Summary
Verse Staking is a mechanism to reward long-term holders of Bitcoin.com's ecosystem token VERSE with additional VERSE tokens. Users who stake (deposit) their VERSE tokens in the staking smart contract are programmatically rewarded with VERSE tokens. You can stake your VERSE tokens in the Bitcoin.com Wallet app or on Bitcoin.com's decentralized exchange Verse DEX.
Contents
Why should I stake my VERSE?
Instead of holding VERSE in your wallet, you can stake your VERSE in the Verse Staking smart contract to earn rewards.
What are the rewards for Verse Staking?
At the time of writing, Verse Staking rewards were ~4.5% APY. Please check the Verse Staking page for the most up-to-date rate.
Step-by-step instructions to stake VERSE
Option 1: Staking VERSE in the Bitcoin.com Wallet app
From the home screen, scroll down and hit "Earn"
If you have more than one wallet with VERSE in it, from the drop-down menu select the wallet you'd like to stake VERSE from.
Hit the "VERSE Staking" then "STAKE VERSE" buttons.
Enter the amount of VERSE to stake and press the "CONFIRM STAKE" button.
Approve the transactions and you are done!
Here's a video demonstrating the process:
Staking rewards will accrue automatically and you can withdraw at any time without penalty. Please note that you will need ETH in your wallet to execute the transactions.
Option 2: Staking VERSE using Verse DEX via WalletConnect.
In your mobile browser, head over to https://verse.bitcoin.com/staking/ and connect your web3 wallet such as the Bitcoin.com Wallet app.
Hit the Stake VERSE button, enter the amount to stake, then press Confirm Deposit.
Confirm the transaction in your Bitcoin.com Wallet and you’re done!
Here's a video demonstrating the process:
Staking rewards will accrue automatically and you can withdraw at any time without penalty.
For more information on Verse DEX, including step-by-step instructions on how to use it, please see this article.
How to claim Verse Staking rewards
You can claim your Verse Staking rewards anytime without penalty. Do note, however, that claiming will require some ETH to pay for the transaction.
Option 1: In the Bitcoin.com Wallet app
From the home screen, scroll down and hit "Earn"
If you have more than one wallet with VERSE in it, from the drop-down menu select the wallet you'd like to claim your staked VERSE rewards from.
Hit the "VERSE Staking" then "CLAIM REWARDS" buttons.
Approve the transactions and you are done!
Option 2: Using Verse DEX via WalletConnect
In your mobile browser, head over to https://verse.bitcoin.com/staking/ and connect your Wallet. You must connect the same wallet you used to stake VERSE.
Hit the Claim Rewards button and confirm the transaction in your wallet. And that's it!
How to withdraw your staked VERSE
You can withdraw your staked VERSE at anytime without penalty. If you withdraw all your staked VERSE, you will automatically withdraw any accrued Verse Staking rewards at the same time.
Option 1: In the Bitcoin.com Wallet app
From the home screen, scroll down and hit "Earn"
If you have more than one wallet with VERSE in it, from the drop-down menu select the wallet you'd like to withdraw your staked VERSE from.
Hit the "VERSE Staking" then "WITHDRAW STAKE VERSE" buttons.
Approve the transactions and you are done!
Option 2: Using Verse DEX via WalletConnect
In your mobile browser, head over to https://verse.bitcoin.com/staking/ and connect your Wallet. You must connect the same wallet you used to stake VERSE.
Hit the "WITHDRAW STAKE VERSE" button and confirm the transaction in your wallet. And that's it!
Is there a penalty for withdrawing my staked VERSE?
There is no penalty for withdrawing staked VERSE, and you can withdraw at any time.
Is VERSE staking safe?
The VERSE Staking contract has been audited by Certik here: https://skynet.certik.com/projects/bitcoin-com
You may review our other security audits here: https://verse.bitcoin.com/audits/
How are Verse Farms and Verse Staking different?
Verse Farms are designed to incentivize market participants to add liquidity to pools on Verse DEX. Liquidity is essential for enabling decentralized trading. Contributors to liquidity pools must deposit equal amounts of two assets, exposing these market participants to the risk of impermanent loss. Verse Farms rewards help to offset this risk.
Verse Staking, which is designed to reward long-term holders of VERSE, requires depositing only a single asset, VERSE, meaning there is no risk of impermanent loss.
Read more about Verse Farms here.
Where do the Verse Staking rewards come from?
Verse Staking rewards come from the Verse Ecosystem Incentives program. Specifically, 35% of the Verse token supply is allocated to rewards distributed via staking, yield farming, airdrops, and other mechanisms. Tokens are made available to the incentives program linearly and on a block-by-block basis over 7 years, although their distribution is managed by the Bitcoin.com team. The purpose of the program is to widely distribute VERSE and incentivize community growth in a sustainable and value-adding way. Please refer to our white paper here.
What is APY?
APY stands for annual percentage yield. It is a way to calculate interest earned on an investment that includes the effects of compound interest. Read more about this here.
Can I stake VERSE on Polygon (fxVERSE)?
VERSE Staking on Polygon is not currently offered.