10% of the total SYNR supply is dedicated for staking rewards
Rewards: SYNR & sSYNR
We want to break down how our staking pool is going to work, as this may be different from some previous pools you may have participated in the past. This guide will showcase how to complete the staking process once the pool is live. We have 2 kinds of rewards that can be claimed. First is our governance token SYNR and the second is sSYNR (synthetic SYNR).
sSYNRcan only be acquired by staking SYNR and is used for purchases such as: in-game assets, in-game mobility, turf (land), and business licenses on the marketplace and at the auctions. It cannot be transferred outside the game ecosystem or traded. The marketplace is not live thus sSYNR cannot be used at the moment. We will share updates on the marketplace timeline soon.
SYNR is our governance token that was sold during our IDO and Copper Launch. It is be tradable on DEX and future CEX platforms. sSYNR is our in game synthetic currency that will be usable only in-game and the MOBLAND marketplace.
We will be rolling out different staking pools over time. Our first initial pool will be known as our Core Pool and is comparable to a Single Asset Staking (SAS) pool.
You can choose a lock-up that best suits your investment horizon ranging from 16 weeks up to 52 weeks.
Rewards are calculated by assigning a weighting according to the length of time lock.
The longer you choose to lock up your SYNR, the heavier weighting that is given to your staked tokens, and hence the larger the rewards.
The weighting varies between 1.3 for 16 weeks upto 2.0 for 52 weeks.
The mobile version of the staking dApp is not active at the moment.
How to stake & earn SYNR and/or sSYNR?
The rewards accumulated when staking into our Core Pool can be claimed in either SYNR or sSYNR. The principal (initial staked amount) can be withdrawn once the lockup duration is complete however you can claim the rewards at any point in time as they accumulate.
If the rewards are claimed as SYNR, they will be automatically deposited into the Core staking pool and the rewards are vest for 1 year. The locked rewards will also earn a yield during the lockup duration.
Another option is to claim your rewards as sSYNR, which can be used in-game and can be withdrawn without a lock-up.
Step 1 — Navigate to the Staking Portal
The first task is thankfully the easiest, all you need to do is jump to our staking portal located at staking.mob.land where you will be shown the ‘Overview’ page.
Please make sure you only visit official links in this article.
Step 2 — Connect your wallet
Next you need to connect your wallet. This is done by simply clicking on the “Connect Wallet” button located on the top right of the page, once this is completed choose the relevant wallet.
Step 3 — Pick your Lockup and weighting
Now that your wallet is connected, you need to select “Staking Pools” on the left hand side. At launch we will only have our core Pool and you will see the below image in which you can click stake. The numbers used in this guide are for demonstration purpose.
Once you have clicked on stake, you will then need to choose your weighting and lock-up period. This is entirely up to you and ranges between 16 and 52 weeks with the higher the lockup the longer the staking.
Step 4 — Approving
Once you have chosen the settings you click the “STAKE” button on the bottom right. Before the action can be completed, an initial approval transaction must be confirmed on your wallet in which you give permission to the contract to utilize your $SYNR.
Now a metamask prompt will open up and you will need to confirm the transaction. Please review the transaction and gas fees before hand keeping in mind that the Max fee must be at least equal to the current gas prices to go through instantly.
Once you have confirmed this transaction please wait until it is confirmed within the ethereum blockchain.
Step 5 — Staking
Once this transaction has been confirmed on chain a separate transaction will prompt you to then stake into the contract, as such there are always 2 transactions required to stake your $SYNR.
You can check you were successful by clicking on “Details”. This will give you a breakdown of the current APY, your liquidity added and the current pending rewards.
Step 6 — Earnings!
Congratulations by this stage you are now staked in our Core Pool and earning rewards on your locked $SYNR with every block. Now the choice is up to you about how often do you claim them and do you claim SYNR or sSYNR?
How to claim your $SYNR or $sSYNR
In order to choose all you need to do is click the “Reward Details” on the main staking page and then choose to claim either SYNR or sSYNR. Keep in mind that SYNR will be vested for 1 year whilst sSYNR will be immediately withdrawn into your wallet.
Now all you need to do is choose which one you want to claim, click on them and process the transaction! If you have chosen to withdraw your rewards as SYNR these lockup durations can be seen in the vesting section chosen from the top right.
This page will display the deposits with the different lock times that you have chosen and also any claimed SYNR rewards. Remember these rewards are also auto-deposited into the Core Pool and will be earning rewards at a weight of 2.0!
That’s it #Synners 🤝
We just wanted to take a moment to say a huge thank you to our community and supporters. If you have have any questions, please join us on Discord Thank you for supporting us, your patience, and what you all bring to the community.