The EOS Network has unveiled a 250 million EOS staking rewards program to incentivize early stakers under enhanced tokenomics and extended lock-up periods.
The EOS Network has allocated over $127 million worth of EOS tokens to reward participants of its staking service as part of its updated tokenomics strategy.
Around 85,600 EOS tokens will be distributed daily to stakers, with an initial APY of over 60% available. In exchange for staked EOS, stakers will receive REX tokens used as an accounting mechanism. The EOS Network team noted that the rate will “continuously change” as more people stake or unstake their tokens.
Additionally, the EOS Network revealed that the lock up period for staking “has increased from four to 21 days.” EOS Block Producers will begin receiving network-generated fees “on top of their block reward income, further incentivizing infrastructure providers as network demand increases.”
REX staking rewards APY | Source: EOS Network
“The updated EOS staking program is designed to provide sustainable rewards for participants and support ecosystem growth,” the EOS Network team said in a blog announcement.
Earlier in May, Yves La Rose, CEO of the EOS Network Foundation, announced community approval of a proposal to cap EOS supply at 2.1 billion tokens and burn excess tokens. As crypto.news reported, the move will effectively burn nearly 80% of the total EOS supply, primarily from future emissions, establishing a fixed supply limit instead of the original 10 billion tokens.
Established in 2017 by Block.one, EOS gained prominence through a record-breaking $4 billion initial coin offering (ICO). Later on, however, conflicts arose between the foundation and Block.one, with allegations that promised reinvestment of ICO funds back into the EOS Network wasn’t fulfilled by Block.one.
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