ll be exploring two key aspects of the rewards system behind the ecosystem of products and the advantages of being a $BURP long-term holder.
Two of these functions are $BURP Staking and the $BURP NFT Raffle. They work together to ensure maximum rewards for $BURP utility token holders when used within the DeFi and NFT platform.
The $BURP token can be staked within the BurpToken platform for a base APR (Annual Percentage Return) which pays out in $BURP tokens. The maximum APR you can achieve is displayed on the website; how close you get to the maximum is up to you to decide. You can increase your APR in two ways: increase the time period your stake is locked for, and or include an NFT from one of the partners (coming soon).
In other words, a user can stake any number of $BURP tokens for a minimum of one month to start earning an APR. To start earning NFT raffle tickets, users are required to stake enough $BURP to exceed a total of 5000 shares per month for their stake duration.
Shares are awarded at the rate of 1 share per each staked BURP at the base multiplier (1x). However shares, just as APR, scale with multipliers meaning a user can generate 5000 shares (and thus a raffle ticket every month) with only 2000 $BURP staked by choosing a 2.5x multiplier (6 months staking period) instead of the 1 month minimum.
Should they want to increase their APR multiplier, they can increase the length of their staking period. If they want to increase their APR multiplier further, they can also stake an NFT of varying rarities — each giving the user a different multiplier, with the highest multiplier being awarded to the rarest of NFTs.
The minimum length of time to stake $BURP tokens is 1 month and the maximum length of time is 1 year.
NFT Staking? What?
As detailed above, users who also stake their NFTs can increase their APR — but where do these NFTs come from? Can any NFT be staked in the $BURP platform?
The answer to that is the next major reward mechanism that $BURP holders can look forward to: the NFT Raffle.
The NFT Raffle will work alongside $BURP staking. Each 5000 shares per month will award 1 ticket for the raffle. The more tickets a user enters in each raffle, the higher the chances they will receive an NFT.
As detailed in the table above, each NFT earned through the raffle can then be either withdrawn or staked further in order to increase the APR of the entire stake with a specific multiplier, depending on the rarity of the staked NFT. NFTs won through the raffle must be claimed within 30 days of the draw. You can then add them to your stake to increase your APR, hodl them, or sell them on OpenSea.
Please note that currently only $BURP staking is available — with the NFT Raffle coming soon.
To stake $BURP, head over to:
$BURP - Stake $BURP token and enter the NFT raffle*
Stake $BURP token to start earning and enter the NFT raffle to win exclusive prizes.* *DeFi services (such as $BURP…
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$BURP is the official token of the $BURP ecosystem of products including but not limited to non-custodial token management, staking mechanisms, NFT raffles and swap-fee rewards via $BURPback.
CoinBurp is the cryptocurrency platform partner for the $BURP ecosystem and suite of DeFi tools. The tokens are not issued or controlled by CoinBurp.
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