Guild of Guardians recently announced their long-anticipated GOG token staking! As simply as possible, this is how the staking w

Guild of Guardians recently announced their long-anticipated GOG token staking! As simply as possible, this is how the staking will work:

For six months, each week that you keep GOG tokens on IMX, you earn a return of GOG tokens in proportion to your staked amount. The longer you keep the tokens on IMX, the greater your 'streak' and the higher your return.

Staking will begin on the 7th, with the first round of rewards being paid out in December -- a lump sum representing everything earned up until that point. The GOG tokens that are on IMX within the first week BEFORE the 13th of November deadline, will qualify for a 2x weighted stake, resulting in a greater return from tokens than if you were to deposit after the deadline.

To be eligible for these staking rewards, the GOG token must be on IMX and the IMX wallet holding the tokens must hold a rare or better Guild of Guardians NFT hero. To receive rewards each week, at least one of the following activities must happen:

Trade: Buy or sell any Guild of Guardians NFT on the secondary market

Stash: Increase your $GOG balance on Immutable X (staking rewards received during the week do not count)

Vote: Cast a governance vote with your $GOG tokens (to be added in the near future)

Questions? Here are some additional FAQs directly from the Guild of Guardians announcement:

When will the program start?

The Guild of Guardians staking program will begin in November, and rewards will start to accrue from November 7th, 2022, AEDT.

Will the reward mechanisms change?

We reserve the right to change the reward mechanism and total token rewards amount. We currently plan to review the effectiveness of the Guild’s Treasure staking program after the first few months to ensure that it is meeting the needs of the ecosystem and game.

When does my Active Staking streak start?

Tokens staked during the first week of the program will start off their streak at 12 months.

When will I get paid for Active Staking?

The first payment will be made in December 2022.

Who is eligible for Active Staking?

To be eligible for staking rewards for each week, you must be active in the following ways:

Your $GOG must be deposited on ImmutableX, and you must own a Rare or higher Guild of Guardians Hero NFT, and you must satisfy any of the following criteria in that week:

 Buy or sell any Guild of Guardians NFT on the secondary market.

 Increase your $GOG balance on ImmutableX (staking rewards received during the week do not count)

 (to be added in the near future): Cast a governance vote with your $GOG tokens.

Why should I HODL $GOG?

We believe in $GOG and the success of Guild of Guardians, which is why we’ve announced Active Staking. We have committed 5m $GOG (~US$1m) — the largest reward to date to be distributed to early supporters, especially those who hold $GOG closer to our launch.

What is the rewards rate for the staking program?

The rewards rate will depend on the total amount of $GOG that is staked and will vary based on an individual’s continuous streak of holding $GOG in ImmutableX. We are committing 5 million $GOG to the rewards pool over six months. For example, if 50 million GOG is staked, the rewards rate will be 10% over six months (21% on an annualised basis).

What is the minimum amount I need to stake to participate?

There is no minimum amount to stake. Staking rewards will simply be distributed as a percentage of the $GOG you have staked.

How do I transfer my $GOG to IMX?

Transferring $GOG into IMX is the same process as ETH. You need a METAMASK wallet with enough Ethereum in it to deposit into ImmutableX to transfer your $GOG.

1. You need to deposit Ethereum into ImmutableX, before staking is live
2. When transferring money into IMX, you must pay a transaction fee to ‘bridge’ or ‘convert’ the currency. This is called a ‘gas’ fee. The price of gas is always fluctuating, and to be safe, we recommend having around ~0.07 ETH above the amount you wish to deposit into IMX.
3. MetaMask setup and purchasing Ethereum should take no longer than around 10 minutes, however, depositing Ethereum from your MetaMask wallet into ImmutableX can take up to 24 hours. So we recommend doing this ASAP, before staking goes live!

Until next time, Guardians!

#WeAreGuardians