- WagyuSwap reveals WAG token holders will earn different types of rewards.
- The rewards will come through “The Great Steak” event – an industry first.
- The Great Steak program lets users stake their WAG tokens and earn SCAR.
The blockchain and crypto industry is facing tremendous growth, and the world of cryptocurrency staking is set to undergo significant changes in the coming years. One example is WagyuSwap, a recently launched decentralized exchange on the Velas blockchain with native staking support. WagyuSwap have just announced that users can now stake $WAG tokens to earn some big name coins, through “The Great Steak” – an industry first.
The positive news is that the WagyuSwap team has, after bringing the first DEX to Velas, introduced a way for users of the platform to not only hold $WAG, but now, they can earn coins from different projets. What makes this fun for us is that The Great Steak is in line with the exchange’s theme – Wagyu, Steak, and enjoying the finer things in life.
What Is The Great Steak?
In its current form, The Great Steak lets users stake their $WAG tokens and earn $SCAR, the native token of the popular Metaverse ecosystem Velhalla.
The $SCAR rewards are just the first step for WAG stakers. From hereon, future rewards will include tokens from other tokens within the Velas ecosystem and beyond – The list includes BitOrbit, VelasPad, TRONpad, BSCPad, and many others. Different rewards will undoubtedly attract more users to Wagyuswap and holders diversify their crypto portfolios.
Indeed, it has been an exciting year for Velas, with over 40 projects exploring this technology stack. Moreover, the network provides a high transaction throughput, with very low fees, Solidity support, and of course the Velas Grants Program. That latter initiative offers $100 million in grants to developers bringing innovative projects to Velas.
The Big Steak by WagyuSwap will continue for the foreseeable future. Rotating rewards from staking are a novelty in the industry, and the team has plans to support multiple prominent tokens in the future. It is intriguing to see how developers change staking rewards through this rather simple yet potentially powerful method.
More importantly, this initiative casts a spotlight on the Velas ecosystem. It is the only blockchain with a multi-asset staking reward project to date, and certainly one to watch in the coming months.