GameStar Exchange is a leading P2P cryptocurrency exchange for gaming items, NFTs, and gift cards. Built on Polkadot, the GameStar Exchange provides an efficient, secure, and profitable platform for global digital asset enthusiasts. At the center of all operations on GameStar Exchange is its utility token – GMS. The decentralised exchange regularly treats its users with innovative competitions where traders get awarded in this very token.
In line with this objective, GameStar Exchange is back again with a thrilling contest where you get a chance to accumulate its native GMS token through a staking competition. Yes, you heard that right! So, wondering how you can get in on some action? Well, let us take you through it!
About GameStar Exchange
GameStar is aspiring to become a leading decentralised peer-to-peer trading platform to exchange gift cards, gaming items, and a wide variety of NFTs. The exchange allows peer-to-peer traders to engage in the market straight from their wallets. Moreover, it utilises smart contracts to record transactions as opposed to third-party custodial exchanges, ensuring enhanced security.
ers can make in-game item purchases, trade gift cards, buy or sell NFTs securely using GameStar’s chat encryption protocol. The exchange also supports multi-chain transactions across the BTC, ETH, and the BSC main nets to better regulate high transaction fees. Further compatibility is in the pipeline.
Stake GMS to Earn Rewards
Powering all operations on this unique cryptocurrency exchange is GMS, GameStar’s utility token. Initially, the GMS tokens were distributed as part of their IDO launch on 28 October 2021. The IDO went live on four launchpads: PolkaEx, DuckSTARTER, Lightning, and DAOStarter. Furthermore, the tokens were put up for sale on PancakeSwap and 1inch Exchange shortly after..
Now, GameStar Exchange is offering an unmissable chance to the early adopters of the GMS token to grow their assets. In line with this, those new to the GMS community can stake their BUSD to earn GMS. All they have to do is provide liquidity to the BUSD/GMS pool. Simple!
To participate, users will first need to set up their network to Binance Smart Chain mainnet. Then they can transfer their LP tokens to PancakeSwap by connecting their Metamask wallet. The staking started on 4 November 2021 and will continue for the next 30 days. Participants have the opportunity to lock in their BUSD/GMS pair till 4 December 2021, after which they would be able to redeem their staked tokens and the rewards in GMS.
The rewards in GMS would be automatically mined when LP tokens are withdrawn. Participants must consider that the APY (Annual Percentage Yield) is estimated optimistically and does not account for the loss or gain on the LP token value.
The Role of GMS in Building the GameStar Ecosystem
The goal of GMS is not to speculate but to energise the ecosystem, empower users, and improve the whole GameStar platform. The token, in particular, will provide many significant advantages, acting as a tool that will:
- Work as collateral, giving traders access to specific assets on the platform and deterring fraud.
- Allows traders to pay fees in GMS rather than Bitcoin or BUSD, hence reducing the overall transaction charges.
- Work as an advantage for Taurus Protocol judges to adjudicate claims accurately.
- Serve as a deterrent to Taurus Protocol judges who seek to judge insincerely.
- To further incentivise the ecosystem, and be repurchased using the revenues of platform trading fees.
- To reward committed users, as the protocol supports staking.
- Give DAO governance powers and voting power.
The GameStar Exchange team believes ‘Stake and get $GMS’ will contribute to the GMS token’s actual utility. This will help develop the ecosystem and the formation of a truly dynamic community over time. Through its unique offerings, the GMS token is expected to revolutionise and change the future of trading. You don’t want to miss out on holding something so valuable now, do you?
Traders looking to capitalise and grow their assets should visit the GameStar Exchange website at the earliest to catch the early bird access and capitalise on this announcement! Stakeholders and interested traders should also follow the GameStar Exchange community on Twitter to stay up to speed on its development and changes.