We are excited to announce the next big step in the Omnidex journey, with the launch of Charm pools!
Yes, now you earn rewards by simply holding your Charm tokens in the Charm staking pool. When you stake your Charm tokens in a Charm pool you will receive more Charm tokens as a reward. It is just like earning interest from depositing cash with a bank.
How are Charm Pools Different to Farm
Charm pools are different from Farms in that you only need to hold one type of token in order to earn rewards. This can be helpful if you expect the price of that token to rise quickly relative to other tokens as it avoids reducing profits due to impermanent losses. This lower level of risk will typically be reflected in the higher APR reward that you will receive from Farming vs Charm Pools.
Rewards
Once you have staked your Charm in a Charm Pool rewards will be added to your account every few seconds. You will then have the option to either compound these rewards and earn even more Charm, or harvest your rewards. Harvesting keeps your original stake invested but moves the rewards to your wallet. This makes sure that you continue to earn rewards from your staked tokens.
What is the xCharm token?
The xCharm Token is deposited in your wallet when you interact with the Charm Staking Pool. xCharm works as proof of ownership for how much Charm you have staked in the pool. Once you unstake your Charm, your xCharm will be returned automatically to the protocol. Please make sure you keep your xCharm in your wallet as you will need this to redeem the charm that you have staked in the pool.
