The Sandbox has announced that users can now stake its native currency, SAND, on Polygon. It announced this today, only a few days after its airdrop campaign.
SAND Hodlers Can Now Stake on Polygon
The launch now means that players and investors can stake SAND on Polygon by using the Polygon version of the token, mSAND.
📢@TheSandboxGame has introduced the single token staking of its native currency $SAND on @0xPolygon.
Find out more👇https://t.co/In24MAryJc
— DappRadar (@DappRadar) February 15, 2022
Sandbox’s partnership with Polygon started as far back as last year. The gaming ecosystem went into the partnership as part of its attempt to be more eco-friendly. Using Polygon also meant lower transaction costs and faster speed.
Since then, the Sandbox has doubled its efforts to promote the partnership and get more users to cross over to Polygon. Earlier, it airdropped SAND tokens to gamers providing liquidity for the mSAND/MATIC pool. This staking opportunity is a continuation of that effort.
Before users can take advantage of this staking opportunity, they’ll need to bridge their SAND tokens to the Polygon network. The Sandbox has an integrated bridging service making it very easy for users. Anyone who wants to stake will also add Polygon RPC to their MetaMask wallet.
SAND Incentivizes Staking With “Gasless” Transactions
What makes the new staking opportunity even better is that it’s gasless. With the new single token staking mechanism, players and investors won’t have to pair their SAND with another token.
The team further promised that there’d be 500,000 mSAND rewards for each of the next four weeks starting from February 11. Stakers would be able to get their earnings once a week.
SAND is the native token of The Sandbox, a virtual gaming ecosystem based on the blockchain.
The token has risen significantly in the past year, with the platform getting more popular due to its metaverse idea. The growing popularity of the Sandbox corresponds with the rise of play-to-earn gaming platforms.
Polygon, the Layer 2 platform, continues its quest to become a major blockchain in the web3 space. With more than 7000 dApps on it already, there’s a lot of room for growth.
The news of this staking opportunity has had a significantly positive effect on both the Sandbox and Polygon tokens. In the last 24 hours, MATIC has increased by 10%, and it is currently trading at $1.77 while SAND has also risen by 8% to reach $4.72.
