iOWN has now introduced its Staking program which allows the activation of yet another utility that iOWN Token provides.
You will now be able to stake iOWN Tokens on the iOWN Genesis Pool. The staking pool consists of 8 physical Luxury Hotel Apartments located in Dubai, UAE.
The eight apartments span a total area of 4,110 sqft, with a total portfolio value of $2M. iOWN will fractionalize the physical square footage into 4,110 NFTs which will be rewarded to token stakers. Each NFT (Non-Fungible Token) represents 1sqft valued at $487. Upon minting, the NFTs will be rewarded to stakers. The NFT holders will receive 5 -6% expected return on initial sqft price per year from returns of the physical rented asset portfolio in iOWN Token.
The Staking term is fixed to 182 days, only after which stakers will receive their NFT and be able to unstake their iOWN Tokens.
On the iOWN wallet app, click on ’Stake now’. Here, you will be able to see a sample NFT, along with detailed information regarding the staking program. Click ‘Next’ to move to the staking confirmation page.
On the staking page, you may select any multiple of 50,000 iOWN tokens that you would like to stake. For each 50,000 iOWN tokens staked, you will be rewarded with 1 NFT after 6 months. Hence, if you Stake 100,000 tokens, you will be rewarded with 2 NFTs and so on.
After selecting the amount, you would like to stake, you need to read and approve the ’Terms and Conditions’ of the program by checking the box. Once done, you may click on ’Stake Now’.
You would then be redirected to the ’Staking Completed’ page where it confirms the amount staked, duration and number of Total NFTs to be rewarded during the duration.
The following pages provide you with a live dashboard that give you an overview of your progress along with options to stake more, genesis pool statistics and an option to un-stake your tokens.
To unstake your tokens from the genesis pool, click on ‘Unstake’ on your dashboard. This will take your to the ‘Unstake’ page. Since partial unstaking is unavailable at the moment, you need to unstake the complete amount that is locked. . Please note that a penalty fee of 25% of staked amount will be charged and deducted upon unstaking.
You can check program status on the Staking program dashboard in the iOWN token website, and you can check your staking details on the iown wallet staking page.
Please refer to the FAQs page for more details.