STEAKING Applications
Start getting the most out of your $STEAK
1) Head over to SteakHut's STEAKING tab and connect your wallet
Head on over to SteakHut's dApp at:
Select the "Connect" button in the top right corner, and approve your wallet to connect with SteakHut.
2) Convert STEAK to xSTEAK
xSTEAK allows you to access the STEAKING plugins such as the rewards application.
Converting STEAK > xSTEAK is instant. Converting xSTEAK > STEAK is complete with vesting.
3) Select an xSTEAK Plugin Application
After converting STEAK to xSTEAK, xSTEAK can be used to interact with the Steaking Applications. The rewards plugin allows users to earn real-yield rewards.
Add xSTEAK to allocate your xSTEAK to the plugin and begin earning rewards. Rewards are earned in real-time and can be harvested at any time.
Current ($): This shows the current USD valuation of the rewards to be distributed over the 7-day epoch period.
Current APR (%): Demonstrates the calculated yield, proportional to the amount of total xSTEAK allocated and the Current USD valuation.
Total xSTEAK: This shows the amount of xSTEAK tokens currently allocated to the rewards plugin.
Deallocation Fee: The deallocation fee is the fee taken when deallocating xSTEAK from the rewards plugin.
Distributed Tokens: This shows the amount and type of tokens rewarded during this epoch period.
Deallocating xSTEAK from the plugin application
xSTEAK can be deallocated from the rewards plugin at any time. A deallocation fee of 0.5% is applicable unless the user holds a STEAK.jpeg NFT in their wallet. Deallocating is instant.
Converting xSTEAK to STEAK
xSTEAK is escrowed STEAK that can be redeemed by vesting. The user can select the vesting duration when converting xSTEAK to STEAK. The conversion ratio increases proportionally with the vesting duration:
The minimum vesting duration of 10 days will provide a 1:0.5 ratio
The maximum vesting duration of 45 days will provide a 1:1 ratio
The user can view the progress of their xSTEAK redemption, this breaks down the amount of $STEAK to be received as well as the remaining time for unlocking.
While redeeming the user will receive partial rewards from the rewards application.
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