Polysports Launches Its Staking Program With More Than 200% APR – Benzinga – Benzinga

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Polysports is a platform for fantasy sports, casual games, and sports NFT marketplace. It is powered by its native token, $PS1, with a total supply of one billion. It functions as a utility token for settling contests fees, trading assets, entering casual games, and redeeming game rewards, among others.

Users can get $PS1 tokens from MEXC, QuickSwap, or Pancakeswap. Also, they can earn through referrals. Sports Club, advertisers, and enterprises wishing to engage their fans will need the tokens to pay platform fees for using the platform. Additionally, users can stake, lock, and spend $PS1 tokens in different games to earn reward points which can be used across the platform.

$PS1 staking was made available on the Polygon network on May 14th, followed by the BSC network on May 16th. Deposits for the Rookie Pool are currently open with a rewards pool of 3 million $PS1 tokens split equally between the Polygon and BSC networks.

The staking program consists of three phases: the Rookie which will last for 30 days, The Hotshot for 60 days, and the Legend for 180 days. The Rookie phase has an attractive starting Annual Percentage Rate (APR) of about 8-digits with a minimum guaranteed APR of 35.5%. Besides earning $PS1, select stakers will be eligible for exclusive NFT drops. In addition, users can stake their tokens on Polygon using the Multichain Bridge to move between BSC and Polygon networks.

Users that stake early will enjoy a higher starting APR. The Hotshot and Legend will be launched later with a higher staking volume and longer duration for better returns.

Polysports DFS

The market size of global fantasy sports is expected to cross $49 billion in 2026, with participation in sports growing fast. The ease from legality concerns and synergies between fantasy sports and sports leagues has contributed to the growing adoption.

Fantasy sports is a game that requires players to be skilled in drafting virtual teams using players from professional sports leagues to compete with other players. The most popular fantasy sports include football, cricket, hockey, baseball, and basketball. Polysports is bringing Fantasy Sports to the blockchain with its Daily Fantasy Sports (DFS), which will soon launch with its mining app. Unlike traditional fantasy sports that are played over the complete season, the DFS is a fast-paced variant that is played over a single match, day, or week. 

Teams in the game are scored according to the real-life performance of their players. The leaderboard is generated using the aggregate points scored by all the players on the team. The participant with the highest scores in the contest is declared the winner. The DFS will feature cricket and football, with other sports to be launched later. 

About Polysports

Polysports is a DeFi-powered platform that incorporates fantasy sports and NFT marketplace features through the blockchain. It has gained buzz and excitement from the crypto and fantasy sports communities. It is the world’s first fantasy sports and sports NFT metaverse. Users can sign up for free, select matches, join competitions, and create fantasy teams using different players while they earn crypto.

Polysports brings web 2.0 and web 3.0 users together with blockchain technology and its in-built wallet. It promises a mobile-first user experience and next-generation fantasy sports. It aims to be one of the biggest ecosystems for sports lovers, crypto enthusiasts, and traders who can gain from the ecosystem.

The sports NFT metaverse will feature a sports-oriented NFT marketplace, exclusive NFT drops from sports influencers, and NFT passes. Users can also get rare, limited edition NFTs like avatars, memorabilia, moments, and physical arts that can be traded, auctioned, or resold.

The utility of the NFT includes playing fantasy sports for free in the metaverse, access to rare NFT drops, free NFT and token airdrops, membership benefits, access to a private discord community, and NFT farming and staking. The project is backed by Blue Zilla, Tribe Capital, Catenam Capital, Infinity Ventures, Yolo Investments, Perpetual Value Partners, etc. In addition, it is in partnership with Sportzchain, Polygon, SportiveWays, DeFi Wizard, Quillhash, Coingecko, Zeroswap, and Biconomy.

It has multiple engagements and earning options for sports lovers, crypto enthusiasts, and traders. It directly connects fans and their favorite stars via its star galleries/NFTs. It has web 3.0 functionalities, including DeFi, staking, and transparency.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.