The smart contract will compute the total token receivable for each wallet address but it requires users press the ‘claim’ (send request) button actively to claim it. Regardless of the staking reward or the unlocked token, the reward token will NOT transfer to your wallet automatically.
- Users have to manually redeem with paying the ‘gas’ fee.
- The event of a user claiming the staking reward at that particular moment is considered as a staking cycle (‘cycle’). Each cycle will last for 19 weeks.
To illustrate further, the number of staking rewards shown on the staking interface is the total receivable staking reward on that particular ‘cycle’. The new cycle will kick start immediately right after the claiming of the previous cycle, so the staking reward cycle will keep rolling until the end of the staking event. Users can choose to end the cycle (claim the reward) anytime before the deadline.
In each cycle, users will only receive 5% upon their claim (harvest), the remaining 95% will transfer to the locked token’s account. 5% of the total receivable staking reward will transfer from the locked token’s account to the unlocked token’s account every 7 days.
The unlocked token derived from each staking circle will be accumulated automatically without user’s interference, users can then choose anytime before the deadline to claim the unlocked token.
For example: (a single circle)
On 1st June, Alice’s f(x)Wallet interface showed a total staking reward of 1,000 FX to be claimed. She ‘presses’ the claim button and pays the gas fees to claim that 1,000 FX reward. After the smart contract processed the transaction, 1,000 FX will be transferred out from the receivable account to the following account:
Alice’s wallet — 50 FX (1,000 FX *5%)
Alice’s locked token account — 950 FX (1,000 FX *95%)
On 8th June, 50 FX will be transferred out from the locked token account to the unlocked token account. Alice can choose to claim it now or claim it later. If Alice chooses not to claim it on 8th June, the balance of the unlocked token account will increase to 100 FX on 15th June; 150 FX on 22nd June; 200 FX on 29th June etc. If Alice did not claim any unlocked token before 29th June, she can claim 200 FX to her wallet.
Please note that, the first claim of the staking reward is the prerequisite criteria of the following unlocked token.
In simple terms, you need to have the first 5% to get the rest of the 95%.
The balance of different staking rewards from each staking cycle will be combined and shown on the staking interface.
Users can claim the staking reward anytime they want but the unlocked token can only be released every 7 days.
All remaining unlocked tokens shall be claimed before 5th Dec 2021 or else all unclaimed unlocked tokens will be forfeited.