Introducing wsMAXI: What it is and how to use it

3 min readJan 31, 2022

A new utility for sMAXI

Wrapped, staked MAXI, or wsMAXI, is an index-adjusted wrapper for staked Maxi(sMAXI). Unlike sMAXI, a user’s balance of wsMAXI does not increase over time, which could be beneficial for some accounting purposes.

When users change their wsMAXI back to sMAXI, they receive the adjusted sMAXI based on the current index, so all total yield value is retained. Translation, while a conversion is involved, you always receive the correct amount of MAXI yield due, whether you are using sMAXI or wsMAXI.

wsMAXI Explained

wsMAXI is pegged to the protocol’s index which is constantly updating and always available on the Maximizer dashboard, taking into account the amount of sMAXI a user would have earned during that rebasing period.

The Index on the MAXI dashboard refers to the amount of MAXI tokens generated if a staker had staked 1 MAXI token from the first rebasing period. The index helps with tracking the value of MAXI tokens once staked, as well as once the staked MAXI is unstaked.

To calculate the amount of sMAXI a user has earned since wrapping their MAXI, they can divide the value of their sMAXI by the current index. Doing so will inform the user by the amount that their sMAXI holdings have increased following the period which they wrapped the token. For those curious, the formula is sMAXI/Current Index = wsMAXI.

The protocol constantly updates this Index, every 8 hours to match each rebase period. This meticulous process ensures that when each wsMAXI holder unwraps their wsMAXI, they will receive the correct amount of sMAXI.

Once users unwrap their wsMAXI, they automatically receive the sMAXI they earned based on the Index. After unwrapping wsMAXI, you’re left with sMAXI, which means your still staking your MAXI token, and it continues to receive rebasing rewards.

How to Wrap sMAXI

Once users have staked their MAXI, they can wrap their sMAXI by hovering on the left side of the dashboard to the tab called “Wrap”.

Once users are in the “Wrap” section, you will need to approve the contract to interact with your wallet the first time using it by clicking approve. Now you are free to select the amount of sMAXI that you want to wrap and then pay the gas fee to certify the transaction.