The popularity of Decentralized Finance (DeFi) and staking have created a demand for high returns in the crypto world. Yield farming has the industry clamoring for the highest returns in the shortest amount of time. However, chasing gains, especially those in food-based tokens, can sometimes lead to losses and regret. Thankfully, the team over at Vid Camera is stepping up with new staking rewards to satiate the staking crowd.
The new staking rewards will start on September 1st and extend for three months. Fourteen million VI will be made available for staking, ensuring a minimum APR of 21% for all stakers. The new rewards will significantly increase the existing ones from the recent Medium article, reaching up to an APR of 200%+.
VI staking differs from other staking protocols in that stakers with less VI receive a higher share. Typically, staking percentages are flat for all holders, meaning that those with more tokens receive more rewards. Staggering the returns is in line with Vid’s goal of becoming an alternative to Universal Basic Income (UBI), allowing those with less VI to increase their holdings. This increase in staking rewards will come from the foundation wallet, not affecting the circulating supply. Vid CEO Jag Singh was optimistic on the future of the project, considering the popularity of VI staking.
“Our staking hard cap was reached in less than three hours, which we weren’t expecting to fill that quickly. The demand was there for an increase- we asked the people what they wanted and now its capped at 14 mil and we have now nearly reached that cap too.”- Jag Singh
In addition to the new staking rewards, the Vid Camera team is moving forward with plans to revamp the service. The coming weeks should see
- App updates
- Bug fixes
- Increased marketing
- Releasing Vibes, new in-app currency
- Launching an identity-confirmed influencer section
- Releasing a Whitepaper for Mainnet launch
The introduction of the Vibes currency will be an exciting development. Users will be able to earn Vibes in the Vid app, then redeem them for VI. This will allow non-crypto users to purchase Vibes in-app and participate in the ecosystem without knowledge of blockchain. The app updates will make sure Vibes and VI work in synch in the system.
A new marketing campaign for Vid will bring in content and viewers who have previously found a home on other social media networks. There is a possibility that the new “Identity-Confirmed” section will bring in influencers from around the world. The increased traffic and visibility should help spread the idea of Vid’s vision for a UBI alternative.
As Vid is designed to be a content platform, lowering the entry barriers is of the utmost importance. Recruiting known influencers, increasing staking rewards, and a proper marketing push will help Vid Camera achieve its goals. The recent news concerning Tic-Tok’s legal status and possible sale may create an opening for competing platforms to gain market share. Time will tell, and the next three months are likely to be very busy for Vid.
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*Disclaimer – VID is our Media Partner, and therefore this content is sponsored by them.