The Sandbox team has announced that the SAND/MATIC staking program will be discontinued. Users have until October 25th to wrap up anything within the pool before it shuts down.
The Sandbox did not give any concrete reasons why it felt the need to end the program. But the Ethereum-powered metaverse believes that the discontinuation marks the beginning of a new chapter for SAND staking.
After 11 months and 12,500,000 $SAND distributed to our community, we have decided to discontinue the MATIC/SAND staking pool from Tuesday 25th October.
— The Sandbox (@TheSandboxGame) October 21, 2022
The SAND/MATIC Staking Program: The Key Details
The SAND/MATIC staking program launched officially at the tail end of 2021. In fact, the program has been active for about 11 months now. It has also enjoyed relative success.
According to the Sandbox team, this program has distributed over 12.5 million SAND tokens to stakers.
The program was also some sort of a milestone for the metaverse. It was the first time the Sandbox made a foray into Polygon in what has turned out to be a very successful collaboration. So, what should users do next?
Well, for starters, the SAND/MATIC staking pool is still open for withdrawals. Users are encouraged to claim and withdraw all LP tokens from the pool as soon as possible.
However, you will not be able to make any deposits on the pool. All LP tokens should ideally be claimed by October 25th or earlier.
Why Is the Sandbox Ending the SAND/MATIC Pool
As noted above, we have not seen any major reasons why the Sandbox meta has decided to discontinue this pool. However, it is clear that the team wants to focus its attention on other staking programs that are much more expansive.
In fact, the platform is placing extra efforts to support SAND-only staking programs. The Sandbox also launched another SAND staking pool for LAND owners that features insane rewards.
It is possible that the team feels there are enough staking opportunities for the community right now, and as such, it makes sense to discontinue the MATIC one.
Besides, based on the stats released by the Sandbox, the SAND/MATIC pool has already achieved a lot. It bows out as a crucial part of SAND’s journey.
Sandbox Staking for Land Owners
The Sandbox’s exclusive staking program for landowners is by far one of the most important additions this year. The program was announced about a month ago.
It allows any LAND owner on the Sandbox to stake up to 500 SAND tokens for every plot they own. So, if, for example, you own 10 LAND plots, you could be eligible to stake as much as 5000 tokens.
The program also offers incredible rewards. For now, the average yield is around 140%, one of the highest in crypto.
Also, this program is designed to incentivize more people to buy LAND on the sandbox. For now, LAND can only be purchased through secondary marketplaces, including Opensea and others.
SAND Only Staking Program: The Story So Far
The sandbox has been offering an array of SAND-only staking programs designed to incentivize its community to bet on the project and its future.
So far, the platform is distributing over 500,000 SAND tokens per week in these pools. This huge figure could suggest why the Sandbox wants to focus on SAND only staking.
It’s also not the first time the metaverse platform has discontinued a staking pool. Another relatively successful SAND/ETH pool on Uniswap was discontinued a few months ago.
Whether we will see more staking pairs in the future remains to be seen. But as long as SAND-only staking continues to grow as it has in the past few months, then it is possible that the Sandbox team will decide to stick to it.
SAND/MATIC Staking: Implications for Alpha Season 3
The SAND/MATIC staking pool discontinues as the Sandbox gets ready to wrap up Alpha season 3. This is simply a metaverse adventure featuring over 90 experiences, games, and quests.
Over 1.5 million SAND tokens are available for Alpha Season 3 users, and so far, the experience has been very successful.
According to a recent update from the Sandbox, the season has managed to average over 200,000 active monthly players. 1.6 million hours have also been spent on Alpha Season 3.
With just a few days left before the curtains fall, the Sandbox team is increasingly confident that the event will be one to remember.
Is The Sandbox the Future of The Metaverse
There is no arguing that the Sandbox is, for now, one of the biggest metaverse platforms. However, the platform is still new and early in its development phase for all its great features.
It is possible that the developer will work on fine-tuning everything, introduce new features, and pursue more collaborations to make the Sandbox work for everyone.
According to data released by Facts and Factors, the global metaverse market will hit $730 billion by 2028. This will be three times more than it is right now.
Although we expect more metaverse platforms to rise in between, The Sandbox will still remain a dominant force. It will also be one of the pioneers of web3-powered meta solutions around the world.