What is the BOK token and BOK Staking?
BOK is the primary token of Blocksale, allowing users to directly contribute to and benefit from the project’s transaction fees. With BOK you can also collect other ERC tokens as well.
BOK staking allows users to hold BOK in the smart contract which is then calculated against the total circulating supply and rewards users based on the amount of BOK held. The more BOK you own the more you stake. We are excited to allow the users to participate at a 100% profit sharing model with holders which means that’s 100% of the fees collected on the exchange will be dispersed amongst token holders. During beta we are solely executing BOK payouts to holders however once the exchange goes live we will give users the option to be paid in any erc token they wish to receive payouts i.e. you can request instead of receiving bok you can be paid out your shares in ETH. These shares will be split 50% to the exchange and 50% to the users.
BOK Payout Example
Please see this link add link to spreadsheet
As a Blocksale user, how does this impact me?
Once Beta is over users can opt-in to be paid in BOK only or in the token of your choosing (you can select only the top 15 ERC tokens). Select the option from the user section of the top navigation bar to get started. This feature will be added after beta.
How do I run stake BOK?
The minimum time you must hold BOK tokens to receive stake is 7 days. This means the tokens cannot leave or be moved from your wallet, so you do not interrupt the holding period. Token stakes will be paid every 2 weeks. All this automation is programmed into the smart contract to ensure that it is executed and dispersed fairly without any human interaction. If at any time you do move the tokens to or from the wallet the minimum time will reset.
If you cannot find the answer to your question below, you can also get questions answered directly by our team by visiting our Discord channel or contacting support.
What specs are needed to stake?
You need to hold a minimum 1000 BOK in your wallet for the minimum duration period of 7 days to receive any staking rewards.
How are earned fees distributed to stakers?
All fees earned by Blocksale are taken either in the token being traded or in ETH. Tokens that have at least $50 in value on the exchange will be sent to users at the time of the staking payout hours. All other tokens carry over to the next period.
At the end of the period, fees (in your desired payout token) are automatically distributed to users' staking wallets within 48 hours. Gas fees for sending payments are taken out of the total payment for that period.
Will I be able to use any third-party staking services?
No this can only be done in the smart contract.
Is there anything else I should know about BOK staking?
Please note that fee metrics, fee distribution mechanics, period start/stop days and lengths, and how shares are calculated are subject to change. We will provide ample notice of any upcoming changes to our community as we continue to develop and refine BOK staking.