OpenSwap Staking FAQ
Staking OAX on OpenSwap offers lucrative returns, but many people are new to Decentralized Exchange (DEX). Therefore, we hope to answer a few of the common questions here with a step-by-step guide to help everyone with their staking.
Question: What wallet should I be using for OpenSwap?
Answer: MetaMask is the wallet we recommend. It is a browser extension wallet with a lot of tutorials available online to guide you in setting up and start using it. Be sure to back up your 12-word seed phrase, as we have no controls over your seed phrase. MetaMask supports both ERC20 and BEP20 tokens.
Question: What kind of staking is available?
Answer: “Thank you OAX Campaign”
In the “Thank you OAX” campaign, there are 3 tiers of rewards:
- 30 days (2 OSWAP per 1 OAX stake)
- 60 days (6 OSWAP per 1 OAX stake)
- 90 days (10 OSWAP per 1 OAX stake)
Question: What is the maximum amount of staking per user?
Answer: The individual cap is 10,000 OAX per person.
Question: How can I check my staking progress?
Answer: You can verify your staking progress by checking “Your Staked” amount.
Question: Can I withdraw my staking?
Answer: You may unlock your OAX anytime, but you will forfeit all of your staking rewards.
Question: What are the contract addresses of OAX?
Answer: Contract addresses are not your own address, but it serves as a way to validate the authenticity of the coin or input the token into your wallet.
OAX tokens are available in both ERC-20 and BEP-20 formats. To begin, check the OAX contract address on the corresponding network.
Binance Smart Chain (BSC) Mainnet:
Address (BEP-20): 0x31720b2276df3b3b757b55845d17eea184d4fc8f
Question: How do we withdraw our token to a BEP-20 address?
Answer: Take an example of withdrawing OAX token using the Binance platform (make sure the email and phone number are registered)
Click on “Wallet”, then click “Withdraw”
Select “OAX” to begin the withdrawal process
Insert a BEP20 (BSC) address as the destination of your transfer of OAX tokens, then select “BEP-20 (BSC) network”, and input the amount of OAX tokens to be transferred. Click the “Withdraw“ button once you have verified.
(Do note that small transaction fees will be charged by Binance)
Verify your order then click “Confirm”
Question: I have tokens in ERC-20 format, how do I change it to BEP-20?
Take OAX token as an example. For Holders of OAX tokens in ERC-20 format, before you can undergo staking on OpenSwap, you are required to first convert the OAX tokens from ERC-20 format to BEP-20 and you can do so via the Binance Bridge:
Click “Connect Wallet”
Under asset, select “OAX”
Under the “From” section, select “Ethereum Network”
Under the “To” section, select “Binance Smart Chain Network (BEP-20)
Input the number of tokens to be transferred and converted (min. 174.2 OAX, max. 22000 OAX)
Verify your order and click “Confirm”, an address will be generated for the deposition of OAX token in ERC-20 format.
Deposit your OAX in ERC20 format to the address generated, but do note that the address is valid for 2 hours, and do not re-use the same address
Transfer the amount of OAX tokens to the address provided from Binance Bridge, and it will be available on Binance Smart Chain within few minutes after a successful transaction is completed.
Questions: When will I get the Staking Rewards?
Answer: You may receive the staking rewards 7 days after IDO. Please follow us on social media and stay tuned for new information for OSWAP’s IDO.
Questions: How do I know that the staked assets are safe? Is the staking contract audited?
Answer: Your staked assets are safe. The staking contract was peer-reviewed by 3rd party and now it is undergoing another audit by CertiK.
Questions: What are the OSWAP tokens used for? What can I do with the token?
Answer: OSWAP tokens are used to serve different purposes.
liquidity providers: Stake OSWAP into Liquidity Queues to increase the priority of the liquidity, prioritizing the earnings for trade fees.
Node operators: For the cross-chain bridge, must stake OSWAP to be eligible as a bridge troll who earn fees as assets cross the bridge.
Yield farming: providing liquidity for OSWAP pools or other contests.
Governance: Participate in governance by staking OSWAP to create proposals or vote on risk parameters for the protocol.
As the project develops, the OpenSwap team will continue to explore and include additional utilities for OSWAP tokens in accordance to new changes in the DeFi landscape.