Introducing Staking for Clout

The beginning of the Strite ecosystem

May 14, 2021

It's only been a couple months since we've introduced Strite. We're so excited by the growth of our community and are thankful for everyone that has participated in social medias or held on to our token. Today is a big day for us and our holders. We are launching staking and pooling on our platform -- moving forward you'll be able to connect your wallet to our site and stake your Strite or a Strite/BNB pair and receive Clout tokens as a reward. This is the first step of us building out our NFT ecosystem that will connect influencers and fans through cryptocurrency in novel ways. You can start staking your Strite here.

What is Staking?

For anyone new to cryptocurrency, the concept of staking can be a bit confusing. Essentially, when you stake your tokens, you are temporarily locking up your cryptocurrencies in order to help power and support the overall network. The BNB ecosystem operates partially on a Delegated Proof of Stake system. What this means is that transcations are gathered into blocks, or or small sets that need to be validated. For each block, the system randomly chooses the right to validate that block from the staked tokens. The more tokens you have, the more likely you will be chosen as a validator. Because of the randomness, you can get a consistent reward for staking tokens on the BNB smart chain (you can even stake BNB!).

To put it more simply, you put tokens in and and you get tokens back. In our system, there in lock up, so you can deposit or withdraw at any time.

What do I get for staking Strite?

Many tokens with save some of their supply of their tokens to give as rewards to stakers. In Strite's case, we are doing things a bit differently. Instead of recieving Strite, you'll receive Clout tokens.

What is Clout?

Clout is our ecosystem exclusive token that will be able to be used for enhanced priviliges and access on our upcoming NFT marketplace. On the marketplace, buyers at first will be able to purchase with BNB or Strite. However, some of our drops and/or editions will be exclusive to Clout owners NFTs or experiences. We're very excited about our partnerships for our marketplace, and those who get in early will be pleasantly surprised with what they can get for their Clout tokens. We'll dive more into our NFT marketplace in future blogs, but do want to note that our NFTs will be on the BSC network and resellable on our eventual secondary marketplace as well as next month's Binance NFT marketplace.

How do I stake Strite?

You have two options to stake Strite. The first, is simply to go to our staking page, connect your wallet, and deposit as much Strite as you want into our Strite pool. From there, you don't have to anything else and your Clout tokens will accumulate. At any time, you can claim your Clout tokens or remove your Strite from the pool and they will appear in your wallet.

The second option is to stake a Strite/BNB LP pair. To do so, you must add liquidity on PancakeSwap to Strite, receive LP tokens, and then place them in our Strite/BNB LP pool. This strategy is a bit more risky, as you may be exposed to impermanent loss, so make sure to research liquidity providing before investing in this farm. However, the pool rewards will be FOUR times as high in the LP farm when compared to the Strite-only pool.

How much Clout will I recieve?

The more Strite you stake, they more Clout you will receive. Your return is based on your overall percentage of pool. The current rate of rewards is 1 clout per block. There is no deposit fee for either pool.

So what now?

As of this post, you can go to our site and immediately stake your Strite. In the coming weeks, we're going to be enhancing our site, continuing to market aggressively, and slowly dropping exciting details about our upcoming NFT marketplace. This is just the beginning of our journey, and we're excited to bring Strite and cryptocurrency to a whole new audience!

Please feel free to ask any questions out Telegram, and happy staking!

The Strite Team