We’ve been looking forward to this day from the very 2018. Back in May that year, we issued NOW Token — the native cryptocurrency of NOW products and the first crypto issued by an instant crypto exchange. A lot has happened ever since — NOW has been the first token issued on Binance Chain with the support of CZ, and has taken an active part in NOW products’ life.
Today, a new major milestone is opening for NOW Token. We’re delighted to introduce NOW Staking — a way to profit for all NOW holders!
What is NOW Staking?
NOW Staking means freezing some (or all) of your NOW Tokens to maintain the proper functioning and the security of its network. For doing this, you get rewarded.
NOW Staking works with the tokens issued on Binance Chain — NOW-BEP2. If you have NOW-ERC20 that you would like to stake, you can easily swap them to NOW-BEP2 at 1:1 rate here.
Why is NOW Staking profitable?
Firstly, you get staking rewards with NOW Token for helping the network run. Secondly, we expect NOW Token to significantly increase in price soon due to the staking introduction and other activity.
Where do I get NOW Tokens?
Don’t worry if you don’t have any NOW yet — getting some is pretty easy. We have prepared a special guide for you with 3 ways to get NOW Tokens.
How do I start staking NOW?
To start staking, you need to freeze a certain amount of tokens into the network. The freezing transaction can be sent from the NOW Staking website.
- Go to the NOW Staking website.
- Click the “Stake it NOW” button. You will be offered a number of tools — today, it’s BEPTools and Guarda Wallet (with instructions for staking provided).
- Follow the provided instructions for each staking method.
- Congratulations! You have just started staking your NOW.
When will I get rewarded?
We grant you the rewards every week — on Wednesdays at 12 UTC.
Is there a minimum and a maximum sum I can stake?
The minimum sum you can stake is 1 NOW. The maximum amount for which we grant the rewards is 100,000 NOW. If you stake more, you will only be rewarded for 100,000.
How long can I stake for?
The minimal staking time span is 1 week. The duration of NOW Staking is not limited — stake for a year or more.
The supply of NOW is limited — how do you deal with that?
The duration of staking is not limited — unlike the number of NOW tokens we can grant as a reward. To keep rewarding, we’ve come up with the following algorithm: once every 1.5 million NOW Tokens get distributed as rewards, we will halve the staking reward, cutting it by 50%.
Can I quit staking NOW?
You can unfreeze your NOW Tokens at any time. If you decide so, the best time to do this is Wednesday after 12.00 UTC — because if you withdraw before this time, we won’t be able to grant you the reward for the past week. The Unfreeze transaction costs 0.005 BNB.
This is it! We hope this guide was helpful and compelling for you. If you have questions about how NOW Staking works and regarding its mechanism and profits, contact our support team — they will make things clear for you.
Good luck, and stake your NOW Tokens – NOW!