Liquid Staking XTAG on Avalanche
We’re super thrilled to be launching the xHashtag Mainnet on the Avalanche C-Chain. There are several features and use cases we’re working on, but for this article, we shall be focusing on how you can liquid-stake your XTAG tokens to earn a fixed APR for a fixed period on our Vaults.
Liquid Staking XTAG is pretty simple and you can participate even if you don’t have any prior experience. Just follow the steps detailed below, and you’ll be on your way to earning handsomely with XTAG through liquid staking and more!
Note: On staking XTAG on the xHashtag dApp, you receive liquid stake tokens called sXTAG (Staked XTAG) that are yield-bearing, thus earning you rewards in the background. sXTAG will be movable on the chain, with a number of use cases being developed, which would be communicated on the xHashtag social channels from time to time. Please note that since sXTAG represents your stake in the vaults, you would need sXTAG in order to claim back your XTAG & accumulated rewards.
Before you start the process of staking, you would need to ensure you have XTAG available in your MetaMask wallet for staking on the Vaults to earn APR. You can acquire XTAG from the open market or bridge XTAG from Solana to Avalanche using the Wormhole Bridge (here’s how you can bridge -> https://medium.com/xhashtag/guide-how-to-bridge-your-xtag-to-avalanche-from-solana-using-wormhole-bridge-9222d18d8f51 )
Step 1: Visit the xHashtag Mainnet App
Step 2: Connect your MetaMask / WalletConnect wallet
To see and transact with the available Wormhole XTAG tokens you have, you would need to connect your MetaMask / WalletConnect wallet by pressing the Connect button on the header.
Make sure you have chosen Avalanche Mainnet C-Chain as the default network. In case you haven’t done this, a Wrong Network button will appear. Click on it, press OK, and approve the request to add a new network. After this, press the Switch network button, and you should be ready for the next step.
Step 3: Head over to the Vaults section
Step 4: Enter the amount you wish to stake
Choose the amount of tokens you wish to stake (within vault-permissible max limits) and press the Approve button. On the pop-up that appears, press Confirm to complete the process of liquid staking.
All details regarding the APR, available amount, deposited amount, and current balance would be visible once you click on the vault in which you’ve staked. As this is a single-asset staking, there would be no impermanent loss! Simply refresh the window to see the accrued rewards from time to time under the Available to Claim section.
Step 5: Add the sXTAG contract address to your MetaMask / WalletConnect Wallet
Once you have successfully staked into the vaults, you will receive an equivalent amount of sXTAG, which is a liquid stake token. To view this token in your wallet, however, you would need to add the sXTAG token contract address to your wallet:
Contract: 0x728f28819d0eFE48c82161ADd29f42b1eb5d8dbd Decimals: 6 Ticket: sXTAG
Claiming the Rewards
The staked tokens and corresponding earnings can be claimed linearly over the duration of the Vault. The available amount to be claimed would be shown on screen and can be claimed by simply pressing Claim.
Important Note: The Single Asset Liquid Staking Vault has a fixed APR regardless of the number of users participating. The time period of staking is fixed too, but early withdrawal is possible based on the vesting period. Withdrawals and subsequent rewards are calculated on a pro-rata basis. So, for example, if you withdraw on the 10th day of a 40-day Vault, you will receive 1/4th of your initial deposit, plus 1/4th of the accumulated rewards.
Upcoming Discounted Bond Marketplace: On the mainnet, we would soon be introducing bonding in the coming weeks, where users can purchase various tokens at a discount. The bond purchase would have a minimum vesting period of 5 days (higher discounts would be applicable for a longer vesting period).