Token staking
Last updated
Last updated
Staking WAGMI Tokens
Users have the ability to stake their WAGMI tokens to receive sWAGMI. The sWAGMI token represents a staked version of WAGMI.
sWAGMI token contract address on Metis is:
0x5fb3983adc4dCc82A610a91D2e329F6401352558
sWAGMI token contract address on Kava EVM is:
0x3690d1a9fb569c21372f8091527ab44f1dc9630f
sWAGMI token contract address on Sonic is:
0x4b5d9db7910448e2F236509D9eE242673AFa28aA
Link to the staking page is available here:
Network Compatibility: WAGMI can be staked on Metis and Kava EVM Network.
Benefits of Staking WAGMI:
Holders of sWAGMI are eligible for a share of the fee distributions from the Wagmi protocol.
Protocol takes 20% performance fee which is then distributed to sWAGMI holders.
Unstaking: When you unstake sWAGMI, you will receive all your initially deposited WAGMI in addition to any accumulated fees.
Note: There is a 24-hour time lock on deposits to mitigate the risks associated with front running.
How does staking work?
The staking mechanism for WAGMI token is both straightforward and user-friendly.
1. Depositing into the Pool:
Users deposit WAGMI tokens into the sWAGMI-Pool.
2. Receiving Tokens:
As an acknowledgment of their deposit, users receive sWAGMI tokens in their wallets.
These sWAGMI tokens represent the share of the sWAGMI-Pool owned by the depositor.
3. Fee Collection and Usage:
Fees are garnered from the protocol. These are used to market purchase WAGMI tokens. Later on, these tokens are deposited back into the sWAGMI-Pool.
4. Unstaking Process:
When users choose to unstake, they secure their share from the sWAGMI-Pool. This share consists of the originally staked WAGMI tokens as well as any additional fee shares.
5. Important Notes on Token Quantity:
The amount of sWAGMI tokens users get from staking might differ from the WAGMI token quantity they deposited. As the pool grows from fees, 1 sWAGMI token's value will surpass that of 1 WAGMI token.
6. Return Rates:
Returns from sWAGMI are variable. They rely on the core performance of the protocol's offerings. Thus, any displayed APR is an approximation based on historical performance.
