Staking Power grants access to the project IDOs on Uplift.
Staking Power starts to accumulate right in the moment a participant locks up a particular token amount. After a period of seven days, a user can claim it to utilize it when participating in IDO events. An instance of Staking Power is calculated by multiplying the amount staked by boosters earned.
When a user stakes 100 LIFT tokens and gets 1% booster, they become eligible for 100 * (100% + 1%) = 101 Staking Power after keeping the tokens staked for 7 days.
Staking Power is burned when a person unstakes their stake.
An instance of Staking Power amounts to a particular number of lottery tickets, therefore the more Staking Power a participant has — the higher are their chances to get more lottery tickets. Consequently, the more lottery tickets they receive — the greater is the likelihood of them getting the desired IDO’s allocation.