SAND is now available for staking on the Polygon blockchain. The Sandbox staking transaction can also be completed without any gas fees through Biconomy. Following its launch on February 11, there will be 500,000 mSAND rewards distributed each week for the first 4 weeks.
SAND is the governance and utility token used throughout The Sandbox metaverse. With this release, the original SAND/ETH staking will cease after February 2022. Whereas mSAND/MATIC will still continue on Polygon. The Sandbox staking on Polygon’s layer 2 solution will bring many improvements to the staking program, starting with the dramatic reduction in gas fees.
SAND to Polygon
Firstly, participants will need to bridge the SAND tokens from Ethereum to Polygon. Usually, the transaction will take 10-20 minutes, then the mSAND should arrive on Polygon. Next, proceed to the mSAND staking feature. If users wish to enjoy gasless transactions, the transaction will go through Biconomy, The Sandbox’s trust forwarder.
Following which, users can then deposit their desired amount. The staking will activate upon signing the deposit transaction. Every week, stakers can come back to the same site to claim their staking rewards. The staking rewards will be distributed pro-rata relative to a percentage of total value locked over the week.
Subsequently, a timer will appear to indicate when the next claim is available. Moving forward, the team plans to add more staking mechanisms to give more value to the SAND community. The list of impressive Sandbox partnerships continues to grow with this announcement. Check out the full announcement by The Sandbox.