The Etherean NFT Staking Guide! Read the details

The Etherean NFT staking is finally here!

This is an innovation that we’ve been planning since we started the DeFi Socks 2020 edition. As you all know, anyone who redeems a pair of socks will be given a special NFT token. We wanted to add more utility to the NFT and reward our genuine sock lovers who’ve redeemed our socks. We are now ready to go live with the NFT staking!

From this post, you will learn details regarding the long-awaited NFT staking. What is the Etherean NFT? What does the reward token do? What exciting prizes do we have in store?

Important links:

1. Staking site: https://rewards.defisocks.com/
2. Rewards site: https://rewards.defisocks.com/#/rewards

The Etherean Socks NFT — What’s this?

When you redeem your Etherean Socks, you get an awesome limited edition pair of socks, and we also mint an NFT for you. This NFT is called Etherean Socks NFT, and no more than 500 will ever exist. Due to the burning of socks and any that remain unclaimed, the total supply of this NFT is expected to be much lower than 500.

Please note that only this NFT can be staked on our platform! If you send other NFTs to our smart contract, they will be lost forever.

The good news, you can stake more than 1 Etherean Socks NFT! The more NFTs you stake, the more reward tokens will be minted for you.

Check it out under the ETH2SOCKS collection here.

How can I get this NFT? Here is the full process

The Etherean Socks NFT CAN’T be bought directly from us. Here is how to get it:

1. Go to app.uniswap.org/#/swap
2. Paste this address (this is the official contract of the ETH2SOCKS token): 0xd80776bbf68cde466900a7214c772a7d179c420f
3. Swap! Note: you need to have at least 1 ETH2SOCKS token to get the NFT
4. Once you have the ETH2SOCKS token, go to our website: https://etherean.defisocks.com/
5. Scroll down to the Buy widget and click “Connect wallet to redeem”
6. Follow the instructions and make sure to provide a valid email and shipping address! During this process, your ETH2SOCKS token will be burned, and once the burn is confirmed on our end, we will send you the legendary Etherean Socks, and also mint the Etherean Socks NFT for you and send it to your address manually.
7. You can start staking as soon as you receive your NFT!

About the ETH2REWARDS tokens

The ETH2REWARDS token sole purpose is to unlock rewards for stakers. The primary source of acquiring this token is through staking your Etherean NFT. However, token owners have the right to do whatever they want with the tokens. We won’t provide liquidity for trading on any platforms, but we expect that some community members might do it.

Please, keep in mind that ETH2REWARDS tokens are not investments.

ETH2REWARDS token has no supply cap. The minting of this token starts once at least one NFT is staked on our platform and will be minted until at least one NFT is staked. Token contract will be shared here in an upcoming update.

A fixed amount of ETH2REWARDS tokens is allocated to each block. This means when a block is minted on Ethereum, we also allocate the reward tokens to the stakers. The amount of ETH2REWARDS token stakers receive will be higher for the early stakers and decreasing as new stakers join (since the same amount of tokens is split between more participants).

What are the rewards?

With staking, we aim to reward our most loyal community members.

New rewards will be added in the future, but when NFT staking starts, we offer super-rare NFTs as rewards. These rewards can be exchanged for the right amount of ETH2REWARDS tokens. Please note, that the reward NFTs are sent manually, so you won’t receive them automatically when you redeem them.

Check them out under the ETH2ART collection here. Or read our post about the NFT collection here.

Staking your NFT: step by step

1. Go to https://rewards.defisocks.com/ page
2. Connect your wallet
3. Click approve and confirm the transaction in your wallet. This will approve NFT staking. WAIT until the transaction is confirmed — see it on etherscan!

3. Hit the “Stake NFT” button to select the NFT you want to stake. If you want to stake multiple NFTs then you need to stake them one by one, since every NFT has a unique ID.

IMPORTANT NOTE FOR THOSE STAKING MULTIPLE NFTS:

When adding your NFTs one by one, the reward token counter will be set to zero every time you stake a new NFT. Your reward tokens are recorded BUT not sent to your wallet (no auto claim here!). These tokens will be sent automatically to your wallet when you unstake ALL your NFTs.

Best practice: claim your reward tokens before adding new NFTs to stake — especially if you have a significant amount of unclaimed tokens.

4. Once the transaction is confirmed, your NFT is staked and minting ETH2REWARD tokens for you.

If you want to unstake your NFT, simply click the Unstake button and confirm the transaction in your wallet.

Claiming your ETH2REWARD tokens

Pro tip: always claim your reward tokens before adding a new NFT to stake.

The number of minted reward tokens is displayed on the right. To claim your tokens, click the “Collect” button and confirm the transaction in your wallet. Once confirmed, the tokens appear in your wallet.

Unstaking NFTs

Hitting the unstake button will unstake all your NFTs and will automatically collect the reward tokens for you. During this transaction, the NFTs will be sent back to your wallet along with the reward tokens.

Redeeming rewards

If you have enough ETH2REWARD tokens in your wallet, you might redeem one of the rare rewards under our rewards page. Simply go to https://rewards.defisocks.com/#/rewards page.

By redeeming one of the rewards, your ETH2REWARD tokens will be exchanged for the selected item. In case two people claiming the same reward at the same time, the fastest one will get it, the other gets refunded.

Please note, that the reward NFTs are sent manually, so you won’t receive them automatically when you redeem them. You can expect them to appear in your wallet within 24 hours.

Risks

The staking contracts were thoroughly tested, however, not audited. When interacting with our contracts, please keep in mind that it’s experimental and might have vulnerabilities. The contracts don’t have control over your funds in your wallet.

If you have any questions, feel free to join our Telegram channel.

More info on our website: etherean.defisocks.com

Please note: These socks are not investments, but rather collectible items whose price will be determined by the market. Whilst we understand that there will be people who would like to speculate on the Etherean’s price in the future, we encourage you to not spend more money on these socks than you’re afraid to lose.