Staking TONIC
- TONIC staking allows TONIC holders to deposit their tokens into the TONIC staking module in return for yield rewards.
- Here’s the general idea: stakeholders receive rewards, including a share of protocol revenue generated from fees paid by borrowers
- TONIC staking drives further utility for the TONIC token, and it seeks to align incentives with the long-term believers of our protocol and benefits token holders.
1) Go to "Earn" from the navigation menu at the top of the Tectonic website and enter “TONIC”
2) You will see the staking module panel in the column on the right, next to the Airdrop claim panel
3) Input the amount of TONIC you would like to stake and submit
4) You should now see the amount of TONIC you've staked in the bottom section of the staking panel. You're done!
1) Go to "Earn" from the navigation menu at the top of the Tectonic website and enter “TONIC”
2) You will see the staking module panel on the left. Click on the “Unstake” tab
3) Input the amount of TONIC you would like to unstake and submit. Once the transaction is complete, you will see a countdown timer showing the remaining time in your cooldown period
4) Your unstaked TONIC will be available for withdrawal to your wallet once the cooldown period expires. Come back to the Tectonic website to withdraw your unstaked TONIC then
Important notes:
- After unstaking, your TONIC will be go through a 10-day cooldown period, during which your TONIC cannot be withdrawn to your wallet
- You can unstake a portion of your staked TONIC.
- You can also unstake more TONIC during the cooldown period. However, this will reset your cooldown period to 10 days.
- 1.TONIC token holders can stake TONIC into the staking module and receive xTONIC based on the TONIC : xTONIC exchange rate at the time.
- 2.Being a yield-bearing token, the TONIC : xTONIC’s exchange rate increases over time, without any action on your part!
- 3.As a result, when you withdraw your TONIC from the staking module, you will receive more TONIC compared to when you made the initial deposit.
The protocol will direct 50% of all protocol revenue (from liquidation fees and loan repayment fees) into the staking module contract, which will be converted programmatically by smart contracts into TONIC via other decentralized exchanges, such as VVS Finance.
This is great news for you as a holder of TONIC tokens because this exerts buying pressure on TONIC markets. As more people borrow and repay their loans on Tectonic, the staking module will buy more TONIC off the market, resulting in a lower market supply.
Since the exchange rate between xTONIC and TONIC is determined by the quantity of xTONIC minted relative to the amount of TONIC, the xTONIC : TONIC exchange rate will only increase over time.
You can request to withdraw your TONIC any time, however there is a cooldown period of 10 days. After the cooldown period expires, you will be able to withdraw your TONIC.
The amount of TONIC you will withdraw is fixed at the time when you requested the withdrawal.
Last modified 3mo ago