The EOS Network has introduced a 250 million EOS staking rewards program aimed at motivating early stakers through enhanced tokenomics and extended lock-up periods.

The EOS Network has set aside over $127 million worth of EOS tokens to reward participants in its staking service as part of its revised tokenomics strategy. Approximately 85,600 EOS tokens will be distributed daily to stakers, offering an initial APY of over 60%. In return for staked EOS, participants will receive REX tokens, which serve as an accounting mechanism. The EOS Network team mentioned that the rate will “continuously change” as more people stake or unstake their tokens.

Furthermore, the EOS Network announced that the lock-up period for staking has increased from four to 21 days. EOS Block Producers will start receiving network-generated fees in addition to their block reward income, further incentivizing infrastructure providers as network demand grows.

“The updated EOS staking program is designed to provide sustainable rewards for participants and support ecosystem growth,” the EOS Network team said in a blog announcement.

Earlier in May, Yves La Rose, CEO of the EOS Network Foundation, announced community approval of a proposal to cap EOS supply at 2.1 billion tokens and burn excess tokens. This move will effectively burn nearly 80% of the total EOS supply, primarily from future emissions, establishing a fixed supply limit instead of the original 10 billion tokens.

Established in 2017 by Block.one, EOS gained attention through a $4 billion initial coin offering (ICO). However, conflicts later emerged between the foundation and Block.one, with allegations that the promised reinvestment of ICO funds back into the EOS Network was not fulfilled by Block.one.

For more updates on the latest in cryptocurrency, investing, and finance, stay tuned to Global Crypto News.

Post Views: 4