GLINT token to upgrade to staked stGLINT replacing SHARE
The upgraded token strategy delivers enhanced staking opportunities and makes way for expanded token utility.
Delivering top-notch services and a supreme user experience has been Beamswap’s North Star since the beginning.
In what we believe is one of the most perfected token strategies on the Moonbeam Network, the Beamswap v3 introduces stGLINT, a staked cousin of GLINT.
What is stGLINT?
stGLINT is a non-transferable escrowed governance token and is designed to represents staked GLINT in a 1:1 ratio.
You can convert it directly from GLINT or earn it from your staked positions in Beamswap v3 Yield Farms.
As a staked asset, stGLINT introduces the same utility known to the SHARE token holders and brings it to another level. Besides, it enhances the Beamswap v3 platform with:
🟣 Less sell pressure
🟣 Vesting on stGLINT — GLINT conversion
🟣 Permanent 1:1 GLINT — stGLINT ratio
🟣 Ability to allocate or stake stGLINT
🟣 Burning mechanism
The utility nature of stGLINT is designed to provide more opportunities for users in the following upgrades of the Beamswap v3 platform, so stay tuned for the newest features.
Stake GLINT to earn rewards
When allocated in various Beamswap v3 features and plug-ins or staked, stGLINT provides diverse utility and various opportunities to generate passive rewards.
v3 Yield Farms and triple-reward pools
The Beamswap v3 is introducing new farms where you can earn GLINT and stGLINT. The initial ones are:
- GLMR — whUSDC
- xcDOT — whUSDC
The platform is also supplying pools that bring triple rewards in GLINT, stGLINT, and GLMR (grant GLMR).
stGLINT vesting
stGLINT is illiquid and not transferrable as it is designed to simply represent your share of staked GLINT on the platform.
To move stGLINT and use it elsewhere, you should deallocate the allocated amount and withdraw it back into your wallet.
The vesting rules for stGLINT > GLINT conversion are as follows:
- Minimum vesting of 15 days to redeem 50% of staked value
- Maximum vesting of 90 days to redeem 100% of staked value
What does this mean in practice? Let’s say you staked 100 stGLINT, and want to convert them back to GLINT. After 40 days, you proceed with an early redemption. Since the full vesting period of 90 days is not reached yet, you receive 66.67% of the allocated value (66.67 GLINT).
The result is obtained following the formula below:
50% + ((days reached — minimum 15 days) / 75) * 0.5
In this calculation, 50% represents the minimum redeemable value after 15 days, whereas every additional % of the redeemable value is a result of halving the ratio between the days that surpassed the minimum period of 15 days and the difference between the maximum and minimum period (75 days).
While early redemption of GLINT is possible, the remaining unredeemable tokens get burned. In the above example, the early redemption gives you 66.67 GLINT while the other 33.33 are burned.
At this point, the default deallocation fee is 0% until announced otherwise.
stGLINT replacing SHARE
By delivering enhanced functionalities to the platform, the primary being its staking ability in exchange for rewards, stGLINT replaces the SHARE token, the staple of staking on the pre-v3 Beamswap.
If you have any remaining SHARE balance on Beamswap, you should convert it to stGLINT. In the top menu on the platform, navigate to stGLINT, click “Migrate” and convert your SHARE to stGLINT in a few clicks.
Unlock staking opportunities on Beamswap v3
Once stGLINT launches with Beamswap v3, it will simplify and amplify the DeFi and passive earning opportunities on the Moonbeam Network.
Enjoy the new-gen DeFi with Beamswap v3, and stake your way to a growing portfolio with stGLINT.
About Beamswap
Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.
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