With the GMC Vault staking, users can earn rewards at a maximum rate of 12% APY (Annual Percentage Yield) in USDT on the monthly average USD worth of the GMC staking.
Users have the option of choosing between 3%, 6%, 9%, and 12% APY based on the corresponding duration of 3, 6, 9, and 12 months, which makes it 1% per month in rewards.
Additionally, if the toggle button for GMC rewards is enabled, the daily GMC rewards will be automatically transferred to the GMC Vault.
Now, the 1% USDT of the eligible rewards will be paid out on the 1st of every calendar month, based on the average USD value of a user's GMC Vault balance.
Let us see how this is calculated in the below example :
For instance, a user adds or receives a total of 100,000 GMC in 30 days into his/her GMC Vault. The system will then calculate the average daily balance of the 100,000 GMC the user received for that month.
In order to take out the daily average value, the amount of 100,000 GMC will be divided by 30 days of the month, so we have (100,000/30 = 3333.34). Now, we have the result of the average daily balance which is 3333.34 for that particular month.
This average addition of 3333.34 GMC is the basis for the 1% monthly GMC Vault Rewards and will be converted to USDT and credited to the user in the USDT rewards wallet on the 1st of each month.
Note: The rate of USDT will be based on the current market price, at the time of conversion.