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BenchmarkProtocol

The Standard Has Been Set | Single-Asset Staking is Live | An Introduction to Governance

The Benchmark Protocol Team is excited to introduce Single Asset Staking via the Standard (Symbol: xMARK). Stake MARK Here

Until today, MARK token rewards were reserved for Uniswap Liquidity Providers in the MARK/ETH and MARK/USDC pools. Within The Press, MARK token holders are now able to stake their tokens in exchange for xMARK tokens.

  • xMARK tokens will be issued in a similar fashion to how LP tokens are issued and represent a share in the overall staking pool.
  • Users will be able to swap back xMARK for their staked MARK at any point in time.
  • xMARK tokens are not affected by rebases. However, the underlying MARK token representation will be affected by rebases and still represent a fixed share of the network.

MARK rewards are sent to the staking contract each time a rebase is applied. MARK rewards are allocated and distributed pro-rata between all xMARK holders. Rewards allocated to the Standard staking pool are set initially at 10% of the total Mark/Block of The Press (rewards allocated can be adjusted).

Contrary to The Press, accrued rewards in the Standard staking contract are subject to supply adjustments, or rebasement.

The Standard for Governance

The Standard (xMARK) token will also be used to help Benchmark Protocol forge a path to decentralized On-Chain Governance. The first step towards this is utilizing Snapshot.page for token weighted voting.

The Standard for DeFi

The Standard token (xMARK) represents a share of MARK that is deposited in a token pool that is affected by rebasements, while xMARK itself is unaffected by rebasements. This allows Benchmark Protocol to expose MARK to conventional platforms that are not compatible with elastic-supply currencies.

Benefits of the a Single Staking Platform

For users:

1. Another option to earn MARK

2. No Impermanent Loss

3. Governance — Initiating Proposals and Voting Capabilities via Snapshot

For Benchmark Protocol:

1. Dual Token System allows for integration into conventional non-rebase supported ecosystems

2. Governance Rollout

xMARK staking guide

Before following this guide, please make sure you familiarize yourself with the use of MetaMask or similar online Browser wallets.

Youtube Video Tutorial

Get MetaMask:
https://metamask.io/

Add custom Token:
https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-View-See-Your-Tokens-in-Metamask

MARK Token specifics:
Address: 0x67c597624B17b16fb77959217360B7cD18284253
Decimals: 9
Name: MARK

xMARK Token specifics:
Address: 0x36b679bd64Ed73DBfd88909cDCB892cB66Bd4CBb
Decimals: 9
Name: xMARK

Note: You will need a certain amount of ETH for transaction fees and MARK for staking

1) Connect your Wallet
- Go to https://thepress.benchmarkprotocol.finance/staking
- Click on the “Connect Wallet” button in the top right corner

2) Approve MARK
- Click on “Approve MARK”
- This allows the staking contract to withdraw MARK on your behalf

3) Convert to xMARK
- Click on “Convert to xMARK” to initiate the staking process

4) Confirm Liquidity
- Define the amount of MARK you would like to stake
- Click “confirm” to send your MARK to the staking contract

5) Receive xMARK
- Open Meta Mask and see your xMARK
- Make sure you have added xMARK to your assets

6) Claim rewards
- Click “Convert to MARK” to redeem your staked MARK and claim your rewards
- Your xMARK will be burned through this process

Specifications:

  • With each rebase, Benchmark Protocol distributes rewards to the staking contract. Rewards are shared proportionally between all xMARK holders.
  • xMARK represents a share of the underlying MARK token pool.
  • xMARK are not affected by rebases, while the underlying MARK are affected by rebases. This allows MARK to be exposed to conventional DeFi applications that are not compatible with elastic-supply currencies; we expect this to facilitate and foster interaction with other DeFi projects in the ecosystem.
  • xMARK will be used for Phase 1 Governance through voting via Snapshot.page

About Benchmark Protocol

Benchmark Protocol is a Supply Elastic Collateral and Hedging Device, Driven by the Volatility Index. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.

Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.

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The Benchmark Protocol a rules-based, supply-elastic collateral utility that adjusts supply based on deviations from the target metric — equal to 1 Special Drawing Rights

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Benchmark Protocol

Benchmark Protocol

Benchmark Protocol is a Supply Elastic Collateral and Hedging Device, Driven by the Volatility Index.

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