SLT Wallet Update: Staking and USDC/XLM pair added
Kyiv Ukraine, September 7, 2021: Smartlands releases another wallet update with a staking module and USDC/XLM trading pair.
We are excited to notify our audience: another upgrade of the SLT Wallet has been made. With today’s release, we added the staking feature. The technical side is tested and ready to be used, and as it was announced previously, the staking will start later this year.
Another practical functionality we have been working on is the extension of the currencies supported. From now, the updated wallet has got an additional trading pair (USDC/XLM), and later this week, we will add SLT/USDC as well.
We usually receive numerous questions about the staking and how it works, and with this update, we anticipate another wave of interest in this feature. Please see below some FAQs gathered by the team covering some fundamental questions.
What is staking?
SLT staking is the process of locking up an amount of SLT in a personal SLT Wallet for a specified period to get a premium or, in other words, to participate in the fee pool distribution. Smartlands is sharing one-third of the fee pool, collected by oracles in Smartlands Network, with SLT holders.
How can I stake SLT?
To stake SLT, you need to fund your SLT Wallet with SLT by purchasing tokens through the wallet or transferring them to your wallet. To get a staking premium, you need to hold at least 1,000 EUR worth of SLT in your SLT Wallet for a period of one month. The system will check the equivalent of the SLT amount at Stellar exchange at a € EUR exchange rate fixed at the beginning of the current month.
When is premium distribution processed?
At the end of each month, the system checks the list of active staking participants and distributes the reward. Remuneration is distributed among all participants of the staking pool.
On the 1st day of each month, the system distributes remuneration among the participants of the staking pool in proportion to their share in the pool and transfers remuneration to the staking account.
If a staking account was active not for an entire month but some part of it, the system would accrue a reward according to the number of days of participation in staking.
The amount of SLT you receive depends on how many tokens you hold.
As for the actual dates, our article with the roadmap gives an explanation of the further milestones and premium distribution plans.
When can I redeem my staked SLT?
You can redeem your SLT after a monthly reward is distributed on the 1st day of a given month. If you need your SLT before that, you can still redeem it, but you will lose your right to get a reward.
How is the percentage of remuneration calculated?
These are the conditions of the remuneration and the formulas for calculation.
Assuming user 4 transferred 100 tokens to the staking account on the 15th of the month (there are 30 days in the month). The total of all users who participated in the pool in the month was 10. The total amount of all assets that they committed is 1000 tokens. The total number of days of all users’ participation in staking is 15. The total fee pool for distribution at the end of the month is 500 tokens.
Shares of the pool participants distribute as follows:
- User 1–370 tokens (37%)
- User 2–200 tokens (20%)
- User 3–150 tokens (15%)
- User 4–100 tokens (10%)
- User 5–50 tokens (5%)
- User 6–30 tokens (3%)
- User 7–25 tokens (2.5%)
- User 8–25 tokens (2.5%)
- User 9–25 tokens (2.5%)
- User 10–25 tokens (2.5%)
– The formula to calculate percentages for each person in a pool is:
100 (Token that committed by user) / 1000 (Total assets committed during the month) * 100 = 10%
– The formula to calculate benefit by the end of the month is:
500 (Total Fee Pool for distribution) × 0,1 (User’s percent from 100 tokens) × 15/30 = 25 tokens
On the 1st day of the next month, User 4 receives 25 tokens.
Another example.
The user’s first transfer of 100 tokens was 10% of the total pool at the end of the month. This amount was on the stacking account for 10 days (30 days in the month). Then the user added another 150 coins to his account during the month, and as a result, his percentage of the total pool at the end of the month was 25%. This amount was on the stacking account for 20 days (30 days in the month). The total amount of all assets that they committed is 1000 tokens. The total fee pool for distribution at the end of the month was 500 tokens.
– The formula to calculate the percentage for each person in a pool is:
100 (Tokens that committed by user) / 1000 (Total assets committed during the month) * 100 = 10%
250 (Tokens that committed by user) / 1000 (Total assets committed during the month) * 100 = 25%
– The formula to calculate benefit by the end of the month is:
500 (Total fee pool) × 0,1 (User’s percent from 100 tokens) × 10/30 (Days) + 500 (Total fee pool) × 0,25 (User’s percent from 250 tokens) × 20/30 (Days) = 100 tokens
On the 1st day of the next month, the user receives 100 tokens of the premium.
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SLT Wallet is not only a Smartlands Platform-specific tool but a multifunctional toolbox for any trader on the Stellar blockchain. It’s designed to accommodate the most demanding trader experience conveniently and intuitively, with the most relevant information always at hand. Moreover, SLT Wallet will assist users in selecting between all investment opportunities provided by Smartlands Platform.
The official address of the SLT Wallet is https://wallet.smartlands.app/.
Smartlands is a digital investments platform with a proven use case for tokenizing shares in real assets. Having its mission of tokenizing the real economy and bringing all its benefits to a broad audience, Smartlands launched an alternative investments project in Ukraine. The SLT is a cryptocurrency of the Smartlands ecosystem. It is limited to a maximum of 7.1mn tokens and runs on the Stellar open-source network.
