October 14, 2024
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We’re thrilled to announce that PACK staking will be live on October 15th!
PACK token is the official utility token for HashPack. Now with the launch of PACK staking, you can earn rewards by converting your PACK tokens to xPACK.
Upon staking, you will receive xPACK, which serves as the staking token in the HashPack ecosystem. Your staking rewards increase in the relative value of xPACK to PACK, which is fixed at a rate of 5% APR.
The amount of xPACK you receive after staking will remain the same, but the amount of PACK you get back once unstaked will be more than what you staked, at a rate of 5% per year.
For example:
You stake 10,000 PACK
You receive 10,000 xPACK
After one year of staking
You unstake 10,000 xPACK
You receive 10,500 PACK
If you are familiar with staking xSAUCE on SaucerSwap, or HBARX on Stader, PACK staking works in a similar way.
We’ve put together a short guide and FAQ to help you get started.
Before we dive in, you'll need some PACK tokens to stake. You can swap HBAR or any other HTS token to PACK using our in-wallet swap, or you can purchase PACK token by pressing the Buy/Sell button in HashPack.
PACK is also available to buy on SaucerSwap, Gate.io, MEXC, and Bitget.
Ready? Let's get staking!
In HashPack, click the Stake button. You can choose between PACK staking or HBAR staking. With the PACK tab highlighted, press the Stake PACK button.
Enter the amount of PACK you wish to stake.
Confirm the amount and press the Stake button.
Congratulations you’ve now staked your PACK!
Your PACK tokens are instantly converted to xPACK, which increases at a fixed rate of 5% APR. Once staked, you can view the value of your xPACK relative to PACK.
To unstake, simply press the Unstake xPACK button.
Confirm the amount you wish to unstake and press the Unstake button.
If you wish to stake more PACK, you can top-up your balance anytime by pressing the Stake PACK button.
Confirm the additional amount you wish to stake and press the Stake button.
Staking and unstaking your PACK couldn't be easier!
What is PACK?
PACK is a utility token that’s made for the community, to reward our loyal supporters, and provide value for both new and existing users of HashPack. For more information about PACK token, please see here.
Where can I get PACK token?
You can swap HBAR or any other HTS token to PACK using our in-wallet swap, or you can purchase PACK token by pressing the Buy/Sell button in HashPack. PACK is also available to buy, sell, and trade on SaucerSwap, Gate.io, MEXC, and Bitget.
What is xPACK?
PACK is converted to xPACK when you stake your tokens. The value of xPACK increases over time. To unstake your tokens you can convert xPACK back to PACK at any time.
What are the staking rewards?
PACK staking rewards are fixed to 5% APR.
Will the rewards change over time?
We aim to make PACK distributions as sustainable as possible and have allocated ample PACK reserves to sustain the 5% APR for the foreseeable future.
Do I need to hold any HashPack NFTs to stake PACK?
No, you don't need any NFTs to stake PACK. You just need some PACK tokens and a small amount of HBAR to pay for any Hedera network fees.
Do the HashPack Concierge Collectibles increase staking rewards?
No, there are currently no ways to increase rewards from staking, and rewards will be fixed to 5% APR for all users. We have made this decision to make PACK distributions as sustainable as possible. Having a fixed percentage for everyone is more likely to attract liquidity, as well as make it easier to model the runway of the APR.
Are my staked tokens locked?
No, you can convert xPACK to PACK at anytime, instantly. There is no holding or withdrawal period.
Can I stake PACK with a hardware wallet?
PACK staking isn’t available on D’CENT or Ledger devices. However, you can send PACK and xPACK to your hardware wallet from another account.
Are there any fees for staking my tokens?
We only charge the standard Hedera network fees, which are a few cents. For a full breakdown of network fees, please see here.
Join our Discord community and follow us on Twitter for more updates.
PACK staking is an exciting new chapter for HashPack, we hope you enjoy it!
