On October 1st, Algorand will deploy its governance system. Participants will earn extra ALGO staking rewards guesstimated to be between 7-33% depending on users (we will not know until it’s live).
If you’re not familiar and are a long term hodler of ALGO, make sure your coins are in a real wallet. You can use the official wallet or any wallet not associated with an exchange. If you stake your ALGO on Coinbase, which many here do, you will most likely not be eligible. Use the official mobile wallet (one of the simplest wallets I’ve ever setup) or any ALGO wallet such as Ledger or MyALGO.
You will have to lock your coins in for 3 months and participate in all of the governance polls in order to receive the extra rewards. If you’re a long time hodler and not planning on selling for years, it’s definitely worth it.