You can lock BIND in you wallet for a period of time to increase you voting power without extra costs. This is called staking.
The minimum to stake will initially be 5,000 BIND.
This minimum can change in the future based on validator/holder consensus.
For example: 5,000 BIND normally represents 5,000 vote power. If you stake these BIND for 12 months, the vote power increases to 50,000 for that duration.
There are various features and levels with staking.
To find out more, see the Economy – Staking section.
You can earn BIND by participating in various ecosystem initiatives.
Some possibilities for earning (“farming”) BIND currently include:
- Staking and voting: You can vote for a validator on Compendia and benefit from the services and rewards that they may offer to voters. Some validators choose to share a fixed percentage of BIND that they earn from block rewards with their voters. You can review the value proposals from validators by clicking on their names in the Block Explorer and reading their descriptions.
- Contributing to databases: Validators may reward people for contributing to their databases. Check out their descriptions to find out what you can do for a validator to get paid BIND.
- Using Compendia Databases with your app: Some validators are planning to grant BIND to developers who will build or extend apps and websites that integrate with Compendia’s databases. You can join the Telegram to present your app.
- Running a validator: As a validator you can earn block rewards consistently. The top 47 validators earn 3.90 BIND per forged block, and the top 5 earn 4.84 BIND. An active validator forges one block approximately every 5 minutes.
Disclaimer: Compendia is a decentralized blockchain network. The above examples for “Earning BIND” are community-contributed examples and initiatives. There are no inherent or guaranteed ways to earn or obtain BIND. Any of the above (and any future) initiatives may cease to exist at any time.
BIND (a “Utility Token”) has no inherent financial value and should only be obtained by people who want to use the network. BIND is not a financial asset and should not be held as a financial investment. Do not expect to gain any financial returns from holding BIND, or any other Utility Token, Cryptocurrency, or Blockchain Coin.
Was this helpful?
0 / 0