Pirate Investments: An Overview of PirateCash’s Staking Service
In June we published interview with the CEO and CTO of PirateCash, Dmitry Korniychuk, in which we briefly described the project’s ecosystem. Since then the developers have integrated MetaMask into the ecosystem and added several new features.
We describe PirateCash, test one of the core services of the ecosystem, and explain how to earn from staking PIRATE tokens.
A Brief Overview of PirateCash
At the core of the PirateCash ecosystem lies the PIRATE cryptocurrency with a capped supply of 105 million coins and a wrapped token on the BNB Chain network for Web3 integration and PancakeSwap.
It also includes a secure digital asset monitoring service, Portfolio, which stores data in the browser and does not send it to PirateCash servers. In September 2023 the developers renamed it to Finances, added staking support and MetaMask integration.
The updated Finances comprises two sections: Portfolio and Investments. In the near term the project team will add a dashboard, transaction history, a referral system and other functionality.
In the Portfolio section you can monitor asset prices from CoinGecko, view information on unrealized profit and add notes.
Additionally, the service allows tracking all trades, including exchanges from one cryptocurrency to another, to assess profit or loss from reinvesting funds.
«In the latest update to the “Portfolio” there is a unique feature FOMO, which can be enabled in the settings. These are two kinds of reports: in the first the algorithm finds more profitable entry points, and in the second — the optimal dates for selling assets. At the moment these are general deal reports, but soon we will add reports on the page for each asset», — says Dmitry Korniychuk, CEO of PirateCash.
In the Investments section you can connect MetaMask to send PIRATE and COSA to the staking pool.
In addition to Finances, the Pirate.place ecosystem includes:
- <'Treasure Island' — a platform for collecting information about cryptocurrencies and visualising price changes in the form of coins;
- <'Notes' — a service for exchanging encrypted self-destructing messages;
- <'Pirate Graffiti' — an app for creating and editing images on a shared board for cryptocurrency;
- Cosanta (COSA) — a cryptocurrency launched in 2020 based on the Dash Core code, aimed at the B2B segment.
The project team is developing end-to-end encrypted chats, a decentralized messenger, a multiplayer online strategy game Sea Battles, and is growing the metaverse Lungolers and the Checkmate online-matches platform.
Pirate.place services interact closely with one another; for example, Portfolio can be displayed as coins in ‘Treasure Island’. For now the app only tracks price changes, but in the future the developers will visualise the volumes of user portfolios.
In the Portfolio you can view coin prices on standard and pirate charts. In the second case price changes are depicted as the sea, with the minimum and maximum shown as ships.
Coins and ships are shaded silver when an asset shows negative movement and gold when it rises in price. PirateCash and Cosanta are displayed in the brand style, and PIRATE can bear either a gold or silver mint.
How to obtain PIRATE tokens
At the time of publication miners receive 25 PIRATE per block. A block can be mined only after holding the coins for eight hours. The probability of finding it depends on the network difficulty and the amount of funds staked. The reward halves every four years.
PIRATE can also be bought on the decentralized exchange PancakeSwap in BEP-20 form.
Native coins are available on centralized exchanges Cat.Ex, StakeCube and FinexBox.
«The main liquidity is concentrated on DEX. However we are collaborating with Listing.Help: after the hard fork we plan to list on a centralized exchange by trading volume Top 20», — claims Dmitry Korniychuk, CEO of PirateCash.
Additionally, PIRATE holders can earn extra tokens through staking with yields of about 13% per year.
Connecting a wallet and buying PIRATE
We tested the Finances service: connected MetaMask, purchased PIRATE and sent tokens to staking.
We clicked the Connect Wallet button in the top-right corner. The service currently supports only MetaMask and the BNB Chain. In the future the developers plan to add support for Trust Wallet, Binance Wallet, SafePal and other wallets.
After connecting MetaMask the app suggested adding PIRATE and Cosanta (COSA) tokens.
We went to the Investments section. We clicked the Buy Pirate button, which redirected us to PancakeSwap, the decentralized exchange.
The minimum stake is 100 PIRATE. We connected MetaMask to PancakeSwap and bought 101 PIRATE ($1 at the time of writing) for BNB.
Sending PIRATE to staking
After purchasing the tokens we refreshed the Investments page — the total balance showed 101 PIRATE.
To start staking you need to hold the tokens for eight hours. Using the POS calculator in the left-hand corner we calculated the expected return — 101 PIRATE can yield 16.37 PIRATE ($0.16 at the time of the review) per year.
PirateCash credits rewards every hour — they appear in the Investments section.
Over three days, total earnings amounted to 0.0959 PIRATE ($0.000051 at the time of the review).
Trafted tokens can be withdrawn after accumulating 100 PIRATE; in other words, by staking more than 8,000 PIRATE (about $80), a user will be able to claim rewards after a month.
The ecosystem creators posted a video tutorial on sending tokens to staking on the PirateCash YouTube channel.
Conclusions
PirateCash is a project with an original concept and positioning, offering users several Web3 services. The developers regularly improve existing solutions and also create new applications, such as the online strategy Sea Battles and the metaverse Lungolers.
The updated Finances service offers a convenient staking platform with a relatively low entry threshold — from just $1 users can begin investing in cryptocurrencies with yields of from 13% per year.
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