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.
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 below).
The XMN deposited is staked into xMoney's staking system, where it earns the rewards that ultimately fund JWLXMN staking yield.
Staking
Staking JWLXMN on JewelSwap earns you more JWLXMN.
Rewards accrue on a 7-day epoch. Rewards are accumulated across the epoch and distributed to stakers in proportion to their staked amount when the epoch closes.
Newly staked JWLXMN is subject to a 7-day locking period before it can be unstaked. After that period has passed you may unstake at any time.
As with every JewelSwap derivative, JWLXMN that is minted but not staked increases the rewards for those who do stake.
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 — you do not need to claim manually for rewards to accrue to the pool.
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.
Unstaking
Once the 7-day locking period has elapsed, unstaking returns your JWLXMN together with any rewards you are entitled to from completed epochs.
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 and JWLSCA, 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.
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.
Related
Derivative Tokens — the general mechanism shared by every JWL-token
Protocol Owned Liquidity — how backing is maintained when POL is used
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