SAND is now out there for staking on the Polygon blockchain. The Sandbox staking transaction will also be accomplished with none gasoline charges by way of Biconomy. Since its launch on February 11, there might be 500,000 mSAND reward distributed every week for the primary 4 weeks.
SAND is the governance and utility token used all through The Sandbox metaverse. With this launch, the unique SAND/ETH staking will stop after February 2022. Whereas mSAND/MATIC will nonetheless proceed on Polygon. The Sandbox staking on Polygon’s layer 2 resolution will convey many enhancements to the staking program, beginning with the dramatic discount in gasoline charges.
SAND to Polygon
Firstly, members might want to bridge the SAND tokens from Ethereum to Polygon. Normally, the transaction will take 10-20 minutes, then the mSAND ought to arrive on Polygon. Subsequent, proceed to the mSAND staking characteristic. If customers want to take pleasure in gasless transactions, the transaction will undergo Biconomy, The Sandbox’s belief forwarder.
Following which, customers can then deposit their desired quantity. The staking will activate upon signing the deposit transaction. Each week, stakers can come again to the identical web site to assert their staking rewards. The staking rewards might be distributed pro-rata relative to a share of complete worth locked over the week.
Subsequently, a timer will seem to point when the following declare is out there. Transferring ahead, the crew plans so as to add extra staking mechanisms to present extra worth to the SAND neighborhood. The checklist of spectacular Sandbox partnerships continues to develop with this announcement. Take a look at the full announcement by The Sandbox.