Pastel Network Soft Staking Rewards Program - Season 2

We’re excited to announce the launch of Season 2 of the Pastel Network Soft Staking Rewards Program! This season, we are offering a prize pool of 5 million PSL tokens to our dedicated community members who participate in staking. Here’s everything you need to know to get started and maximize your rewards.

Prize Pool and Growth Potential

The initial prize pool for Season 1 is set at 5 million PSL tokens. To make things even more exciting, this pool can grow by an additional 1 million PSL in the next season if two key conditions are met:

The community collectively stakes at least 10 million PSL.
There are a minimum of 50 participants in the staking program.

If these criteria aren’t met, the prize pool for the next season will remain the same.

Eligibility Criteria

To be eligible for rewards, participants must join the FORGE Season 2 Staking Challenge by July 31st 23:59:59 UTC. It’s crucial to maintain or increase your wallet balance during the staking period, as any decrease will disqualify you from receiving rewards.

Join here: https://foundry.pastel.network/staking/

Staking Period

The staking period begins on August 1st 00:00 UTC and lasts for 30 days, ending on August 31st 23:59 UTC. Make sure you do not lower your PSL balance during this time as it will disqualify you from the staking eligibility!

Increasing Your Rewards

Participants can add more PSL tokens to their staking amount at any point during the challenge to increase their potential rewards. Rewards are distributed based on the percentage of your staked PSL tokens relative to the total staked amount — the more you stake, the larger your potential reward!

Equitable Staking Tier with Sliding Benefit Scale

To promote equity and curb imbalances in benefits, we’ve set an equitable staking tier and sliding benefit scale.

Staking Tier: 5 million PSL per user
Sliding Benefit Scale: Contributions above the staking tier will still earn you more rewards, but at slightly lesser weight of 20%.

Example Scenario:

Let’s look at an example to understand how this works:

Prize Pool: 5 million PSL
Staking Tier per User: 5 million PSL
Sliding Benefit Scale Factor: 0.20

Original Stakes:

User A stakes 5,500,000 PSL
User B stakes 5,000,000 PSL
User C stakes 2,500,000 PSL

Adjusted Stakes:

User A: 5,000,000 + (500,000 × 0.2) = 5,100,000 PSL
User B: 5,000,000 PSL (no adjustment needed)
User C: 2,500,000 PSL (no adjustment needed)

Total Staked: 5,100,000 + 5,000,000 + 2,500,000 = 12,600,000 PSL

Payout Calculation:

User A: (5,100,000 / 12,600,000) * 5,000,000 = 2,023,809.52 PSL
User B: (5,000,000 / 12,600,000) * 5,000,000 = 1,984,126.98 PSL
User C: (2,500,000 / 12,600,000) * 5,000,000 = 992,063.49 PSL

Without the staking tier and benefit factor, the payouts would have been:

User A: 2,115,384.62 PSL
User B: 1,923,076.92 PSL
User C: 961,538.46 PSL

The Pastel Network Soft Staking Rewards Program offers a fantastic opportunity to earn rewards while supporting the network. By joining the FORGE Season 1 Staking Challenge and strategically managing your stake, you can maximize your potential payouts. Remember, fair participation is key, and with the stake cap and diminishing returns, we aim to create an equitable environment for all participants.

Get ready to stake, earn, and grow with the Pastel Network!

About Pastel Network

Pastel Network is a fully decentralized, interoperable layer-1 blockchain serving as the preeminent protocol standard for non-fungible tokens (“NFTs”) and Web3 technology.

Pastel powers layer-1 & layer-2 blockchains, decentralized applications (”dApps”), or third-party enterprises with next-generation infrastructure including NFT copymint protection, permanent data storage, and more. Lightweight protocols delivered via Web3 open APIs like Sense and Cascade can be easily integrated across existing ecosystems. A wide range of applications can be built directly on Pastel, enabling developers to enjoy the NFT primitives, composability, plug-and-play modules, and security of the broader network.

Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

For more information on Pastel Network, visit https://pastel.network/.