$GLQ Staking Migrated & Live On GraphLinq Chain!

GraphLinq
6 min readFeb 19, 2023

GraphLinq Chain — The nocode blockchain for web3 automation & dApps, just launched mainnet less than a week ago! GraphLinq Chain <> Ethereum Network Bridge went live yesterday, allowing the community to now seamlessly move between the two chains.

We’re now thrilled to announce that $GLQ Staking is live on GraphLinq Chain which allows GLQ holders to earn rewards in real-time. By staking GLQ, users can increase their rank and potentially earn higher annual percentage yields (APY). However, it’s important to note that withdrawing GLQ from the staking contract once will result in a permanent loss of tier advantages, and the user will be relegated to the lowest tier, T3. To regain rank, the user will have to stake with a new wallet.

  1. The first 15% of total stakers will be in T1 and get 35% APY on their GLQ.
  2. The next 55% of total stakers will be in T2 and get 15% APY on their GLQ.
  3. The rest stakers will be in T3 and get 8% APY on their GLQ.

Note: The current APY is for the next few months and is designed to incentivize GraphLinq Chain mainnet launch. The APY will be adjusted again in the future.

APY Based On Tier Rankings (You can view your tier, as well as track & claim your staking rewards on GraphLinq App’s Staking Interface in real-time)

When you stake for the first time, you’ll be in Tier 3 first and then make it onto the higher tiers by holding for longer durations, as the number of stakers increases you can end up in the first 15% or next 55% stakers, increasing your tier rank. Also, stakers/holders in the higher tiers are dropped to the lowest tier upon withdrawing their staked GLQ, ultimately rewarding the long-term holders.

To put it simply, the longer you hold, the more your rank is likely to get to the next tier with a higher APY. Post withdrawal you will lose your tier advantages, benefitting the holders the most. However, you can alternatively use another wallet to regain rank.

Existing Stakers on Ethereum chain need to “Claim” their GLQ on the staking app by switching to GraphLinq Chain Network. As a reward for our community and long-term believers, we’ve airdropped 10% to all the stakers from ethereum network, so they can claim their staked GLQ + 10% of the amount staked, on the new network. However, to be in the staking program, users are required to re-stake again on GraphLinq Chain! $GLQ Staking on Ethereum network is no longer supported.

Also, please note that staking more GLQ wouldn’t affect your tier rank or rewards in any manner. You’ll remain on the same rank if you stake more GLQ.

Rest assured, users can deposit and claim their rewards at any time without affecting their staking rewards or tiers. However, these rewards are valid for a limited time only and will be updated in the coming months. Overall, GraphLinq’s staking program offers a great opportunity for GLQ holders to earn rewards.

How To Stake Your GLQ in 3 Easy steps?

A step-by-step guide to putting your GLQ to work.

Step 1

Make sure that you have GLQ in your GraphLinq Chain Wallet. If you’re still looking for a way to get GLQ, here is how you can get it:

Step 2

  • Connect Your GraphLinq Chain Wallet like Metamask, Coinbase Wallet, etc. to GraphLinq App by selecting your desired wallet.
  • Approve the connection by clicking on “Sign”.

Step 3

  • Go to the Staking Interface by clicking on “Stake your GLQ” on the top bar or “Staking Interface” on the sidebar.
  • Once you are on the Staking Interface, “Total Staked GLQ”, “My Staked GLQ”, “My Claimable Rewards” and your current Tier Ranking can be seen.
  • Within the staking interface, you can find the option to “Withdraw” your staked GLQ and an option to “Claim Rewards.”
  • But first, we need to stake some GLQ. To do that, enter your desired GLQ amount to stake in the “Stake Your GLQ” field. After entering the desired figure, click on “Stake now” and approve the contract on your connected wallet. Then after the approval from your wallet, click on “Stake now” again and confirm on your connected wallet in order to complete the staking process.

Congratulations, Your GLQ has been staked successfully. 🎉

What is GraphLinq & $GLQ?

The GraphLinq ecosystem comprises of two main components: the GraphLinq Chain and the GraphLinq Protocol. The GraphLinq Protocol is an automated process management solution that is designed to make it easy for users to deploy and manage various types of automation without the need for coding skills. This protocol is made up of four key components: the IDE, the App, the Engine, and the Marketplace.

The GraphLinq Chain is a blockchain that is specifically designed to support the GraphLinq Protocol. The chain is a Proof-of-Authority (POA) blockchain that provides a secure and scalable platform for running automation. The GraphLinq Protocol utilizes the GraphLinq Chain to ensure that automation is executed securely and accurately.

GLQ is the native crypto asset for the GraphLinq Chain & ecosystem. It is used as gas on the mainnet, used to run a graph on the platform’s mainnet to execute different processes over the blockchain to automate tasks, trigger events, and much more. GLQ is also used as the payment method in GraphLinq Marketplace where templates are bought and sold peer-to-peer. GLQ’s functionality & use cases will continue to diversify as the ecosystem grows, as mentioned in Graphlinq’s Documentation.

In the future, GraphLinq plans to expand its ecosystem and create a platform for more decentralized applications (dApps) to run on its chain. This will provide users with access to a broader range of services and applications that can be integrated into their automation, allowing them to automate even more complex processes and tasks.

Read more: https://docs.graphlinq.io

Frequently Asked Questions

Q. I had staked GLQ on GraphLinq App on Ethereum network. What will happen to my GLQ?

A. They’ve been auto-migrated to the GraphLinq Chain + 10% airdrop on the amount staked. You just need to switch to the GraphLinq Chain network and claim your staked GLQ + airdrop.

Q. Will my GLQ be auto-staked on GraphLinq Chain if I was staked on Ethereum chain?

A. No. You’ll have to claim your migrated GLQ on the GraphLinq Chain on Staking App page and then restake on the same staking app page.

Q. Can I claim staking rewards in real-time?

A. Yes, the staking rewards are claimable in real-time. We recommend you claim your staking rewards from time to time as they’re not compounded yet. Claiming rewards won’t affect your rank.

Q. What will happen if I withdraw my staked GLQ?

A. If you withdraw your staked GLQ once on the app on GraphLinq Chain mainnet, your rank will be permanently moved down to Tier 3. You’ll still be eligible for the staking rewards, but as per Tier 3. Alternatively, you can stake from a different wallet to regain rank.

Q. How can I stake GLQ on GraphLinq Chain mainnet app?

A. The steps remain the same for staking GLQ as it was on ethereum chain: https://www.youtube.com/watch?v=hHsVEp_zKp0&t=5s

The only thing different now is that you need to first switch to GraphLinq Chain and then stake, enjoying a higher APY!

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GraphLinq

GraphLinq enables anything & everything crypto/defi oriented to be built without having to code. Build on our IDE now: app.graphlinq.io | GLQChain now live