Business

BetProtocol Announces $BEPRO Staking

Justin Wu
July 29, 2020

BetProtocol is committed to providing increasing liquidity and utility for the $BEPRO Token ecosystem and its stakeholders. Today we are officially announcing the launch of $BEPRO staking on leading cryptocurrency exchange BitMax.

Vision for Staking

Since the initial planning stages of our company and token, we’ve always had our minds set on one day offering staking utility for $BEPRO. If you’ve read our whitepaper and our latest tokenomics report closely, you could see that we’ve hinted at staking all along the way. We just never wanted to announce it before it actually happened, since we wanted to do it the right way. Now with BitMax listing and staking, we can.

The vision for staking is to provide long-lasting value and utility to our token holders and especially our operator clients. In this article we will address some common questions about $BEPRO staking, and speak about what staking will look like in the short, medium and long term.

Staking FAQ

  1. What can I do by staking $BEPRO besides getting APR?

When Sports book goes live we will add additional utilities to $BEPRO whereby stakers are able to vote on event resolution for certain betting markets. This is still in an R&D phase but we anticipate this will be ready for testing early next year.

This is what we mean in our whitepaper by locking up $BEPRO to become an oracle. In our sports book system, operators can choose to resolve their betting markets via 3rd party API or decentralized oracles. If they choose the oracles method, then $BEPRO stakers will be the ones casting votes for event resolution. In order to vote you’ll have to put up your $BEPRO stake as collateral for voting in a timely and truthful manner.

2. What’s the utility behind $BEPRO staking for operators?

Staking allows our operators to acquire $BEPRO in advance in bulk, and earn staking rewards on their assets. By earning the stake rewards the operators are effectively constantly reducing their dollar-cost average over time, thereby saving money in the long run and shielding them from volatility in the short-run

Since our operators use $BEPRO as gas to pay for their betting volume, pre-purchasing bulk $BEPRO and staking them on BitMax becomes very attractive since they lock in a set price, and then constantly lower their acquisition costs by earning staking rewards. Whenever they need to spend their $BEPRO as gas, they can simply unbond their tokens and withdraw them.

Pre-Staking

For a limited time of one month, Pre-Staking will occur on BitMax. What is Pre-Staking? It’s an initial period before the technical launch of staking whereby users on BitMax are incentivised to lock up their $BEPRO early in exchange for a higher initial annual percentage rate.

Pre-staking on BitMax will have an APR rate of 35% for the month that it occurs, and will also feature some extra rewards for those who stake the most!

You can read all about it here and here.

Normal Staking on BitMax

After the Pre-Staking period normal staking will occur on BitMax.

Normal APR:

Stay tuned for the official percentage rate for normal APR for staking after the Pre-Staking campaign ends. Rest assured that it will be a good middle ground between rewards and generating interest in our community to actually stake their $BEPRO tokens.

Unbonding:

There is a 7 day period for unbonding tokens in order to trade and withdraw them. If the user wishes, they can also choose the “instant unbonding” method, however this does incur a fee. Check BitMax for official rates. We believe that this is a fair balance between long-term stakers and having the ability to instantly unbond your $BEPRO for whatever reason the user decides.

Distribution:

Staking rewards are distributed daily.

Thank You

We’d like to thank BitMax and our community of supporters and $BEPRO stakeholders for their continuing support. The future is bright for BetProtocol and we are so excited for what’s coming next!

About BetProtocol

BetProtocol enables you to create and manage online gaming platforms with no coding required. Thanks to BetProtocol’s blockchain technology, these platforms are secure, scalable and regulatory compliant. No need for expensive developer teams. We provide a fully customisable white label solution for crypto-enabled online casinos, Esports betting apps, sports books, slots, and more.

Justin Wu
Justin Wu, COO & Co-Founder of BetProtocol.

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