> 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.

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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