Fan Token Staking Dictionary
Welcome to the all-inclusive Fan Token staking terminology guide.
Here you’ll find all the key terms relating to Fan Token staking, together with simple explanations for each.
Please note that this guide and the definitions of the terms listed below refer to how staking works on Socios.com, and does not apply to all Fan Token Staking.
Let’s get started!
Fan Token Staking
This is the catch-all term used to describe the process of staking your Fan Tokens on Socios.com in order to earn daily Reward Points. It’s the most effective and simple way to earn Reward Points on Socios.com, that can be used to claim extraordinary rewards and experiences.
Stake
This effectively means locking your Fan Tokens in exchange for daily Reward Points. Staking is now a prerequisite to take part in polls on Socios.com and typeform quizzes. When you stake your Fan Tokens they will become non-tradable.
Unstake
This is the action of unlocking your staked Fan Tokens. As soon as you unstake your Fan Tokens you’ll stop earning daily reward points for staking. Once you have unstaked your Fan Tokens you will enter a 7-day cool down period at the end of which you can claim your Fan Tokens back.
Cool-down period
This is a seven-day period which begins the moment you unstake your Fan Tokens. Your Fan Tokens remain in non-tradable state during this period.
Claim back
This is when you can reclaim your Fan Tokens at the end of the seven-day cool down period and use them in the market.
Reward Points Pool
This is the total amount of Reward Points available to be distributed proportionately among all users who have staked that Fan Token.
Reward Points Available
This is the total amount of Reward Points available daily for each partner, which can be influenced by market factors.
Estimated Daily Earnings
This is the amount of Reward Points, rounded to the nearest whole number, that you can expect to receive from the pool in one day.
Reward Points Formula
This is the formula through which daily earnings are calculated which is:
[FTs locked by a user x Reward Points Pool]/ tot number of FTs locked by all users
Overall Fan Tokens staked
This is the total number of Fan Tokens staked at the given time.
Network Fee
Also known as ‘Gas Fees’, these are non-refundable charges required for processing blockchain transactions. These estimated fees cover validation costs and may vary based on network congestion and transaction complexity.
Smart Contract
This is an automated programme on a blockchain that carries out actions when specific conditions are met – such as verifying a user has enough Fan Tokens before submitting a vote on the blockchain.
There you have it, a comprehensive guide to all the key Fan Token Staking terminology. If you’ve also read our other educational articles, then chances are you’re an expert by now.
If not, you can check them out here.
How to stake and unstake Fan Tokens
How Fan Token™ Staking Impacts Other Features
Please note
You will not be able to sell or send your staked assets until the unstaking process is complete; price volatility will still apply to Fan tokens during this process and whilst staked.
How is Fan Token Staking on Socios.com different from staking on other platforms
The staking function within Socios does not generate any financial rewards for users. Instead, the rewards are ‘reward points’ that can only be redeemed within the app for experiences or app functions. These points cannot be converted into any other form, nor do they hold any financial value.
