Introduction
These Terms and Conditions ("Terms") apply to your participation in the Okto-Stader Reward Program ("Program") provided by Okto ("We", "Us", "Our"). Please read these Terms carefully before participating in the Program.
By participating in the Program, you agree to be bound by these Terms.
Program Details
A. Reward Tokens
The tokens for this Program are BNB (on the BSC chain) and MATIC (on the Polygon chain).
B. Process to Stake
- Users can stake their BNB and/or MATIC tokens on the Okto app and become eligible for the program. Please note that only tokens invested in the opportunity where “protocol” is mentioned as “Stader” will qualify for this boosted rewards program.
- Users will receive BNBX (for BNB staking) and MATICX (for MATIC staking) in their wallets, as a receipt token for their staked tokens.
If you sell your BNBX or MATICX tokens or choose to opt out of the staking program, on the same day or within 24 hours, whichever comes first, you will not be eligible for the boosted reward program for that particular day.
- Once you have staked your BNB and/or MATIC tokens for the period desired by you, you can choose to unstake on the Okto app. The process to unstake takes 7-10 days which is the typical time taken by the chain to send back your tokens and not by Okto or Stader.
C. Reward details and conditions
- To become eligible for boosted rewards there is no lock-in period or minimum amount that needs to be staked.
- There are 2 rewards applicable for the users in this staking program:
- Base Rewards (A): The base rewards rate is the staking rewards offered by the native chain on which staking takes place. These rewards change every day, averaging approximately 3-4% Annual Percentage Yield (APY).
- Boosted Rewards (B): The boosted rewards rate offers an additional 2% APY above the base rewards.
- The total reward is represented as A+B on the Okto app, with a detailed breakup shown in each opportunity.
- For BNB - The Boosted Rewards (B) will be offered to users who stake BNB token on the respective native chains starting 00:01 hours IST, May 13th, 2023 till 11:59 PM IST August 11th, 2023
- For MATIC - The Boosted Rewards (B) will be offered to users who stake MATIC token on the respective native chains starting 00:01 hours IST, June 13th, 2023 till 11:59 PM IST September 13th, 2023
- Rewards payout:
- Base Rewards (A): These rewards are offered directly by the native chain, and transferred daily into your Okto app
- Boosted Rewards (B):
a. These rewards are offered by Stader and will be calculated daily.
b. These rewards will be paid out monthly, directly by Stader to the user’s Okto wallet, in the form of BNB tokens for BNB Staking and MATIC tokens for MATIC Staking.
c. The boosted reward payout dates are the 30th of each month starting June 2023 viz - “30 June, 2023”, “30 July, 2023”, and “30 August, 2023.”
d. The minimum pay out will be $1, any reward less than that will not be considered.
e. These rewards have a maximum limit of $15,000 USD each for BNB and MATIC staking. However, there is no maximum limit for a user.
D. Additional Incentive
Users who stake at least 1 BNB or more anytime between May 13 May, 2023 to May 25, 2023. And, keep their BNB remains staked until June 25,2023, they will receive an additional incentive of $0.3 for every BNB staked. This additional incentive will be airdropped to all users on June 30, 2023, in the form of USDT tokens.
Notification of Rewards
Okto will notify users when boosted rewards are airdropped, through a push notification.
Final Provisions
These Terms are governed by and construed in accordance with the laws of the jurisdiction where we are based. If any part of these Terms is found to be invalid or unenforceable, that part will be limited or eliminated to the minimum extent necessary, and the remaining provisions will remain in full force and effect.
We reserve the right to modify or terminate this Program at any time without notice. Changes to these Terms will be posted on our blog website, Okto.tech/blog.
