This was originally posted in May 2022 and contains information that is out-of-date. The Community Staking Bond is currently non-functional.
What are Reef Bonds?
Long time Reefians will remember Reef Bonds that were first issued in early 2021. They were DeFi initiatives where users could stake their assets for a certain lock-up period and earn lucrative returns. Reef Bonds were previously issued on Ethereum, where transaction fees were quite costly and therefore prohibitive to many of our community members.
What is the Reef Community Staking Bond?
Under the hood, the Reef Community Staking Bond (CSB) is quite different from the previous set of Reef Bonds. The Reef CSB is running on top of a new Validator recently added to the network, giving community members a new way to participate in consensus without having to worry about being one of the top 64 nominators to a Validator. This is nominating and bonding available to all!
If you choose to participate, your REEF is automatically locked for the full duration of the bond, which ends on 24 February 2023 at 09:36 UTC. Between now and then, all you have to do is sit back and relax while the Community Staking Bond does all the work. You can also add more REEF to your bond at any time.
Bond holders can track how much they have earned so far directly in the app. Once the bond period expires, withdrawals will be enabled so that you can retrieve your stake plus any earnings.
Reef CSB is live now, with REEF already being earned at approximately 20% APY at time of publishing!
How to Participate?
First and foremost, You will need a Reef account with the amount you wish to stake.
Quick guide to creating a Reef Account
Here is a step-by-step guide on the entire process for staking your REEF into Reef CSB. Please note, all figures shown in the screenshots are for demonstration purposes only.
Step 1. Visit the Reef Dashboard on the following link: https://app.reef.io/bonds
Step 2. Reef.js will prompt you to connect to the app. Accept the connection, and input your password if required.
Once you are connected, you should see the bonding interface below.
Step 3: Enter the amount of REEF you wish to bond, and select Continue.
Step 4: You will be prompted to approve interacting with Reef CSB’s smart contract. Make notes of any important details in the transaction prompt, and select “Sign the Transaction.”
Step 5: A second transaction will be displayed; this is the stake transaction. Make notes of any important details in the transaction prompt, and select “Sign the Transaction.”
Step 6: When the transaction has been processed a few seconds later, your STAKED value will automatically update. The EARNED value does not update in real-time, but can be checked by simply refreshing the page at any time.
The team has already begun iterating the app to add more information, make it easier to track your earnings, and more. If you have any constructive feedback, please bring it to us via Reef’s Telegram group or Discord server (#staking channel).
We really look forward to unveiling more of the work Reef’s core app teams have been working on, along with showcasing some of the amazing projects coming to Reef throughout 2022.
