Quick Guide for Staking on OpenSwap
In this section of the documentation, we aim to provide some tips and guidance to help users with using the staking product on the OpenSwap platform. For the purpose of keeping things simple, we will be using 'Thank You OAX' as the example for this guide.
'Thank You OAX' Staking Campaign on OpenSwap
In April 2021, OpenSwap ran a campaign to thank OAX Foundation for its initial support for the project. Staking OAX tokens on OpenSwap offers lucrative returns, but there may still be many people who are new to Decentralized Exchange (DEX). Therefore, we hope to address a few common questions here with a step-by-step guide to help everyone with staking on OpenSwap.
What wallet should I be using to interact with OpenSwap?
There are over 40 wallet choices users can use to interact with the OpenSwap platform! A very popular choice in the crypto space is the MetaMask wallet. It is a browser extension wallet with a lot of tutorials available online to guide you from set-up to actual utilization. Be sure to back up your 12-word seed phrase, as we have no controls over your seed phrase. MetaMask supports both ERC20 and BEP20 tokens.
What staking campaigns are available?
There is the 'Thank You OAX' staking campaign on OpenSwap's staking page, which was launched in April 2021.
In the 'Thank You OAX' campaign, there are 3 Tiers of Rewards:
Tier 1: 30 days (Reward: 2 OSWAP per 1 OAX staked)
Tier 2: 60 days (Reward: 6 OSWAP per 1 OAX staked)
Tier 3: 90 days (Reward: 10 OSWAP per 1 OAX staked)
What is the maximum amount of staking per user?
The individual cap is 10,000 OAX per participant.
How can I check my staking progress?
You can verify your staking progress by checking the 'Your Staked' amount.
Can I withdraw my staked assets?
You may unlock and withdraw your staked OAX anytime, but by doing so, you are automatically forfeiting all your staking rewards. To be eligible for rewards, participants are to fulfill the entire staking period, early exits will not be eligible for any rewards. No prorated amount of rewards are applicable for this staking campaign.
What are the contract addresses of OAX?
Contract addresses are not your own address, but it serves as a way to validate the authenticity of the coin or input the token into your wallet. OAX tokens are available in both ERC-20 and BEP-20 formats. To begin, check the OAX contract address on the corresponding network.
Ethereum Mainnet: Address(ERC-20): 0x701c244b988a513c945973defa05de933b23fe1d
Binance Smart Chain (BSC) Mainnet: Address (BEP-20): 0x31720b2276df3b3b757b55845d17eea184d4fc8f
How can users withdraw tokens to a BEP-20 address?
Below is an example of withdrawing OAX tokens using the Binance platform (make sure the email and phone number are registered).
Click on “Wallet”, then click “Withdraw”
Select “OAX” to begin the withdrawal process
Insert a BEP20 (BSC) address as the destination of your transfer of OAX tokens, then select “BEP-20 (BSC) network”, and input the amount of OAX tokens to be transferred. Click the “Withdraw“ button once you have verified. (Do note that a small transaction fee will be charged by Binance)
Verify your order then click “Confirm”
How do I change tokens from ERC-20 format to BEP-20?
Using OAX token as an example. For Holders of OAX tokens in ERC-20 format, before you can undergo staking on OpenSwap, you are required to first convert the OAX tokens from ERC-20 format to BEP-20 and you can do so via using the Binance Bridge:
Click “Connect Wallet”
Under asset, select “OAX”
Under the “From” section, select “Ethereum Network”
Under the “To” section, select “Binance Smart Chain Network (BEP-20)"
Input the number of tokens to be transferred and converted (min. 174.2 OAX, max. 22000 OAX)
Verify your order and click “Confirm”, an address will be generated for the deposition of OAX token in ERC-20 format.
Deposit your OAX in ERC20 format to the address generated, but do note that the address is valid for 2 hours, and do not re-use the same address
Transfer the amount of OAX tokens to the address provided from Binance Bridge, and it will be available on Binance Smart Chain within few minutes after a successful transaction is completed.
When will users receive the staking rewards?
You may receive the staking rewards 7 days after IDO. Please follow us on social media and stay tuned for new information for OSWAP’s IDO.
How do I know that the staked assets are safe?
Your staked assets are safe. The staking contract was peer-reviewed by 3rd party and now it is undergoing another audit by CertiK. What can I do with the rewarded OSWAP tokens?
OSWAP tokens can be used to serve different purposes.
Liquidity Providers: Stake OSWAP into Liquidity Queues to increase the priority of the liquidity, prioritizing the earnings for trade fees.
Node Operators: For the cross-chain bridge, must stake OSWAP to be eligible as a bridge troll who earn fees as assets cross the bridge.
Yield farming: Providing liquidity for OSWAP pools or other contests.
Governance: Participate in governance by staking OSWAP to create proposals or vote on risk parameters for the protocol.
As the project continues to develop, the OpenSwap team will continue to explore and include additional utilities for OSWAP tokens in accordance with new changes in the DeFi landscape.
Want to learn more about OSWAP tokens?
For those who are interested to obtain OSWAP tokens or wish to learn more on how OSWAP tokens can be earned, please explore the following link: https://www.openswap.xyz/#/earn
We encourage community members to partake in community discussions to help better shape OSWAP tokenomics and help generate more utility ideas. Users may express their ideas to core team members through joining the OpenSwap telegram group: https://t.me/openswapdex
More information about OSWAP tokens will be shared with the community closer to IDO date. In the meanwhile, please feel free to follow us on Twitter to receive the latest news and updates from OpenSwap: https://twitter.com/openswapdex