It’s Here! STAX Staking Now Live!

We hit $13.5M in TVL today on StableXswap.com, but we’re not stopping here.

We hit $13.5M in TVL today on StableXswap.com, but we’re not stopping here.

With the moment you’ve all been waiting for: we’re finally ready to launch STAX staking. I wanted to share a little bit more about the staking logic, why we designed it this way, and how you can get ready to participate.

We are opening up the three staking durations (2 weeks, 1 month, and 1 year) as stated previously. These pools will have an open period roughly at the exact time that this Medium post is published. Users will have roughly 24 hours to enter into the pools that they desire.

We designed the staking rewards this way to solve 3 key issues that plague similar types of programs:
1. We wanted fixed term staking so that the rewards are also distributed after the fixed term — this gives us rewards that do not dilute the token right away, which fundamentally reduces sell pressure because these tokens that are given out in rewards do not hit the market, where as they could if they were flexible rewards from the farming pools.

2. We also didn’t want these rewards to suffer from any pre-mining or people that got into the pools earlier, so to make sure that the playing field is fair for all participants, we are opening the pool for a 24 hour “pre-staking” period. In this period, users who stake earlier will get a “bonus reward” that will be distributed in the future from the staking contract. This reward will be proportional to how long they staked within the 24 hour pre-staking period. This ensures that users who were not awake when we launched this do not miss out on crazy high rewards during the first few blocks of staking, and that everyone has a fair chance to get involved in staking; simultaneously, it will reward users who decide to stake as soon as possible, to et the maximum 24 hour bonus reward for their deposits.

3. 24 hours after this post goes live with the contract, will the official rewards start for staking. These rewards will accumulate to our staking contract address, and we will then trigger the release of rewards to users at the time of their staking term end. Furthermore, since we know that users will earn more rewards from other pools moving forward, we’ve designed this system to be able to support additional term lengths, or even staggered launches of the same term length (such as a 2 week-staking pool opening every week). This way, coins will constantly be sucked out of circulation to make sure that the tokenomics stay strong.

We do want to caution that this contract has not been audited, so users should be careful in staking. We designed this contract with security in mind, so for now, the distribution of the rewards will have to be through these fixed-term tranches. We are openly looking for new auditors and have had more community members take a look at our code, but as we promise, we will always take care of our tokenholders, no matter what. Please always be careful when interacting with our contracts and stick with utilising our front end interface to access these pools. If we find any vulnerabilities, we will absolutely let the community know asap and protect users funds. Further, we hope to develop a better contract in the future that allows for users to lock funds whenever they wish (starting the 2 week or specified term length clock right away). However, to get staking into the hands of our users in the safest and most efficient manner, we have gone with this set up to start with.

The contract address for those of you who are curious for the onchain data will be added to this Medium article shortly.

As a reminder, 2 week stakes earn 2x weight rewards, 1 month stakes earn 3x rewards, and 1 year stakes earn 8x rewards!

Let’s go stake your STAX!

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