As KleverChain nears its mainnet launch in the coming months, it’s time to announce the new KLV staking protocols. The community approves an upcoming staking event, and now is the time to plan accordingly to take advantage of the 100% APR for KLV migration to KleverChain, an event that will last for three months.
Klever Mainnet Pre-Staking Master Plan Proposal
KleverChain Proposal #01.
|Current stake unfreeze deadline||09.04.2022|
|Current stake withdraw deadline||17.04.2022|
|Current staking contracts will pause||20.04.2022|
|Pre-staking contract start||25.04.2022|
|Pre-staking contract end||26.07.2022|
|Pre-staking lock and duration||3 months|
|Pre-staking contract base APR||100%|
|KFI Reward||1 KFI for Every 10,000 KLV staked|
|Funds source||Klever Foundation Treasury|
KleverChain Migration Process
We are on track for our mainnet in Q2, so the blockchain industry better prepares for this launch.
As of today, more than 74% of the KLV tokens in circulation are frozen and staked by KLV holders, indicating their deep trust and belief in Klever’s vision for a more just and equal financial future, where all people have the right to own their money, regardless of their origins and economic status.
Follow our social media and news channels in the coming months to stay up-to-date with the latest announcements around the KleverChain migration processes.
Why do we need to migrate?
As part of our efforts to become a layer one blockchain, we must ensure the network’s security. By securing a large amount of KLV, the network becomes more secure and reliable for all users.
Where do the rewards funds come from?
Klever Foundation Reserves.
Why is the withdrawal scheduled one month after the Mainnet launch?
Our primary goal is to have the mainnet ready for launch without any issues. The migration of our user coins is vital to network safety, so we have to be careful.
How to claim tokens?
The new staking contract will serve the cross-chain migration. After the staking contract release, a claim button will be enabled and you will be asked to enter your KLV address on Klever Mainnet to withdraw your funds.
To learn how to unstake your KLV, read here.
How Proof of Stake Works
A cryptocurrency stake is a lower-resource alternative to mining and involves holding funds in a crypto wallet like Klever Wallet to support KleverChains blockchain network’s security and operations. By definition, staking is locking cryptocurrencies and receiving rewards as a result to support the network.
To better understand staking, you must first comprehend Proof of Stake (PoS). A Proof of Stake blockchain like KleverChain can maximize energy efficiency while retaining an ample degree of decentralization.
Through staking, Proof of Stake chains generates and validate new blocks. To stake, validators lock up their coins so the protocol participants can randomly select them to create blocks at specified intervals. Participants who stake or get delegated a considerable amount have a higher chance of being chosen as the next block validator.
Blocks can be produced without specialized mining hardware, such as ASICs, which is the foundation for Proof of Work (PoW) blockchains like Bitcoin.
The hardware investment required to run ASIC mining is much higher than the direct investment needed for staking. So, instead of competing on computational work for the next block, Proof of Stake validators are selected based on how many coins they stake or get delegated by the community of coin holders. Validators are rewarded for maintaining network security by holding a “stake” ($KLV coins).
Staking simply means keeping funds in a suitable wallet, in this case, Klever Wallet. The protocol allows anyone to participate in various network functions and receive rewards for their efforts and participation.
Disclaimer: Trading cryptocurrencies carries a high level of risk. Trade carefully. Please note that Klever Finance is not responsible for any trading losses.