IXS Staking and Rewards Simplified
Update: Please note that the guide below is only applicable to the previous staking program on Polygon that started last November 1, 2021. For our latest staking program, you may check out this article for more details. Don’t forget to follow us on Twitter and join our Telegram group to stay up to date with our latest announcements, including new staking and liquidity mining programs.
As a crypto hodler, staking is something you’ll hear about all the time and for a good reason. It is a great way to maximize the value of your crypto holdings by letting you earn passive income simply for staking your coins or tokens.
That’s easy enough, but what exactly is staking?
In essence, staking is simply locking up your tokens in a smart contract to reduce its circulating supply and ensure that the network operates more efficiently.
In exchange, you’ll receive rewards for staking your tokens, which will be proportional to the staking period you selected. In IX Swap’s case, rewards can go for up to 88% APY.
APY or annual percentage yield refers to the total amount of interest you can earn in one year, given that you did not add or withdraw your tokens during that time. It includes your interest rate, as well as the interest you earn on your principal plus the interest on your earnings.
Staking Your IXS on Polygon
We started the last month of the year on a high note as IXS staking became available on Polygon. Our users now have an alternative option to stake their IXS without the high fees that come with Ethereum.
We initially launched three staking rates on Polygon:
As expected, the 88% and 44% APY staking pool got filled up fast, leaving only the 18% APY staking pool available as of writing.
To start earning from your IXS by staking it on Polygon, here are the important details you need to keep in mind:
Here’s how to get started:
- Connect your Web3 wallet i.e. Metamask.
- Once your wallet is connected, switch to Polygon Mainnet by selecting it on the dropdown menu.
- Choose your staking rate option.
As an important reminder, you will be prompted to approve the allowance of IXS before you can proceed. Kindly wait for the transaction approval to complete before proceeding to stake.
*Do not stake over available limits or you risk wasting gas fees on rejected transactions.
Getting Your IXS Staking Rewards
Once your staking period matures, your reward will start vesting over a span of 10 weeks.
While we are working to make the vesting process automatic once your staking period is up, this feature is currently not available yet.
This is why in order to initiate the 10-week vesting period once your staking period is done, you will need to un-stake your IXS.
To do this, here’s how:
- Launch the IX Swap App.
- With your wallet connected, select Vesting IXS.
- Un-stake your IXS balance.
- Click Approve IXS to confirm.
How Your Staking Rewards Are Computed
Once your staking period matures, you need to un-stake your principal (the number of IXS you staked) in order to receive your rewards, which will be paid every 7 days for 10 weeks.
Which leaves you with the question — how much will you earn once your staking period is up?
To calculate your APY, here’s the formula you need to remember:
Staking Period in Days / 365 Days * APY = X * No. of Staked Tokens
For example, if you staked 10,000 IXS for 3 months, your total rewards will be:
90 days / 365 days * 88% APY = 21.7% * 10,000 IXS staked = 2,170 IXS ⬅ Total Reward
Since your 2,170 IXS reward will be broken down into 10 payments, that means you will receive 217 IXS every week for 10 weeks. This will start the moment you un-stake your staked tokens when your staking period is up.
About IX Swap
IX Swap is a next-generation platform that leverages DeFi services backed by CeFi regulatory compliance to facilitate safe and convenient issuance, listing, and trading of security tokens and fractionalized NFTs.
By bridging the gap between traditional finance and innovative blockchain-based solutions, IX Swap is paving the way in democratizing access to traditional financial markets that have never been done before.
Originally published at https://ixswap.io on December 31, 2021.