This guide aims to give you a clear understanding of each pool and the process to go through when staking.
But first, we wanted to go through what has got us to this point.
Our staking journey
Our aim was to put in place staking that ultimately delivered value for the community.
We had a huge amount of feedback and input from our community on what it could look like, how it could be structured, and what SXS reward levels would be appropriate. In addition, we did a large amount of market research with the aim to deliver a staking solution that was both fair and delivered value.
We then wanted to ensure that the staking solution we put in place supported the project in the long term and we felt it was important to put user experience at the core of what we did.
As we have always said, confidence and trust are paramount to us, we ensured our staking contract was fully audited. This took time as we wanted the external organization doing the audit to do a deep dive and we then implement any amends they suggested.
Finally, as you will be aware, the role of staking within a Launchpad is to unlock tier benefits. This ensures that tier holders know that their SXS staked has unlocked all benefits open to them.
But, we have also put in place an SXS reward element. This is something that was factored into our tokenomics and, we feel, is a major value add that we wanted to give long-term SXS holders.
Ultimately the more SXS you hold and the longer you stake the larger the SXS reward you will get.
Staking pool breakdown:
There will be 7 pools in total:
- Early supporters pool — this is the only pool where there is a time limit in relation to joining. It will only be open for people to join for the first 2 weeks after staking is launched. There is also a minimum staking amount of 5k SXS for this pool
- 3 general pools — these staking pools have a lock period of 6 months to 24 months
- 3 higher tier holders pools — these staking pools have a lockup period of 6 months to 24 months. These pools are only open to elite and legendary tier holders, i.e. those who hold 50k or more SXS. These pools give higher SXS rewards. There is a minimum staking amount of 50k SXS for these pools and a higher maximum staking amount
The pools
Early supporters pool
- Lockup period: 4 months
- Reward: 10% upon completion of pool
- Minimum staking amount: 5k SXS
- Maximum staking amount per wallet: 100k
- The maximum amount of SXS able to be staked in pool: 5m
- Total SXS allocated to pool for reward payouts: 500k
NB: Access to this pool is only open for 2 weeks from staking launch
General staking pools
Short term pool
- Lockup period: 6 months
- Reward: 5% upon completion of pool
- Minimum staking amount: 1k SXS
- Maximum staking amount per wallet: 100k SXS
- The maximum amount of SXS able to be staked in pool: 20m
- Total SXS allocated to pool for reward payouts: 1m
Medium term pool
- Lockup period: 12 months
- Reward: 12% upon completion of pool
- Minimum staking amount: 1k SXS
- Maximum staking amount per wallet: 100k SXS
- Maximum amount of SXS able to be staked in pool: 8.33m SXS
- Total SXS allocated to pool for reward payouts: 1m
Long term pool
- Lockup period: 24 months
- Reward: 28% upon completion of pool
- Minimum staking amount: 1k SXS
- Maximum staking amount per wallet: 100k SXS
- Maximum amount of SXS able to be staked in pool: 10.71m SXS
- Total SXS allocated to pool for reward payouts: 3m
Elite and Legendary Tier holders
Short term pool
- Lockup period: 6 months
- Reward: 7% upon completion of pool
- Minimum staking amount: 50k SXS
- Maximum staking amount per wallet: 200k SXS
- Reward: 7% upon completion of pool
- Maximum amount of SXS able to be staked in pool: 14.28m SXS
- Total SXS allocated to pool for reward payouts: 1m
Medium-term pool
- Lockup period:12 months
- Reward: 16% upon completion of pool
- Minimum staking amount: 50k SXS
- Maximum staking amount: 200k SXS
- Maximum amount of SXS able to be staked in pool: 6.25m SXS
- Total SXS allocated to pool for reward payouts: 1m
Long term pool
- Lockup period: 24 months
- Reward: 37% upon completion of pool
- Minimum staking amount: 50k SXS
- Maximum staking amount per wallet: 200k SXS
- Maximum amount of SXS able to be staked in pool: 10.27m SXS
- Total SXS allocated to pool for reward payouts: 3.8m
Total SXS reward allocation:
- Total amount of SXS allocated for staking rewards: 11.3m
- This amount was accounted for in our tokenomics, please review our whitepaper for a complete breakdown.
The staking process
We have aimed to make staking as easy as possible.
The steps are as follows:
- Go to our official staking page here.
- Ensure your SXS are in the wallet you are wanting to connect
- Connect your wallet using the wallet connect button at the top right
- You will see a dashboard along the top, this will show you:
- The total amount of SXS staked across all pools by everyone
- Your total SXS staked across all pools
- The amount of SXS you have available to stake
- Your total SXS reward, this is to total potential SXS reward you currently have accumulated across all pools you are in
- Your current tier - Below the dashboard you see the Stake Pools with:
- All pools: this is a breakdown of all pools currently available
- Your pools: this is a breakdown of the pools you have joined - Each pool listed has full details of the pool, including:
- Pool reward: this is the amount of SXS you will be reward at the end of the staking duration for that pool
- Lockup time: this is the duration you need to stake your SXS for in the pool
- Freeze period: this is the duration of time your tokens are locked from point of joining - Select the pool you wish to join and click stake
- Your connected wallet will open and ask you to confirm and sign
- Please allow time for this phase, some wallets take longer than others, so don’t refresh
- Click the ‘Your Pools’ tab
- Here you will be able to see the pool you have joined
- Your dashboard will also be updated
It is that simple and is broadly in line with other staking journeys out there, so it shouldn’t be anything too different.
If you have any questions at any point, please contact our team of moderators on any of our official channels at the end of this article.
Important points to note:
- All pool SXS rewards are paid out at the completion of the pool duration.
- Our aim is to reward long-term holders and this was a key piece of feedback we had from the community. Withdrawing your staked SXS before the end of the pool lockup period will result in loss of your accumulated SXS reward. There is a prompt box that comes up if you click unstake, before the completion of the pool to remind you of this
- You can join multiple staking pools at any given time
- The lockup period of a pool is the amount of time you need to stake your SXS in the pool to unlock your reward.
- You will need to unstake your staked SXS at competition of the staking pool lockup period to claim your SXS reward
- There is a four-week freeze period on all pools at the point of joining. This means that when you stake you SXS in a pool it is fully locked for the first four weeks
- If you have staked in a pool, but have not staked the maximum amount and want to stake more, you can either unstake the original amount and then restake with the larger amount, or you can easily stake the additional amount in another pool. If you do unstake the original amount, please be aware that you will lose the accumulated SXS reward for that pool for the original stake amount and period.
Continuing the Dialogue with Sphere
If there is anything else you’d like to know, or you simply want to say hi, please engage in our various channels:
