[Guide] Liquid Staking Protocol Now Available at NEOPIN
Hello NEOPIN Community!
This is the global CeDeFi platform, NEOPIN.
We are excited to announce the new launch of Liquid Staking protocol, which can leverage the staking asset utilization experience for NEOPIN users!
Available Services: Klaytn Liquid Staking, Ethereum Liquid Staking(Coming soon in July)
💧 NEOPIN’s Liquid Staking
1. What is Liquid Staking?
Liquid staking is a staking service that allows users to stake assets and receive liquidity tokens in return, allowing them to leverage their assets across multiple DeFi protocols.
Liquid staking has a unique advantage over regular staking protocol!
As the name suggests, liquid staking allows users to “liquidize their assets”.
In conventional Proof of Stake (PoS) staking services, staking an asset has the advantage of stably receiving rewards from the blockchain network, but it has the disadvantage of not being able to use the asset during the staking period.
Liquid staking provides a corresponding token when an asset is staked, allowing the asset to be liquidized even while it is staked.
In essence, liquid staking is a solution that retains the advantages of traditional PoS staking while improving on its drawbacks.
2. Synergy between NEOPIN and Liquid Staking Protocol
As a dedicated division for the new business development of Neowiz Group, NEOPIN started its blockchain business in 2017 by participating as a node operator (network participant) in various global blockchains such as Ethereum, Tron, Cardano, and Cosmos.
Since then, the CeDeFi (Centralized Decentralized Finance) protocol NEOPIN has been developed and become the world’s first DeFi protocol to comply with regulatory guidelines. In addition, NEOPIN has been providing staking services based on the NEOPIN team’s philosophy of pursuing “Trust” and “Stability” and its long-standing know-how in blockchain nodes operation. This has allowed NEOPIN users to easily and safely contribute to the decentralization and block validation of the blockchain network.
Now, with NEOPIN’s liquid staking service, users can experience not only a stable staking experience but also the opportunity to utilize assets diversely through liquidity tokens.
When users stake assets in a liquid staking product on NEOPIN, “NEOPIN’s Staked Tokens” (npTokens, e.g. npETH, npKLAY) of the same or equivalent value as the staked asset will be minted and distributed, and users can utilize these tokens in various DeFi protocols.
Plus, just like NEOPIN’s single staking products, users can stake with small amounts of assets. For example, while Ethereum requires a minimum of 32 ETH to operate a node, NEOPIN allows users to stake as minimum as 0.01 ETH.
In addition, rewards are a compounded return of staked assets as they are automatically re-staked. With NEOPIN’s liquid staking product, users do not need to manually claim and re-stake their rewards to achieve a compounded return as with single staking products.
3. NEOPIN Staked Token (npToken)
By liquid staking in NEOPIN, a user will receive “NEOPIN Staked Token” (npToken) at the ratio of “Staked Token” : npToken, where npToken represents the rights to the assets that the user have staked in NEOPIN.
For instance, if User A has sent npToken to User B, the right of User A’s staked assets will be transferred to User B.
Besides, the value of npToken indicates the amount of rewards. Instead of rewards getting accumulated to be claimed, as is the case with single staking products, the value of npToken increases over time.
This is because the amount of npToken remains constant as the asset is staked, while the amount of staked assets increases over time as rewards are automatically re-staked.
For example, if you initially staked 1 ETH and received 1 npETH, over time as your ETH rewards accumulate, you could later claim 1.n ETH for 1 npETH, meaning that the value of npToken can be an indicator of rewards.
In addition, npTokens can be used in DeFi products such as Pool and Swap within NEOPIN and will be available on various partner platforms and DeFi protocols in the future.
4. Unstake with npToken
In liquid staking at NEOPIN, npToken is consumed to unstake staked assets. Based on the ratio of npTokens to staked tokens, an unstaking request is made for the value of the consumed npTokens.
The wait time for an unstaking request to be completed varies depending on the blockchain network: the Klaytn network has a 7-day wait time and Ethereum has a roughly 1–14 day wait time, but there have been instances in the past where unstaking wait time of 30 days or more has occurred due to Ethereum network congestion.
If you’re worried about waiting too long, NEOPIN also offers an “Immediate Unstaking” feature that allows users to swap in the swap pool for users who need to unstake their assets immediately!
Once the unstaking request is completed, the unstaked amount, including rewards, will either be available to claim or transferred directly to the wallet depending on the blockchain network.
So far, we have covered liquid staking on NEOPIN.
With the liquid staking protocol which leverages the advantage of the PoS staking service, now available in NEOPIN, users can manage their assets in a variety of ways with greater stability.
Stake your assets in liquid staking products today!
👩🏫 Liquid Staking Guide
📱 [APP]
1️⃣ Home > Earn tab > Liquid Stake tab > Select the product you want to stake
2️⃣ Carefully review the product details and terms and conditions and enter the amount you wish to stake to proceed with the transaction.
3️⃣ Once the staking request is complete, you can check your npToken in your wallet.
🖥️ [WEB]
1️⃣ Home > Stake > Select the product you want to unstake in “Liquid Stake” section
2️⃣ Connect your NEOPIN wallet
3️⃣ Carefully review the product details and terms and conditions and enter the amount you wish to unstake to proceed with the transaction.
4️⃣ Home > Stake > Click “Claim” button at “Available to Claim” section > Check wait times and/or claim available assets
👨🏫 How to Unstake
📱 [APP]
1️⃣ Home >️ Wallet tab > Stake tab > Select the product you want to unstake
2️⃣ Carefully review the product details and terms and conditions and enter the amount you wish to unstake to proceed with the transaction.
3️⃣ Home > Wallet tab > Stake tab > Click “Claim” button at “Rewards” section > Check wait times and/or claim available assets
🖥️ [WEB]
1️⃣ Home > Stake > Select the product you want to unstake in “Liquid Stake” section
2️⃣ Connect your NEOPIN wallet
3️⃣ Carefully review the product details and terms and conditions and enter the amount you wish to unstake to proceed with the transaction.
4️⃣ Home > Stake > Click “Claim” button at “Available to Claim” section > Check wait times and/or claim available assets
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