Simple Staking process -
Step 1 - If you are a smartphone user, kindly search for “BEX Staking Wallet” in the Google Play store and install the application or to access the web version, kindly visit bextoken.io
Step 2 - The users who had BEX balance in the exchange, have to ‘Login’ in the BEX Staking Wallet using the BINEX.TRADE exchange credentials. If the user has a balance on Binex exchange, their BEX token balance will directly be reflected in the staking wallet. Users who had 0 BEX in Binex exchange, will have to signup on the BEX Staking Wallet. Users can then deposit more BEX or withdraw BEX from the wallet. New users need to signup on BEX Staking Wallet to deposit/stake BEX.
BEX withdrawals from staking wallet are made via Blockchain (Network Fee will be applicable).
Step 3 - Payouts will be credited to the users account from day one for the BEX tokens held in the staking wallet. Staking rewards will be distributed daily in TUSD to the users, and users can also withdraw the TUSD earned.
Step 4 - Initially users can withdraw BEX to Binex Exchange if they wish to trade BEX with other cryptocurrencies or can hold BEX in staking wallet to receive daily payouts.
Step 5 - Every subsequent BEX token that the user deposits in the Staking Wallet will have a lock-in period of 7 days, which means that the user cannot withdraw those tokens before 7 days. All the tokens that have not completed the 7 days lock-in period will be reflected under the Blocked balance section.
BEX Payouts Distribution -
Earlier, the BEX payouts were distributed among 21 Million BEX tokens and then credited to the holders on the basis of the number of BEX they hold.
In the new distribution mechanism, only the BEX tokens staked in the staking wallet will earn a payout.
For example, if only 10 million BEX tokens are staked, then 70% of the trade commission will be distributed only among the 10 Million staked coins. User will earn a share in the payouts based on the number of BEX tokens staked in his wallet.
Kindly refer to BEX Staking wallet User Guide for more detailed guidance on the app.