Announcing the GeroWallet Stake Pool
GeroWallet is celebrating its 1st birthday by launching the GERO stake pool. Therefore everyone is invited to participate in the launch of the GERO stake pool and in return they will receive $GERO as a reward. This method allows users to stake their GeroWallet to the GERO stake pool and receive $GERO as the reward.
How to Participate
GERO is utilizing the Cardano Blockchains core functionality of delegating to a stakepool. To participate you can use GeroWallet or a compatible ADA wallet, search for GERO stakepool and stake. To fully utilize the $GERO rewards, users should delegate their ADA starting today May 21st 2022.
Steps to Stake
- Create a GeroWallet or import an existing wallet to GeroWallet.
- Make sure you have ADA stored on the wallet. If you don’t have ADA or would like to add more you can purchase ADA directly in the wallet by clicking the ‘buy’ button in the wallet. A minimum of 4 ADA is needed to start staking.
- Click on Stake from within the GeroWallet home screen.
- Search for ‘GERO”.
- Stake your wallet to the Gero stake pool starting today May 21st 2022.
If you are already staked(delegated) to an active pool you simply need to change pools or add the Gero stake pool as a pool your wallet stakes to.
Leaving Stakepool Early
Users will have the ability to unstake their ADA at any time as the GERO token rewards are calculated for each Epoch (5 days) and will be distributed starting June 25th, 2022.
How rewards are calculated
Three variables determine how much $GERO participants in the stakepool will receive:
- Amount of ADA delegated. The more ADA you have staked the more rewards you will receive.
- Amount of time staked (total number of epochs delegated)
- $GERO reward ratio (0.0125)
For example, if one delegates 1000 ADA for 6 epochs they will receive 75 $GERO when they claim from DripDropz platform: 1000∗6∗0.0125=75.0 $GERO tokens.
- Starts on May 25th, 2022 or Epoch 341
- Ending on June 25th, 2022 or Epoch 347
- GERO rewards are claimable on June 25th, 2022
- Total duration is 6 Epochs (1 epoch = 5 days)
- Participation pool: GERO
- $GERO rewards are calculated at the end of each epoch
- Participants will ONLY receive $GERO instead of ADA rewards.
- There are 6,000,000 $GERO total available as rewards for the GERO pool participation.
- You are free to spend your ADA at any time while you’re stake to the GERO stake pool
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