The XCAD Network announced single asset staking for XCAD on the Zilliqa blockchain. Staking the XCAD token on the XCAD DEX, using the methods given by the article below, will allow users to earn XCAD at a “42.5% fixed APR.”
After an incredibly successful launch of the DEX ($42m TVL & the no 1 DEX on ZIL), which was the first stage of locking XCAD tokens off the market, we are now moving towards the second step. Today we are pleased to announce something that has been heavily requested by the community, the first on-chain (Zilliqa) single asset staking for XCAD. You will be able to stake XCAD and get rewarded in XCAD, at a huge 42.5% fixed APR.
This means you can stake XCAD, and earn more XCAD passively, without the risk of impermanent loss that comes with liquidity farming.
How to stake :
The single asset staking is on the XCAD DEX : https://swap.xcadnetwork.com/pool-overview/
Then go to ‘Single asset’ and look for the XCAD rewards XCAD pool.
- Simply enter how many XCAD’s you wish to stake
- ‘Enable XCAD’ and approve the transaction.
- Click ‘Stake’ and approve the transaction
What if you have XCAD’s on other chains?
If you have XCAD on BSC or Polygon, you will need to bridge them to ERC-20.
- Polygon Bridge link : https://wallet.matic.network/bridge/
- BSC Bridge link : https://app.chainport.io/
Once you have your XCAD tokens on ERC-20, you can use the Zilswap bridge to bridge your XCADs onto the Zilliqa chain.
- ZILSWAP Bridge : https://zilswap.io/bridge
Upon visiting the ZilBridge you will be asked to connect 2 wallets, an ERC20 wallet (Where you hold your XCAD) and a Zilliqa wallet, we currently recommend the ZILPay wallet, which can be downloaded here on Desktop, or by following the following links on mobile- IOS / Android (This is where you want your XCADs to go).
How the rewards work :
The APR is very attractive, previously we have done 20% APR on Ascendex, this time it is 42.5%, however the rewards are structured slightly differently.
Stakers will be locked for 3 months from the date of the pool launch, if you wish to unstake early there will be a 25% burn fee applied to your XCADs. Once the 3 months have elapsed, stakers will receive rewards on a daily vested basis for the following 3 month daily. You will be able to unstake from the pool at that time, and still earn the full rewards from the previous period. If you unstake before the 3 months however, you will not get your rewards. The reason we have done this is as follows.
Firstly, we wanted the on-chain staking to be obviously more appealing, which it is. Secondly, with CLO’s and the plugin due to launch, token utility and demand will be in an entirely different place in 3 months time, so any inflation which is caused by single asset rewards is delayed to a period where demand and utility will have skyrocketed for the XCAD token. We feel this is the most sustainable strategy for the XCAD community.
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