EOS Unveils a 250 Million EOS Staking Rewards Program to Incentivize Early Stakers

The EOS Network has allocated over $127 million worth of EOS tokens to reward participants of its staking service as part of its updated tokenomics strategy.

The EOS Network has announced a 250 million EOS staking rewards program to encourage early stakers with improved tokenomics and extended lock-up periods.

As part of its updated tokenomics strategy, the EOS Network has allocated over $127 million in EOS tokens to reward participants in its staking service.

Stakers will receive approximately 85,600 EOS tokens each day, with an initial APY of over 60%. In exchange for staked EOS, stakers will receive REX tokens, which serve as an accounting mechanism. The EOS Network team stated that the rate will "continuously change" as more people stake or unstake their tokens.

The EOS Network also announced that the lock-up period for staking "has been increased from four to 21 days." EOS Block Producers will begin receiving network-generated fees "in addition to their block reward income, further incentivizing infrastructure providers as network demand increases."

“The updated EOS staking program is designed to provide sustainable rewards for participants and support ecosystem growth,” the EOS Network team said in a blog announcement.

Earlier in May, Yves La Rose, CEO of the EOS Network Foundation, announced community approval of a proposal to cap EOS supply at 2.1 billion tokens and burn excess tokens. As reported by crypto.news, the move will effectively burn nearly 80% of the total EOS supply, mainly from future emissions, setting a fixed supply limit instead of the original 10 billion tokens.

EOS, launched in 2017 by Block.one, rose to prominence after a record-breaking $4 billion initial coin offering (ICO). However, later on, conflicts emerged between the foundation and Block.one, with claims that Block.one failed to follow through on its promise to reinvest ICO proceeds in the EOS Network.