JWLUTK
JWLUTK is a type of derivative token.
Important: Derivative tokens are not redeemable, so minting them is not reversible.
Minting
JWLUTK is a derivative token that can be minted using UTK. JWLUTK is not growing in value and is always backed 1:1 by UTK.
JWLUTK can make use of POL by minting 1.3 JWLUTK per deposited UTK. This does not mean JWLUTK is not 1:1 backed. JWLUTK is 1:1 backed. Please read up on how POL works, what it does, and how the backing is ensured.
Staking
Staking JWLUTK on JewelSwap will give the user more JWLUTK.
Rewards are paid out based on a 7-day epoch. This means that rewards are being accumulated for 7 days, and after this 7-day-epoch, the rewards are paid out to the stakers, relative to their staked amount.
Rewards
Rewards for JWLUTK staking stem from these sources:
UTK are being staked on xExchange to generate rewards.
Once the xMoney Guilds are live, the UTK will be withdrawn from xExchange Metastaking and used to create a guild. The guild's rewards will be shared with JWLUTK stakers accordingly.
Because of the difference in staked derivative tokens to existing derivative tokens, the APR for the staked tokens is typically higher.
Unstaking
Unstaking JWLUTK from staking is possible after the initial lock up period has passed. When you first stake JWLUTK, it is locked for 7 days. After these 7 days have passed, you can keep your JWLUTK in staking or remove it from staking at any time, instantly.
If you deposit more JWLUTK or reinvest your rewards by depositing them again, the lock will reset.
Swapping
You can swap JWLUTK at varying market rates on Ashswap.
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