Our previous staking pools on Polygon and Ethereum filled out fast, so today, we are excited to announce that we are taking our latest staking program a level higher with four new staking contracts, including a 2-year staking pool.
If you’re new to staking, it is simply the process of locking up your tokens in a smart contract via a staking pool to help validate transactions and add new blocks to the blockchain. In return, you will receive rewards proportional to the staking period you selected.
IX Swap’s new staking program will be on Polygon and will launch on February 15, 2022 (14:00 UTC). It will be accessible through the https://ixswap.defiterm.io/ portal.
Staking Pool Overview
- Single-Sided Staking
- Network: Polygon (MATIC)
- Token Name: WIXS
- Start Date: February 15, 2022
- Start Time: 14:00 UTC
We will deploy four new staking pools with different staking periods (Tenor), which are indicated in months, that our users can choose from. The total number of tokens that can be deposited (Token Limit) for each pool varies and once that limit is reached, users will not be able to stake additional tokens to that pool.
The staking pools are based on a bonding curve where the earlier you stake, the greater the rewards you will be given per block until the staking pool reaches max capacity. The rewards are calculated per block and depend on the amount staked.
Those who wish to participate in the staking program will be accommodated on a first-come-first-served basis, and subject to a personal token cap (Max Contribution) on the amount of tokens that each wallet can deposit for each pool.
Users can participate in any staking pool anytime throughout its whole staking period, provided it is not filled yet. However, it is important to note that once a user deposited their tokens to a staking pool, they cannot exit the pool until the end of its corresponding staking duration.
This is to prevent people from exploiting the staking pools with longer terms and higher yields by participating for a short period of time and exiting prematurely, which can siphon additional rewards from genuine participants.
Withdrawal of Staked Tokens
Withdrawal of staked tokens can only be done once the staking period matures, taking into consideration that each staking pool has a daily maximum withdrawal limit (Maximum Tokens for Withdrawal), with a 24-hour cool-down window (Cool-Down Period) in between.
If the withdrawal limit for the day is exhausted, the cool-down window sets in, and the user’s withdrawal will be placed in a queue until the cool-down period is over. Once that is up, the users on the queue will be served on a first-come-first-served basis.
For example, you staked your WIXS on the 6-Month Staking Pool that has a daily withdrawal limit of 50,000 WIXS. Once you request for the withdrawal of your staked tokens, it is possible that it will take several days before you can get your staked tokens.
This is because only a maximum of 50,000 WIXS can be released every 24 hours for that staking pool, and there are users ahead of you in the queue, which will be served on a first-come-first-served basis.
Please note that the daily withdrawal limit and cool-down period are only applicable to the withdrawal of staked tokens and do not affect the claiming of rewards. User’s staking rewards can be claimed immediately upon maturity of the staking period.
And there you have it. If you’re wondering about our weekly staking with compounding interest, stay tuned because this will be released upon our platform launch.
In the meantime, keep an eye out for our upcoming article where we’ll go through all the steps you need to do to stake your tokens.
About IX Swap
IX Swap is a next-generation platform that leverages DeFi services backed by CeFi regulatory compliance to facilitate safe and convenient issuance, listing, and trading of security tokens and fractionalized NFTs.
By bridging the gap between traditional finance and innovative blockchain-based solutions, IX Swap is paving the way in democratizing access to traditional financial markets that have never been done before.