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A highly anticipated staking event on HOPR is set to launch towards the end of next month. This is excellent news for fans of the protocol that aims to keep the exchange of data private and secure. The event will commence on July 27 and will last for six months, where participating HOPR holders will be able to farm tokens and earn a base APY of up to 18% if they lock their tokens for the full period. According to the project, the staking rewards can be compounded over the lock-up period or withdrawn as they are paid out.

But that’s just the beginning. Uniquely, stakers will have a chance to earn NFTs to boost their yields. These NFTs will be collected by participating in HOPR testing, bounties and other promotional events. Once earned, these NFTs can be added to staking wallets, consequently boosting the user’s APY. Boosts from multiple NFTs will stack, with no theoretical limit to the boost. With a wide range of upcoming bounties, testnets and events and HOPR’s long history of running unique games and contests, users will have an excellent opportunity to mix and match as many NFTs as possible, boosting their returns incredibly.

Limitless Boosts, But Abuse-Prevention Mechanisms Exist

The downside of any scheme like this is when unscrupulous users try to game the system. To prevent abuse, HOPR have established protective mechanisms to stop whales or large investors from gaming the system. These mechanisms won’t be noticed by normal users who play by the rules, for whom HOPR has come up with an incentivized method to encourage users to participate in staking and test events. This approach sets it aside from other similar platforms, and has helped them to build an engaged and technically proficient community. The customizable boost providing access to NFTs means users can participate as much or as little as they want and, as a result, get rewarded accordingly.

Here’s how it might work. A user locks their tokens in the HOPR smart contract for the full period, which already nets them a base 18% APY. They then participate in three testnets. Each testnet earns an NFT to boost rewards by 1%. By participating in three testnets, they earn a special NFT for consistent participation which gives another 3% boost. Later, the user participates in a HOPR DAO vote, earning another NFT with a 2% boost. In this hypothetical example, the total rewards for the staking address would be 18% + 1% + 1% + 1% + 3% + 2%, or 26% APY for the period.

You Have to Run A Node to Participate in Staking

To participate in HOPR testing, you will have to run a HOPR node and take part in tasks. The NFTs will be earned once you complete the assigned tasks. This is all part of engaging the community to help develop the HOPR privacy protocol.

The HOPR team hopes to use the six months of the scheme to complete the most intricate and important part of the protocol: incentivized cover traffic. According to available information, the final staking system for HOPR will be closely linked to cover traffic and will be used to secure and scale the network.

Even though HOPR has already launched, building a secure, robust, private and fair cover traffic and staking system has proved an extreme technical challenge on a live network. That’s why the team behind the project has come up with the idea of moving the development to a test network that offers the developers more freedom to build and experiment. This also allows for the community to get involved without having to risk their tokens.

The APY Ranks HOPR Among The Top Rewarding Platforms

By tying the initiative to a staking smart contract, holders of HOPR tokens stand to be rewarded while development concludes, which is in six months from the commencement date. The cover traffic is expected to go live once the development is done, and staking will continue using that system.

As mentioned earlier, staking rewards can be claimed on an ongoing basis and compounded. On a daily basis, users can expect to receive 0.05%, which translates to an APY of 18.25% over 175 days. By participating in HOPR events, they will collect NFTs that boost their rewards even further. Not only is staking on HOPR set to be unique, but it should prove highly lucrative compared to other staking pools out there.

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