Bidcoin Whitepaper
  • ✅Whitepaper 1.7
    • 💣From Inspiration to Innovation
      • ⚠️Risk Assessment
    • 👊Table of Contents
    • Introduction
    • Core Concept
    • Auction Mechanics
    • Token Rewards & Burning
    • Profit Distribution
    • Tokenomics & Allocations
    • Presale & Airdrop
    • Non-Custodial and Non-KYC Principles
    • 🏦 StakeBack Feature
    • 🔥BurnBack Feature
    • 🔑Conclusion & Key Takeaways
  • 💹Competitive Analysis
  • 🥷Team & Contributors
  • 📢Marketing Strategy
  • 🗓️Development Roadmap
  • 🖥️Arbitrum Choice & Future Considerations
  • 🤖Optional User-Controlled Bidding Bot
Powered by GitBook
On this page
  1. Whitepaper 1.7

🏦 StakeBack Feature

PreviousNon-Custodial and Non-KYC PrinciplesNextBurnBack Feature

Last updated 2 months ago

Staking Overview

BidCoin offers a robust staking program where users can earn rewards by staking their BID tokens. A portion of the profits from each completed auction (30%) is distributed to stakers in USDT through the StakeBack mechanism, making staking an attractive way to earn passive income.

As seen in the image above, the staking interface provides key information:

  • Available Balance: Displays the amount of BID tokens available in your wallet. In the example, the balance is showing "NaN" implying no connection to a web3 wallet, or the connected wallet has zero balance.

  • Staked Amount: Shows the amount of BID tokens currently staked by the user. The example user has "0" staked.

  • Amount to Stake/Unstake: Allows users to easily stake or unstake BID tokens by entering the desired amount.

  • Top Stakers: Provides a leaderboard of the top stakers, incentivizing participation and showing the community's commitment.

Note: Unstaking initiates a 30-day period where users forfeit eligibility for StakeBack Rewards.

Earning StakeBack Rewards

30% of the profits from each completed auction are allocated to the StakeBack pool in USDT. These rewards are then distributed to stakers proportionally based on the amount of BID they have staked. The more BID you stake, the larger your share of the StakeBack rewards.

Claiming StakeBack Rewards

StakeBack rewards are transferred to the smart contract as soon as an auction is completed. Eligible stakers can then claim their accumulated USDT rewards directly from the smart contract at any time. The interface displays your current unclaimed USDT rewards, allowing for easy tracking and claiming. See Rank #3 in the 'Top Stakers' UI example: '0xbC8f...9906' has staked 15.14 BID and their claimable reward is 2.33 USDT

How to Stake

  1. Connect your Web3 Wallet: Connect your MetaMask, Trust Wallet, or other compatible Web3 wallet to the BidCoin platform.

  2. Enter Amount: Enter the amount of BID tokens you wish to stake in the "Enter BID amount" field.

  3. Stake: Click the "Stake" button.

  4. Confirm Transaction: Confirm the transaction in your Web3 wallet.

  5. Start Earning: Once the transaction is confirmed, your BID tokens will be staked, and you will begin earning StakeBack rewards.

Top Stakers Leaderboard

The "Top Stakers" section provides a transparent view of the most active stakers in the BidCoin ecosystem. This leaderboard incentivizes staking and promotes community engagement.

✅
https://bidcoin.live/staking