FAQ for Staking SHOPX on AscendEX
Since going live with SHOPX staking last week on AscendEX, we’ve received a ton of questions about what it is & how it works. As a result, we’ve compiled a list of FAQs & provided answers here in this article. If we missed anything, let us know on Telegram.
How are rewards distributed?
Rewards will be distributed over the next 90 days as follows:
- 100% APR for 30 days (this started on May 6th)
- 50% APR for 30 days
- 25% APR for 30 days
*Here’s an example:
- For the first 30 days, you earn 8.2% (or 0.273% per day). So if you stake 100 tokens on the first day (May 6th), you would earn a reward of 8.2 SHOPX.
- For the next 30 days, you earn 4.1% (or 0.137% per day). So your 100 tokens would earn a reward for 4.1 SHOPX.
- And for the next 30 days, you earn 2.1% (or 0.068 per day). So your 100 tokens would earn a reward for 2.1 SHOPX.
You may also choose to compound your stake as a way to supercharge rewards. Keep in mind that this will impact the example calculations above, which don’t take in account the impact of compounding.
Will the APR change after the first 90 days?
Most likely, but we haven’t decided on a number yet.
How do I undelegate my tokens?
Token holders are able to undelegate their tokens at any time under two conditions:
- The holder must wait 14 days to redeem their tokens (rewards are not earned during this cool-off period)
- The holder must pay a 2% fee to instantly redeem their tokens (users are charged the 2% fee on their total token balance)
At what interval are token rewards paid to stakers?
Rewards are distributed at 00:00 UTC daily. T day starts at 00:00 UTC & reward calculation starts on T + 1 day. Distribution starts on T + 2 day.
Where do the rewards come from?
Rewards are paid from the Splyt Staking Reward Pool, which is 10% of the total supply of SHOPX (or 50,000,000 tokens)
Some of the terminology used by AscendEX may be confusing. Here’s some definitions to help clarify.
- Delegate = Stake / Deposit
- Undelegate = Unstake / Withdraw
- APR = APY (it says APR but should be calculated as APY)
Our partnership with AscendEX is an exciting step towards providing additional utility for SHOPX. We are excited to reward our loyal token holders for contributing to the growth of our community.
*The example was calculated as follows:
- Number of days = x
- Number of days in a year = y
- Annual Percentage Yield (APY) = z
- Yield over x days = a
- Formula: x / y * z = a
So for the first 30 days at 100% APY:
- 30 / 365 *100 = 8.2%