Following on from our recent update about Spider Nests, this article will explore them in further detail.
Spider Nests is a new concept that will enable SPDR token holders to lock-up their SPDR token in a “Nest” for either 1, 3, 6, or 12 months, receiving increased rewards based on the length of the lock-up. Simply put, the longer your lock your SPDR tokens, the more APY you will accrue, and the better the rewards you will receive. This includes rewards of free VPN usage with SpiderVPN and a free Spider VPN Router (Chec
Before we look at the different nests, let’s explain the essential details.
Lock Period: This is the number of days your SPDR will be locked into the program before you can un-stake and retrieve tokens.
APY%: The Annual Percentage Yield. I.e., if you Invested $100 at an APY of 50%, you would gain $50 after one year. The respective yields are calculated under each Nest header below.
Bonus Rewards: What you get as a reward for staking. VPN access for X months, and, If applicable, a free SpiderVPN Router. Bonus reward distribution will start one month after the Nests go live.
Nest Size: The limit of how many tokens can be staked. This will be on a ‘first come, first serve basis’ once it’s filled.
Requirements: The minimum amount of $SPDR you need to stake to qualify. As explained in our LaU article (link). The SPDR token will be subject to price fluctuations. To affirm, if you were to deposit the minimum of $200 and the token price fell, you would not forfeit the benefits.
Now the details have been explored, let’s take a look at the different nests on offer for an SPDR holder. Initially, there are four: Redback, Tarantula, Black Widow, and Goliath.
Nest 1 — Redback Spider Nest
Lock Period: 30 days
APY: 36%
Bonus Rewards: 2 months of VPN access
Nest Size: 30,000,000 SPDR
Requirements: Minimum $200 locked for bonus rewards
Lets say you locked $200 worth of SPDR for 30 days you would recieve $206. $200 + $6
Nest 2 — Tarantula Nest
Lock Period: 90 days
APY: 60%
Bonus Rewards: 6 months of VPN access & SpiderConnect router
Nest Size: 25,000,000 SPDR
Requirements: Minimum $500 locked for bonus rewards
Locking $500 for 90 days would yeild $575. $500 + $75
Nest 3 — Black Widow Nest
Lock Period: 180 days
APY: 70%
Bonus Rewards: 12 months of VPN access & SpiderConnect router
Nest Size: 20,000,000 SPDR
Requirements: Minimum $500 locked for bonus rewards
Locking $500 for 180 days would yeild $675. $500 +$175
Nest 4 — Goliath Nest
Lock Period: 365 days
APY: 80%
Bonus Rewards: 24 months of VPN access & SpiderConnect router
Nest Size: 15,000,000 SPDR
Requirements: Minimum $500 locked for bonus rewards
Locking $500 for 365 days would yeild $900. $500 + $400
So how do you, as an SPDR holder, take advantage of ‘Spider Nests’?
Make sure to check out our Nests guide with detailed instructions. The process involves going to Spiderdao.io, and there you will have the ability to lock a number of tokens according to the selected Nest. Let’s take the Redback Nest as an example. You will need to stake a minimum of $200 worth of SPDR. Then after the 30 day lock period, you will have the ability to claim your original investment plus the accrued tokens, which you will be able to re-stake if you wanted to. Upon deposit, all wallets are monitored to ensure those staking receive their associated Liquidity as Utility (link to explainer) benefits.
Liquidity mining changes
With the start of Spider Nests, we are also starting to lower the liquidity mining rewards. You can read more about it in our previous article announcing nests. Full liquidity mining rewards change will be as following:
About SpiderDAO
SpiderDAO’s vision is to bring unparalleled online privacy to the end-user. As a Decentralized Autonomous Organisation (DAO), it requires addressing the shortcomings of current DAO frameworks. We do so through a multi-layered governance setup based on hardware and software tools on top of a Fair & Resilient Hardware-based DAO built on Polkadot.
Our ecosystem, then, is built on the foundations of fair governance. It includes the SpiderDAO, SPDR Token, and the SpiderConnect Router, which come together to create a robust, scalable, and community-driven ecosystem that will keep up with the pace of technology change and stand the test of time.
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