The metaverse gaming platform, The Sandbox, revealed a new staking mechanism on its platform that enables users to stake their SAND tokens without any pairs on the layer-2 scaling solution, Polygon.
A SAND token is the governance token of The Sandbox that helps the platform to run the in-game economy.
As per the blog, users can stake their mSAND tokens on Polygon Network, which will help them to reduce gas fees. Also with the help of Biconomy, users can dodge burdensome gas fees.
Stakers can claim their earnings from staking once a week. For the first 4 weeks, 500,000 mSAND tokens have been planned as a reward. The staking rewards will be distributed pro-rata relative to a percentage of total value locked over the week.
The platform also mentioned future staking mechanisms: “More staking mechanisms will become available in the future, to further increase your potential as SAND owner in The Sandbox metaverse — giving you a chance to prove your trust and to earn even more rewards.”
On the induction of the “Only SAND” program, the platform has announced the substitution of mSAND/ETH pair after this month. On the other hand, mSAND/MATIC will continue on Polygon with no changes.
In order to stake tokens on Polygon, token holders will have to connect Ethereum blockchain with layer-2 scaling solution Polygon through the bridge. The bridging process will take 10-15 minutes to execute transactions.
Currently, many projects are working on projects that can reduce gas fees. Recently, the NFT platform, Nifty Gateway introduced new features that can reduce gas fees up to 75%.
