🥩STEAKING
Unlock the full potential of your $STEAK
Last updated
Unlock the full potential of your $STEAK
Last updated
The Steaking application gives STEAK-Holders access to modular staking applications accessible by converting STEAK to xSTEAK.
STEAKING 2.0 creates a new infrastructure layer building the foundation of modular staking applications. The first application plugin is the rewards application. STEAKING allows SteakHut to introduce future applications in the future.
STEAKING applications become accessible by first converting STEAK to xSTEAK.
xSTEAK is a non-transferable escrowed governance token, corresponding to locked STEAK. STEAK can be directly converted to xSTEAK via the SteakHut dApp.
xSTEAK allows for the ability to allocate it to plugins, allowing for modular staking applications. The operation consists of staking xSTEAK into desired application in exchange for various benefits.
Name: xSTEAK
Chain: Avalanche
Contract: 0x902Aa4cC3b463c84541C9C1DeDF50620C99950B9
STEAK and xSTEAK can be converted into each other within the SteakHut dApp. Converting xSTEAK back to STEAK involves a vesting period.
STEAK can be freely converted into xSTEAK at any time. The process is instant, and the ratio is 1:1.
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
If the selected vesting duration is lower than the maximum (ratio < 1:1), the excess STEAK is returned to the SteakHut treasury.
While vesting if a user decides to cancel the vest this is possible from the contract,
Cancel Redeem -> enter 0 and write.
While being redeemed, the xSTEAK will automatically receive rewards from the reward application, but only at 50% of the value, while waiting for the vesting schedule process to complete.
