Earn High APY by Staking on Oddz
Stake your $ODDZ and oUSD now!
One of the most interactive features of Oddz is Staking. It is a way of earning rewards by staking certain cryptocurrencies on the protocol. On Oddz, users can trade options contracts for BTC and ETH and also provide liquidity to become an options writer. Additionally, they can use their oUSD tokens (received after adding liquidity) and ODDZ tokens to earn additional APY on the platform, thus maximizing their returns.
Snapshots:
- Provide liquidity here to get oUSD tokens when you add liquidity.
- Earn up to 20,000 $ODDZ daily by staking oUSD and $ODDZ.
- Get up to 80% discount on transaction and settlement fees by staking on Oddz.
In our previous blog, we had explained how users can earn by providing liquidity on Oddz and the advantages of the liquidity pools. As explained before, the liquidity pool is a pool of funds for writing options. In exchange for providing liquidity for the options contracts, the options premium collected in these pools is shared among the liquidity providers based on the share of each liquidity provider. No individual participant is therefore at high risk on Oddz.
Let’s see how to stake, unstake and claim rewards on Oddz works.
Staking on Oddz
The users need to have sufficient USDC to add liquidity to the pools and get oUSD that will be staked on Oddz, $ODDZ, to stake on the staking platform, and BNB to pay for the gas fees.
Hop on to our Mainnet and connect your wallet to the platform. In our case here, we have connected to the MetaMask wallet. We have explained in our previous blog how users add liquidity to get oUSD tokens.
We will now see how users can stake their $ODDZ and oUSD tokens.
All they need to do is go on staking and click on the dropbox for $ODDZ and oUSD.
Select $ODDZ or oUSD based on the token you wish to stake and enter the quantity on the platform. Click on the checkbox shown above after reading the terms and conditions. They are:
Once you have accepted the terms and conditions, click on Stake and follow the confirmation message on your MetaMask wallet. You have now staked your tokens on Oddz!
Unstaking on Oddz is even simpler, click on the unstake button and withdraw your staked tokens. Remember, staking rewards will be lost if you unstake before the initial 30 days of the lockup period.
Earn High APY on Oddz
The current APY on Oddz looks insane and the reason behind it is the distribution of 20,000 ODDZ tokens among all stakeholders. 66% of the 20,000 $ODDZ rewards are distributed to oUSD stakers while 34% are distributed to $ODDZ stakers daily.
In addition to staking rewards, if users stake $ODDZ they will get a transaction discount while buying options and a settlement fee discount while exercising their options if they stake oUSD tokens. The below chart enlists the discounts.
About Oddz
Oddz is a trustless on-chain derivatives trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.
It employs the synergies of Ethereum, Binance Smart Chain, Polkadot, Polygon, and Chromia to unleash the potential of a decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.
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