@Everyone Hello Future! We are extremely excited to announce the

hottest season ever:

DeFi Summer 2024 🔥

Introducing the Stake and Burn Model: You Stake yours, we Burn ours! 🔥

https://hbarsuite.app/#/stake-and-burn

In anticipation with the upcoming Tokenomics v2 and the NFT subscription model, we implemented a Stake and Burn mechanism to kickstart the summer season.

How does it work??

Community members will be able to stake their HSUITE tokens for up to three months through non-custodial staking. This means that you will retain the tokens in your wallet, however they will be locked during this period.

*Please note that while the HSUITE is locked in your wallet, you WILL NOT be able to move the HSUITE in or out of the wallet During the staking period. Your staked wallet will be frozen, and a portion of the HSUITE Treasury will be burnt consequentially.*

There are three staking terms available:

- Three-Month Term (10% APR): 100% supply match burn rate
EXAMPLE: if you stake 1M hsuite for 3 months, you will get 25,000 HSUITE reward at the end of the period. At the same time, 1M HSUITE will be burnt from the total supply, effectively deflating the token with your active participation.

- Two-Month Term (7.5% Apr): 75% burn rate
EXAMPLE: if you stake 1M HSUITE for 2 months, you will get 12,500 HSUITE reward at the end of the staking term. At the same time, 750,000 HSUITE will be burnt from the total supply, effectively deflating the token with your active participation.

- One-Month Term(5% Apr): 50% burn rate
EXAMPLE: if you stake 1M HSUITE for 1 month, you will get 4,166 HSUITE at the end of the term. At the same time, 500,000 HSUITE will be burnt from the total supply, effectively deflating the token with your active participation.

Rewards:
After the staking period, You can claim your wallet to be unlocked, and stakers will receive HSUITE rewards with an annual percentage rate (APR) of up to 10%.

This model ensures that more tokens staked lead to more HSUITE being burned, effectively reducing the total supply with the community participation 😄

We at HbarSuite allocated 5b HSUITE from the Enterprise account to the HSUITE Treasury account, while we just staked 6b HSUITE and consequentially 6b HSUITE tokens have just been burned from the treasury 🔥

Testnet Smart Node Validators can stake using this protocol. you will still be eligible for it

This campaign will lead to a burn of UP TO 16B HSUITE, kickstarting Tokenomics v2 to new heights.

Happy Staking!

HbarSuite Team

Please Note: This staking model is a temporary protocol for the summer. Our forthcoming Staking v2 smart app will offer a more advanced and comprehensive solution.

Bullish