🥩JWLXRD Liquid Staking
Introduction
Token Addresses:
JWLXRD - resource_rdx1tklsaw4evqgmue59v7c87qm79tx2ppjp93ycxek8shrlmz426h7axq
SJWLXRD - resource_rdx1t5dpa60xk9a3092z8ed5wcr82y9m9xfv4eyjcdfyg7d3j4r7rhfx5p
JewelSwap introduces innovative Dual-Token Liquid Staking, allowing everyone to benefit from the higher APY than traditional staking providers due to the two-way mechanism of staking: minting and staking. Fundamentally not all users, who converted XRD into JWXRD will stake it (to receive rewards) but rather will participate in liquidity creation in the JWLXRD-XRD pool on Ociswap.
Minting
JWLXRD is a derivative token that can be minted using XRD.
JWLXRD can make use of POL by minting 1.1 JWLXRD per deposited XRD. This does not mean JWLXRD is not 1:1 backed. JWLXRD is 1:1 backed. Please read up on how POL works, what it does, and how the backing is ensured.
Staking
Staking JWLXRD will give the user SJWLXRD, which appreciates in value against JWLXRD.
The XRD used to mint JWLXRD are staked across multiple validators on Radix. The staked XRD generates rewards during the day. The rewards are paid out, when staking providers distribute yield. Therefore, the ratio between SJWLXRD and JWLXRD rises once a day, as it is triggered daily.
SJWLXRD can be transferred between wallets too. This allows you to transfer your ownership to another wallet, without having to unstake your SJWLXRD.
Rewards
Rewards for JWLXRD staking stem from these sources:
XRD used to mint JWLXRD is staked at various staking providers on Radix to generate yield.
Unstaking
Unstaking SJWLXRD for JWLXRD is possible instantly and at no fees.
Swapping
You can swap JWLXRD at varying market rates on Ociswap.
Redemption/Unbonding - Unbonding NFT - Redemption Fees
JWLXRD is redeemable in a 1:1 ratio for normal XRD. The unbonding period for JWLXRD is 10 days.
When unbonding, you receive an NFT from JewelSwap - XRD claim NFT This is a so-called unstaking/unbonding NFT.
You can use this NFT to send it to a different wallet. You need the unstaking NFT to claim your XRD after those 10 days. The NFT proofs your ownership of the unbonding JWLXRD.
Most of the time, there are no fees associated with redeeming JWLXRD. A dynamic fee mechanism may decide to start charging a small fee when redeeming JWLXRD. This mechanism adds a redemption fee in case of high redemption requests. This system is not yet in place and will be added in case further DeFi integrations for JWLXRD are implemented in the future.
Fees
10% of the generated rewards from XRD staking are kept by JewelSwap. 90% are going to SJWLXRD.
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