CheckDot $CDT Staking Protocol Release

4 min readJun 8, 2022

Summary

Hello everyone!

Below you will find a presentation regarding the staking protocol we’ve been working on here at Checkdot.

We believe staking is a key focus in paving the way for crypto adoption worldwide, with specific importance to new founded, developing projects.

We believe our staking protocol will help us retain our current user base while also attracting the attention of new community members interested in this area.

CheckDot’s staking protocol is unique.

We have developed not only a staking system dedicated to $CDT but a staking protocol that incorporates the possibility to stake any token which currently uses the Binance Smart Chain.

You heard it right, ANY TOKEN! 😎

It’s time to stake your CDTs!
Please find below the links to our documentation; to participate in the staking program.

Staking platform: An ocean of possibilities

1️. The compatibility: The product is compatible with all tokens that meet the BEP20 and ERC20 standard. This means that our product works with staking pools or farming pools (LP tokens).

2. Freedom: Staking pool creators can encourage their communities to lock tokens directly from their platforms by connecting their application to the staking protocol (An article about the creation of a staking pool will be presented soon.).

3. Flexibility: Long term stakers… our application is dedicated to you! All stakers can activate the lock until the lock expires.
Everyone has the freedom to lock or withdraw their tokens at any time, but beware if the Staker withdraws their funds before the expiration date, they will not earn any rewards.

CheckDot recommends that you use blocking at the time of staking to avoid missing the goal of waiting until the end of the block.

4. Rewards: Reward pools are completed by the creators.
They can be flexible ranging from 0.1% to 1000% annual, the creators define the returns.

5. Cross-chain staking: When the CDT will be exchangeable on new blockchains, we will track our protocols on each ecosystem including the staking protocol 🔥.

Here is a small example of how the staking protocol works:
A wallet that stakes the XYZ token on the Binance Smart Chain could be rewarded with XYZ on the Binance Smart Chain or it could be rewarded with BUSD on the Binance Smart Chain . All combinations of scenarios are possible.

$CDT Staking & Rewards

Users are required to stake their $CDT tokens on the Binance Smart chain.

Metrics & Tiers

We have set up 3 different levels for the $CDT staking pools. The minimum staking period is 1 month 🔒.

Your own APY will vary depending on which third party you choose to stake on each of them. It’s up to you 👊.

Tier 3:
APY: 45%
MIN -> MAX DEPOSIT: 100 CDT -> 10,000 CDT
NUMBER OF PLACES: 30,000
TVL*: 3,000,000 CDT
LOCKUP: 30 days
Tier 2:
APY: 20%
MIN -> MAX DEPOSIT: 10,000 CDT -> 100,000 CDT
NUMBER OF PLACES: 1,000
TVL*: 10,000,000 CDT
LOCKUP: 30 days
Tier 1:
APY: 12%
MIN -> MAX DEPOSIT: 100,000 CDT -> UNLIMITED CDT
NUMBER OF PLACES: 100
TVL*: 10,000,000 CDT
LOCKUP: 30 days

💵 The total reward amount allocated for the first stage of staking (Release June 8th, 2022 ) is 372,000 $CDT (~ $10,000 USD).

👊 CheckDot has developed a new staking system. In this system one Slot corresponds to 1 seat. You can buy as many slots as the limit allows. The value of a slot is the minimum amount that can be staked.

How to stake $CDT tokens

To enter in the $CDT staking pools, the steps are simple:

Hold $CDT token on Binance Smart Chain. Our token can be found on all the listed exchanges you can check on Coingecko or CoinMarketCap.
Open our app, connect your wallet and navigate to the earn section or use this direct link to the $CDT staking pools
Select the desired staking pool and click on the stake button, then select the number of percentages of your wallet you wish to stake, then validate. If needed, our documentation is available here to help you. Link to documentation here.

End of the article

We sincerely hope that our community, both Holders and newer members, will enjoy this massive incentive program. The CheckDot team will monitor the pools as much as necessary to ensure the most professional investment experience possible.

Technicals words

APR (Annual Percentage rate): Annual rate of return that is not capitalized.

APY (Annual Percentage Yield): The actual rate of return earned in one year if the interest is compounded. Compound interest is added periodically to the total invested, thus increasing the balance.

TVL (Total Value Locked): The potential total number of tokens locked.

Slot (One Seat): One seat to participate in the staking.

Slots (Number of Seats Available): Number of seats available to participate in the staking.