New Contract Upgrade: 21-Day Lock
Dear $PURSE holders,
Our Staking Program has 228,323,463 $PURSE deposited so far with 44.12% APY. We are planning to upgrade the staking smart contract to add a 21-Day Lock mechanism to Purse Staking starting from June 2nd, 2022. Let’s cover what this will look like.
In short, users that stake into this upgraded contract, will receive locked shares in return. A 21-Day Lock will be imposed if they unstake their PURSE and they can only withdraw their staked $PURSE with reward after the 21-Day Lock period. As a note, there is no lock for staked $PURSE on the pre-upgrade contract and users will be able to withdraw the original staked $PURSE with reward anytime without the 21-Day Lock.
Post-Upgrade Contract : Withdrawing $PURSE using Locked Shares
If users unstake the $PURSE using the locked shares when there’s already an existing unstaking entry, the lock period will reset back to 21 days. In addition, the unstaked $PURSE will not earn any reward during this 21-Day period.
For users who have unclaimed $PURSE with reward after the 21-Day period, they will have to withdraw it manually or it will be withdrawn automatically when users unstake.
Post-Upgrade Contract : Withdrawing PURSE using both Unlocked Shares (Pre-Upgrade Contract) and Locked Shares
The $PURSE for unlocked share will be withdrawn out first without the 21-Day Lock and the remaining $PURSE for locked share will be unstaked and locked for 21 days.
Example:
1. Alice has a total of 10 Shares (5 Unlocked Shares and 5 Locked Shares)
2. Alice unstake 8 Shares (5 Unlocked Shares and 3 Locked Shares)
3. PURSE for the 5 Unlocked Shares will be transferred instantly to Alice and remaining $PURSE for Locked Shares will be locked for 21 days.
Staking Tutorial
1. Click on the Connect button to connect to your wallet
2. Select a wallet to connect
3. Click on the Approve button to allow spending of $PURSE in your wallet
4. On the Stake tab, set the amount of $PURSE to stake and click on the Stake button to stake.
The share received will be reflected under the Share Balance and the $PURSE stake will also be added to the Staked Balance.
5. On the Unstake tab, set the amount of $PURSE to unstake and click on the Unstake button to unstake.
The share received will be reflected under the Purse Balance and the $PURSE unstake will also be deducted to the Staked Balance.
6. If Locked Share is used to unstake, $PURSE will be locked for 21 days before it can be withdrawn out. If users want to un-stake when there’s an existing un-staking entry with Remaining Lock Time of more than zero, the lock period will reset back to 21 days.
7. Once the Remaining Lock Time reaches zero, the 21-Day Lock is over and users can click the Withdraw button to withdraw their $PURSE. Otherwise, it will automatically be withdrawn when users click the Unstake button to unstake.
8. In order to check the amount of $PURSE you will be able to withdraw with your Share, ensure that you are at the Check tab, specify the amount of Share you wish to withdraw or click Max to input all your Share shown under the Share Balance. Click on the Check button, you will see the ratio of your Share and PURSE under PURSE Staking.
Please let us know if you have any questions or suggestions to improve this farm on the forum.functionx.io and do not forget to follow @Pursetoken on Twitter. Hope you enjoy the decentralized liquidity mining program.
