Evaluating Estimated APY After Q1 2022 Staking Rewards Claim Release
Yesterday we released claims for March 2022 and Q1 2022 and as a result can update estimated APY in 2 categories: (1) for October Stakers and (2) for people who would be Staking newly at the time of this post.
Here are some highlights:
- $32,000 USDC was added to the pool in March, an increase of 14% over the previous high month in November 2021 and an increase of 60% over the previous month February 2022.
- $72,000 USDC was added to the pool in Q1 2022 an increase of 5.88% over the previous quarter.
- Average eligible stake for Q1 rewards was 22,738 and average claim was $514.28.
- Average eligible stake for March rewards was 52,416 and average claim was USDC $94.12.
And updated APY estimates:
- For October Stakers it is 71.15%. This includes annuals rewards and also IDO rewards bonus with the value of the IDO rewards represented at current cost of IDO at time of posting (i.e. $0.083), as well as the 20% bonus for being in the first 300 stakes [represented as an IDO reward also]. As a pure $USDC estimated APY it is 60%.
- For new Stakers it is 277%. This includes the IDO rewards bonus with the value of the IDO rewards represented at current cost of IDO at time of posting (i.e. $0.083), as well as the 20% bonus for being in the first 300 stakes [represented as an IDO reward also]. As a pure $USDC estimated APY it is 217%.
In the Staking UI dashboard we are updating the estimated IGSP APY to reflect the estimate for new Stakers.
If you are looking to become a new Staker in the IGSP, here is the process:
- Make sure you have some $IDO/$FIDO tokens to stake. You can acquire those on Ascendex, then transfer them to an Ethereum wallet and bridge them to the Fantom network using the idexo bridge. They will then appear in the same wallet on the Fantom network as $FIDO tokens. Alternatively you can acquire them on the Fantom network as $FIDO directly on the SpiritSwap DEX using $USDC.
- Go to the Staking UI for the IGSP and input the amount of $FIDO you would like to stake and hit the stake button. If this is your first time, it will ask you to first approve the $FIDO for spending.
What is Staking? A Definition and More.