Genesis Worlds, the ambitious ‘100 year’ Metaverse project from Game Credits, were planning for some time to announce their new plans to open a staking program for their GENESIS token. On February 24, 2022, Game Credits has launched the next component of the Genesis Worlds ecosystem. Governance Staking will allow you to stake your GENESIS tokens, earn more GENESIS tokens, and participate in governance votes for Genesis Worlds.
Users can earn GENESIS tokens by owning Mining Claims or staking GAME tokens. Quickswap or other token markets also provide opportunities for direct token purchases. Stakers of GENESIS tokens receive passive, compounded income and, eventually, a chance to guide the governance of Genesis Worlds.
Mining Claims are purchased by $GAME (Game Credit tokens) which gives income in the form of a GENESIS token. Genesis Mining Claim NFTs allow you to mine GENESIS tokens. Each Mining Claim NFT features a 3D concept model of the world.
GENESIS Staking & Rewards
You can stake GENESIS in the staking pool to earn additional GENESIS tokens. You don’t need anything else to do this, so it doesn’t matter whether you’re farming, mining, or buying GENESIS on an exchange.
The total staking rewards for each day is equal to 50% of the total GENESIS mined for that day – the more Mining Claims bought, the higher the rewards. Staking rewards are auto-compounded in real-time. You don’t need to do anything, leave your tokens staked, and the new GENESIS tokens you receive are automatically compounded and staked without you needing to do anything.
The Genesis Worlds team referred GENESIS Tokens as Governance staking because once the token is staked to the ecosystem, it will vote for community proposals. Currently, there are just over 9,500 mining claims. Those claims generate staking rewards of roughly 6.3 GENESIS per day each, which works out to a total of 60,000 GENESIS per day. Every day, the pool fills with tokens equal to half of the GENESIS produced that day from mining Claims; thus, 30,000 GENESIS will fill the staking pool per day. So when player purchases more tokens, their rewards also increase.
About Genesis Worlds
Genesis is filled with hundreds of worlds, each with a unique theme and gameplay experience and each crafted by a group of community members with shared interests.
Everything in Genesis is community-created. Players will travel from world to world to complete player-created quests, with player-created enemies in player-created environments. So choose your world, and get involved!
Also Read: 5 NFT based blockchain games that could become popular in 2022