Cryptocurrency News

THORChain‘s RUNEVault Staking to be Extended

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The THORChain development team launched RUNEVault in August to allow consumers to stake and earn RUNE. RUNE staking allows currency holders to vote and generate an income in a way similar to interest-earning via keeping money in a bank account or by making investments with banks.

RUNEVault uses a local Binance Chain feature that allows its token holders to “freeze” their tokens in their wallets, and empowers them to keep the tokens secure. So, the staked RUNE always stays in the custody of the user and, never leave the wallets without authorization.

RUNEVault allows THORChain to perceive and learn from user interactions relating to and staking on Binance Chain. These insights enable them to refine the staking experience of users (UX) for BEPSwap and THORChain, which has to operate smoothly.

Since the beginning, RUNEVault made it a community initiative. They announced to pay out earnings to RUNE stakers and make them be part of the experience.

The earnings were to be calculated based on the balance of staked RUNE per week and were to be paid out weekly, until the end.

The campaign was intended to run for 10 weeks, or till the launch of BEPSwap, whichever was earlier.

The RUNEVault mission was a great success, and to secure strong remembrance of the RUNE token holders as THORChain made its way to the BEPSwap main net, they announced to extend the RUNEVault program. It obtained over 258 members participating in the program, staking over 50m RUNE.

The extended program is to have the following features:

  • Balance Snapshot would be taken from 0:00 to 8:00 am UTC every Monday.
  • 1% of Staked Balances Per Week so, the Annual Percent Rate (APR) would be 52% per year (way more than most of the staking programs in the market). With that, it would rival the best staking programs around.
  • No minimum, no maximum, no time restrictions would be present.

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