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SNT Staking

Status Network Token (SNT)​

Launched in June 2017, the Status Network Token (SNT) serves as the native utility token of the Status ecosystem, a decentralized platform combining a messenger, web3 wallet, and gateway to decentralized applications on the Ethereum blockchain. SNT was designed to promote a decentralized and user-governed ecosystem, enabling holders to participate in governance, access features, and engage in various activities within the network. Over the years, SNT has facilitated user interactions within the Status app, allowing for voting on proposals, creating Ethereum Name Service (ENS) names, and accessing exclusive features.

With the upcoming deployment of the SNT staking contract on Status Network testnet, SNT holders will soon have the opportunity to stake their tokens, earning rewards and contributing to the network's governance and incentivization.

Staking Contract​

The staking contract will introduce Multiplier Points, which reward long-term commitment. SNT holders will have two staking options:

  1. Standard Staking

Users can stake SNT without a lock-up period. They receive Multiplier Points gradually over time. If a user stakes for 4 years without unstaking, they achieve a maximum 4x Multiplier.

  1. Locked Staking

Users can lock their SNT for a predetermined period (up to 4 years). They immediately receive a bonus Multiplier Point as well as a bonus Multiplier for each year they lock in advance. For example, locking for 4 years grants an instant 5x Multiplier (1x base + 4x for locking). Over the four-year period, they continue accumulating additional Multiplier Points, similar to standard staking, until they reach a maximum 9x total Multiplier

Benefits of Staking SNT​

  • Earning Karma: Stakers accumulate Karma, which grants governance power and access to gasless transactions.
  • Higher Free Transaction Quotas: Users with more Karma enjoy greater gasless transaction limits.
  • Boosted Governance Influence: As they accumulate Karma, SNT stakers can play a critical role in public funding allocation, liquidity incentivization and network policy decisions.
  • Higher Reputation: By staking their SNT, holders can signal alignment with the ecosystem and showcase a reputation score in the form of Karma. Apps in the ecosystem have a strong incentive to attract users with high reputation.