RACEFI STAKING PROGRAM Phase I

RaceFi
4 min readAug 10, 2022

We are so excited to introduce our first feature of Dapp — Racefi Staking Program.

Introducing Phase 1 of Staking Program

Racefi recently launched the Genesis, Citrin and Quintus NFT collection and yes, received great support from the user community. In the current state of the market, we know it’s right to continuously build products and empower our community, and this more than ever will help RaceFi reach even bigger milestones.

We want to make sure that your $RACEFI tokens generate income for you as you hold them as a long-term investment with the strongest belief in our journey. And it’s time now to move forward by integrating and introducing the ultimate tool to earn more rewards with RaceFi.

What is Staking ?

Staking in short offers crypto holders a way of putting their digital assets to work and earning passion income without needing to sell them. And from now on, you can start earning rewards with RACEFI.

Understanding RACEFI’s Staking

RaceFi offers users 2 different options with different pools

1. $RACEFI / $RACEFI POOL

  • Reward: Daily distributed
  • Release date: August 2022

The quota of 1,000,000 $RACEFI.

The minimum locked amount / users: 1,000 $RACEFI / 20 users

The maximum locked amount /users: 50,000 $RACEFI / 1,000 users

And this will be fixed with 3-duration pools below:

  1. 30-day locked pool: Once you have staked in this pool, you will need to wait for 30 days until you can unstake it. This pool allows you to earn a fixed APR of 25.7%.
  2. 60-day locked pool: Same as above, you will need to wait for 60 days until you can unstake the assets. This pool allows you to earn a fixed APR of 41.5%.
  3. 90-day locked pool: This is the pool with the longest lockout period & you can only unstake after 120 days. However, the reward is worth this wait! This pool offers you the highest yield of 65.2% APR.

The total staked value is 3,000,000 $RACEFI for 3 options. When it hits the total staked value, all pools will be locked, hence no one can stake. The longer the locking period is, the more $RACEFI you will be granted.

Note: You should remember that pools will only be open for deposits for a period of 2 weeks, if the number of locked amounts reaches the target, the pool can completely close for depositing earlier than the notice time.

2. $RACEFI / $SOL POOL

So this is the most fascinating part, along with the $RACEFI / $RACEFI Pool, we will release the $RACEFI / $SOL Staking feature which enables users to gain $SOL bonus by depositing your $RACEFI

  • Reward: Daily distributed of total 200 $SOL
  • Release date: August 2022

180-day locked pool: You can only unstake after 180 days. This pool offers you the APR of up to 40.42% with rewards distributed daily.

APR = (Price RaceFi * Lock Value) / (Price SOL*200) / 180 * 365

The total award distribution: 200 $SOL

The minimum / maximum amount of tokens locked: 5,000 $RACEFI / 100,000 $RACEFI

The bigger your position, the more $RACEFI and $SOL you get back 😉

Sounds appealing ? Just stake $RACEFI & you’ll have more $RACEFI + $SOL in your pocket!

Note: You should remember that pools will only be open for deposits for 1 week, if the number of locked amounts reaches the target, the pool can completely close for depositing earlier than the notice time.

SPECIAL BONUS

But the most interesting things do not stop here, to incentivize and kick-off the launch of the program, we also offer you guys Special Bonuses ($500)— only for Racefi’s community 😇

Special Bonus will be equally distributed among the following subjects:

  1. TOP 20 stakers on our leaderboard (20 winners)
  2. TOP 10 first stakers of each pool (40 winners)
  3. Random 10 wallets of each pool with $RACEFI staked amount as a multiple of 3000. (40 winners). This means that for every 3000 $RACEFI staked, you can claim a lucky lottery ticket and get a chance to share Special Bonus (maximum 4 tickets per wallet)

Keep an eye out for the next announcement! We will be launching a detailed staking guide soon!

About RaceFi

RaceFi is a Decentralised Metaverse and Car Racing game with Web3 infrastructure | Built on Solana, Unreal Engine 5, AI/ML Within RaceFi’s ecosystem, players can earn while enjoying various game modes to satisfy the thirst for speed or make a profit by owning in-game property. Pure race or Battle race, PvP or PvE, racers or citizens of Race City, the possibilities are endless. Besides, RaceFi is in the process of building the RaceFi metaverse which is a seamless integration of the real and virtual worlds that runs on multiple blockchains: Solana, BSC, Polygon, and Avax.

RaceFi has concluded our IDO on SolRarz and Enjinstarter, and $RACEFI token is currently trading on Kucoin and Raydium.

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RaceFi

RaceFi is the first AI/ML integrated car racing game on Solana ecosystem.