Verasity is pleased to officially announce that the Verasity Staking Program has been extended for another year to 31 March 2023! The daily reward rate will be 0.05% per day (18.25% per annum). The new rate took effect on 1st April 2022. The minimum amount of VRA to be staked continues to be 10,000 VRA, and there are no other changes to the staking terms.
Verasity is making strides across the ad tech, video entertainment, and Esports industries with patents secured in the US and China for its revolutionary proof of view (POV) technology. Veracity is on the ground growing ad revenue free from fraud across video advertisement channels. Verasity’s core mission is to increase engagement and advertising revenue for video publishers on any platform.
The question of how to stake Verasity should come only after one gets acquainted with the Verasity (VRA) crypto. Knowing more about the Verasity network and the value of its native coin would ascertain the future success of staking VRA. The Verasity products and protocol layers come together to provide users with an opportunity to stake VRA to earn staking rewards.
The minimum amount for withdrawal from the VeraWallet remains 5,000 VRA and the fee for all withdrawals is also unchanged at 700 VRA. The network will update the community on withdrawal fee changes based on the Ethereum network costs. There was a 2,500,000,000 reward capacity, and over 5.4 million available since August 2022.
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What is VRA?
VRA is ERC 777 digital tokens native to the Verasity platform. ERC 777 is a standard of fungible tokens on the Ethereum blockchain that allow more complex interactions when trading tokens. VRA has a maximum supply of 110.36B with 10.36B tokens in circulation. Its purpose on the platform is to allow the transfer and exchange of value across NFTs, esports, games, and video streaming services globally.
Today’s live Verasity price is $0.002934 with a 24-hour trading volume of $3,490,806. Verasity is down 1.18% in the last 24 hours. The current CoinMarketCap ranking is #447, with a live market cap of $30,344,670. It has a circulating supply of 10,343,094,362 VRA coins and a max. supply of 110,356,466,695 VRA coins.
How does Verasity Staking work?
The VRA staking program locks the user’s VRA tokens in a smart contract with a percentage. VRA tokens are not available for transfer or exchange. The Verasity platform has a 2,500,000,000 reward capacity. The minimum staking amount is 10,000 VRA, and the maximum is 200,000,000 VRA. VRA rewards are distributed in proportion to the percentage of stake in the pool.
If you’re already staking, your VRA tokens will remain staked and begin accruing rewards at the new rate beginning on the 1st April,2022. There is no action required on your part. There will be no need to restake your VRA. If you haven’t begun staking yet, read on to find out how to get started.
How to Stake Verasity ((VRA) on the Vera wallet
The Vera wallet is a custodial wallet for VRA holders to stake VRA for passive income. Always beware of phishing sites when using the Vera wallet.
Step 1 – Create a VeraWallet Account
- Visit the Verawallet website.
- Click ‘create an account.’ On the new page, set your language, email address, and a strong password. Accept the T&Cs and click ‘Create an account.’
- You will then be requested for a verification code sent to your email. Get the code; if you can’t find it check the spam folder or click ‘resend the code’ for a new code. Enter the code, then click ‘submit.’
- You will then be required to set 2FA using a third-party app – 2FA is a measure to increase the security of our account. The app could be Microsoft authenticator, google authenticator, or Auth. Install the app, complete setup, scan the QR code provided, and use the code generated on the wallet. Click ‘Done.’
- You must set up Know Your Customer (KYC) details. Enter the details, and click ‘submit.’
Step 2 – Buy VRA and Stake
- Sign in to your account on the wallet website.
- Click ‘buy and stake’ under the ‘my wallets’ tab to buy and stake.
- Select the crypto you want to convert to VRA. Click ‘Buy VRA and stake.’
- Click Show address, and you will be given a wallet address to fund your account. Fund the account. Pay attention when transferring funds to the account; users cannot recover funds sent to the wrong address.
- Once the account is funded, the VRA tokens are automatically staked. If the amount of VRA does not meet the minimum threshold for staking, it will be transferred to the main wallet.
Step 3 – Withdraw VRA and rewards.
- To withdraw VRA, you must have VRA tokens in your main wallet. Log in to your account, and click the ‘My wallets’ tab.
- Click ‘Withdraw.’
- Enter the amount you are withdrawing and the address you are sending. VRA should be sent to an exchange supporting VRA or an ERC20 wallet. Click ‘Withdraw.’ A withdrawal can take up to 24 hours.
- Click ‘Confirm withdrawal.’
How much can you earn by Staking Verasity?
When writing, the Verasity ecosystem offers a yearly 18.25% staking bonus. The amount translates to 0.05% paid out daily. A 10,000 stake will earn 5 VRA daily, while a 200M stake will earn 10,000 VRA daily.
Benefits of staking Verasity
- Anyone can participate in the staking program provided the total amount available for staking is not exceeded.
- The VRA reward is compounded, so holders earn higher rewards.
- The staking reward is pre-determined at a given percentage, so the program is weathered from slippage from significant subscriptions or withdrawals.
- The staking program adds flexibility to portfolio management with quick and efficient compounding without a lock-up period.
Risks of staking Verasity
- The first and most obvious hazard of staking VRA is its value dropping over time.
- Tokens sent to the smart contract cannot be used for other purposes.
- The total number of tokens that users can stake is limited.
Should you stake Verasity?
Yes. Verasity’s patented proof will significantly prevent NFT fraud, so its value is anticipated to rise. The platform also offers a competitive return on investment.
Not staking yet, or want to learn more about staking VRA tokens? Check out our Medium article on staking for more information — including why it’s important to stake for Verasity’s network health!