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Staking

Migration (V1 to V2)

The V1 Staking Module, will cease to provide bMXX incentives, starting from 09 August 2021. All users will have to migrate from V1 Staking to V2 Staking. The V2 Staking Module will go live on 02 August 2021, and will release 1,200 bMXX daily as governance incentives.

How do I migrate?

The process to migrate from V1 to V2 Staking is straightforward. Enter the Multiplier V1 and un-stake your bMXX. Please note that you will be subject to a cool-down period of 72 hours. Once the cool-down period is over, you have 24 hours to unstake your bMXX.
Then, go to Multiplier V2 and stake your bMXX. Once you stake bMXX, you will find stakedbMXX in your wallet.

What is staking?

Staking consists of depositing your bMXX tokens within the protocol Governance Module. Staking gives voting rights and Governance Incentives are released in bMXX to encourage active participation in protocol matters.

What is the risk of staking?

There are no risks associated with staking.

What is the incentive for staking?

Stakers within the Governance Module receive Governance Incentives. The initial GI are 1200 bMXX/day to be split between the stakers. The Governance Incentives will continue to be released until Feb 2024. During this period, the Multiplier governance can raise proposals to make changes in the incentives.

How do I start staking?

To stake you can head over to the Multiplier App's Staking section. Over the staking section select 'stake', input the amount to stake and click on 'stake'. Then proceed to send 2 transactions to stake your bMXX: 1. Approve: This is a required transaction prior to the staking that allows the staking contract to move your bMXX tokens. This transaction won't be required if you perform additional staking actions unless you revoke the approval. 2. Stake bMXX: This transaction performs the action to stake bMXX tokens. When confirmed, your tokens will be staked in the Governance Module.

How do I stop staking?

If you want to stop staking, head over to the Multiplier App in the Staking section. Over the staking section select 'Unstake', input the amount and click on 'unstake'. - If you did not activate the cooldown period, you will need to activate it. This consists of 1 transaction to activate the cooldown. When the cooldown period finishes, you will be able to unstake by following the next step. - Unstake bMXX: This transaction performs the action to unstake bMXX tokens. When confirmed, your bMXX tokens will be back in your wallet. *After the cooldown period passes there is a 1 day window to unstake! If you do not unstake during that period you will need to activate the cooldown again.

What is the cooldown period?

The cooldown period is the time required prior to unstaking your tokens. You must start the cooldown period before you can unstake your tokens. You can start the cooldown period by going to the staking section, select 'unstake' and click on 'activate cooldown'. It will require one transaction to be sent. The cooldown period by default is 3 days, but this can be further extended by the governance.
IMPORTANT: After the cooldown period is complete, you have a 1 day window where you can unstake. If you do not unstake during that period, you will have to start the cooldown process over again.
Example:
  1. 1.
    If the cooldown period was activated 2 days and 1 hour ago, you cannot un-stake, as the 3-day cooldown window has not ended.
  2. 2.
    If the cooldown period was activated 3 days and 1 hour ago, you can un-stake!
  3. 3.
    If the cooldown period was activated 4 days and 1 hour ago, you cannot un-stake, and you will need to start the 3-day cooldown period again.

Can I add stakedbMXX or stake more bMXX while in cooldown period?

You can stake more bMXX tokens in the Governance Module or receive stakedbMXX, but that would increase your cooldown period based on the amount received. Even if the amount received is big enough, it will reset your cooldown period requiring you to activate it again before you can unstake.

How do I claim my rewards?

You can claim your rewards at any time over the staking section clicking on "Claim". The bMXX tokens from the reward will be in your connected wallet as soon as the transaction is confirmed.
Last modified 3mo ago