> For the complete documentation index, see [llms.txt](https://docs.jewelswap.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jewelswap.io/sui/derivative-tokens/unredeemable-derivatives/jwlxmn.md).

# JWLXMN

#### **Introduction**

JWLXMN is JewelSwap's derivative token for **XMN**, the token of the xMoney protocol. It brings XMN into the JewelSwap derivative model on Sui: mint the derivative against your XMN, stake it to earn a share of the revenue the underlying position generates, and keep a transferable token in your own wallet throughout.

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#### **Minting**

JWLXMN is minted using XMN at a **1:1 ratio** — one JWLXMN for every XMN the protocol receives. That 1:1 relationship sets the mint rate; it is not a redemption promise (see [No redemption](#no-redemption) below).

The XMN deposited is staked into xMoney's staking system, where it earns the rewards that ultimately fund JWLXMN staking yield.

{% hint style="info" %}
XMN and JWLXMN do not use the same number of decimals — XMN has 6 and JWLXMN has 9. The interface handles the conversion, but it is worth knowing if you are reading raw on-chain amounts.
{% endhint %}

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#### **Staking**

Staking JWLXMN on JewelSwap earns you more JWLXMN.

Rewards are credited **daily**, in proportion to your staked amount at the moment of the credit. There is no epoch to wait for and no separate distribution step: each credit writes straight to your balance, and you can claim at any time.

There is **no locking period**. JWLXMN can be unstaked as soon as it is staked.

As with every JewelSwap derivative, **JWLXMN that is minted but not staked increases the rewards for those who do stake.**

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#### **Rewards**

Rewards for JWLXMN staking stem from these sources:

* XMN deposited to mint JWLXMN is staked in xMoney's staking system, and the rewards it earns are claimed by the protocol.
* Claimed rewards are split between the protocol treasury and stakers, and the staker share is added back to the reward pool.

Reward claiming and compounding are **automated and run daily at 03:17 UTC** — you do not need to claim manually for rewards to accrue to your balance.

Note that the staker share is split once more before it reaches JWLXMN: half of it is directed to JWLCETUS stakers. The split shown on the staking page is the treasury/staker split at the vault, so the amount actually credited to JWLXMN stakers is roughly half the staker percentage displayed.

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#### **Migrating a MultiversX position**

JewelSwap ran XMN staking on MultiversX before the Sui deployment. Holders of a MultiversX-side position can convert it into Sui JWLXMN: the conversion reads your recorded MultiversX stake, reduces it by the amount converted, and mints the equivalent JWLXMN to your Sui wallet.

This is a one-way migration path, and it is bounded by the size of the position recorded against your MultiversX address — you cannot convert more than you staked.

{% hint style="info" %}
**Your MultiversX address must be linked to your Sui wallet first.** Since 18 October 2026 a conversion only succeeds from the Sui wallet that JewelSwap has linked to the MultiversX address of the position, so nobody else can convert it. If you have not converted yet, contact the JewelSwap team to link your addresses before converting.
{% endhint %}

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#### **Unstaking**

Unstaking is available immediately and returns your JWLXMN. Rewards already credited to you are claimed separately and are not forfeited by unstaking.

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#### **No redemption**

**JWLXMN cannot be redeemed for XMN.** There is no burn or redeem function in the staking contract — the only public entry points are `convert`, `stake`, `unstake`, `claim_rewards` and the operator-only `add_reward`. Once XMN has entered the protocol, the XMN itself stays in the protocol's xMoney position; only an admin multisig transaction can move it.

This makes JWLXMN an **unredeemable derivative**, like [JWLCETUS](/sui/derivative-tokens/unredeemable-derivatives/jwlcetus.md) and [JWLSCA](/sui/derivative-tokens/unredeemable-derivatives/jwlsca.md), rather than a redeemable one like JWLSUI. The way to realise value from JWLXMN is to **stake it and collect the reward stream**, not to exchange it back for the underlying.

{% hint style="warning" %}
There is also no secondary market for JWLXMN — no DEX pool holds it, so it cannot currently be sold either. Treat a JWLXMN position as a claim on the reward stream that you hold for as long as you hold the token.
{% endhint %}

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#### Related

* [Derivative Tokens](/sui/derivative-tokens.md) — the general mechanism shared by every JWL-token
* [JWLCETUS](/sui/derivative-tokens/unredeemable-derivatives/jwlcetus.md) and [JWLSCA](/sui/derivative-tokens/unredeemable-derivatives/jwlsca.md) — the other unredeemable derivatives on Sui
* [Protocol Owned Liquidity](/other-resources/definitions/jewelswap-protocol-owned-liquidity-pol.md) — how backing is maintained when POL is used