How to get SKLAY
sKLAY is an ownership and liquidity token that is given through smart contracts for staked KLAY.
As a liquidity token that is based on the value of staked KLAY, sKLAY not only injects direct liquidity to the current Klaytn ecosystem, but also allows the holders of sKLAY to utilize their assets for a variety of revenue opportunities offered by Klaytn’s DeFi protocols while maintaining a staking position.
More information about sKLAY in the Medium post linked below:
sKLAY is a liquidity token for KLAY staked through KLAYstation, KLAY’s official staking tool, and can remedy liquidity limitations to grow Klaytn’s Decentralized Finance ecosystem. sKLAY has the most liquidity in the Klaytn network’s first decentralized, liquidity-based swap protocol, KLAYswap. In this article, we will explore how to get sKLAY using KLAYstation.
How to get sKLAY, the Klaytn’s network’s liquidity token
[The content below is based on the KLAYstation Guide.]
- Connect Wallet: Click the ‘Connect Wallet’ button on the dashboard and choose a wallet to connect.
As a decentralized staking tool, KLAYSTATION requires login through connecting a Klaytn-based wallet (Kaikas, KLIP, Dcent)
If you do not have a Kaikas wallet, you can download it from the Chrome Web Store.
Losing the wallet’s seed phrase and private keys will result in the loss of your assets. Please keep this asset-related information safe.
2. KLAY Staking: Click the ‘Stake Now’ button on the KLAYSTATION dashboard.
After clicking ‘Stake Now’, input the amount of KLAY you want to stake in the Staking KLAY pop-up and click confirm.
As sKLAY is a liquidity token based on staked KLAY, you must first stake KLAY through KLAYSTATION. If you have already staked KLAY through KLAYSTATION, additional staking is not required.
3. Select sKLAY: Select ‘sKLAY’ in the dashboard.
Clicking the ‘sKLAY’ button will show the amount of sKLAY possible for withdrawal. This is proportional to a ratio based on the amount of currently staked KLAY.
4. sKLAY Withdrawal: Click ‘sKLAY Withdrawal’.
After clicking ‘sKLAY Withdrawal’, input the amount of sKLAY you want to withdraw in the sKLAY Withdrawal pop-up and click confirm.
Experience Klaytn’s DeFi protocol by utilizing sKLAY!
Because sKLAY is a token based on the value of KLAY, it can be used as an asset in a variety of protocols as the Klaytn network DeFi ecosystem grows. With sKLAY, we hope you will enjoy experiencing the exciting Decentralized Finance services that emerge with KLAYswap as the cornerstone.