UBXT Staking 2.0
Today we are happy to announce the launch of Staking & Farming directly on the UpBots platform.
This is a super exciting new milestone for UpBots, and opens up a world of possibility for UpBots users and token holders, and brings us one step closer to achieving our mission to create a trading utopia with UpBots.
Our Smart Contract dev team have been working diligently on building the machinery to support both Staking and Performance Fees as well as some other smart contract powered features.
VERY soon we will be launching our commercial platform which will both strengthen the staking program we are about to tell you about, AND lock in a new baseline (both mentally and technologically) as we cross into the next phase of our development and achieve perhaps the most major milestone of our projects roadmap since our successful IEO.
To re-use an analogy from the other day when I was trying to explain this to my son: “our commercial launch is a bit like if you have a space rocket and it’s built but you still need a launch pad and to add fuel and supplies and a crew. Well we have all of the essential systems on the rocket built, and lots more are being actively worked on. We have lots of fuel, an amazing crew, the supplies are boxed and ready to be loaded on. So for the launch lots of these pieces will be put together and the rocket will be ready to lift off”.
“Do you see what I mean?” I then asked him.
He’s only 6 months old so he can’t use his words yet, but I could definitely tell by the look in his eye and the way he banged his rubber spoon, he totally understood.
But I digress…STAKING!
No cheesy pictures of BBQ’s and hunks of cow this time. Just a look at the dashboard:
If you are reading this article then this is already live inside the mvp dashboard of UpBots. So check out the interactive version, maybe get your stake on…as you please.
More details first? I gotchoo…
What is this & how does it work?
So right now any UpBots user can go to the platform and stake their UBXT in a single sided (one currency) fashion (on the left) with “UBXT Staking”.
The rewards for this get drawn from a fund of 10M UBXT annualized paid out on each block. You then get UBXT rewards relative to your share of the pool. To get a complete breakdown of the exact math, you can go to our gitbook here.
In addition to this reward, another reward will be added, based on a percentage of the Performance Fee’s charged on every user’s successful trades, it will also flow into the staking pools for UBXT only (after the commercial launch when we launch perf fees) on an epoch by epoch basis.
Briefly how this works is that after UpBots has taken a flat 6.5% fee from the performance fees charged on a successful trade, from what is left, half goes to the algorithm developer (this % is defined by the algo dev), 1/4 goes to to burning tokens, and 1/4 goes to the Profit Pool, which feeds each of our staking pools.
In addition to the single sided staking, on the right hand side of the staking interface, you will see a Uniswap LP token farming option where you can stake your LP tokens for some extra yield farming goodness paid out every block in addition to the APY coming from Uniswap for the commission on transactions.
There are links inside the dashboard to get you where you need to go safely.
We have a full breakdown and more details on the math available on our gitbook guide (link above).
New to liquidity provision and yield farming?
No problem. This is a fairly huge topic in it’s own right but if you are interested to learn more I suggest checking out DeFi Pulse.
As it relates to UBXT — In our pool on Uniswap a person can stake an equal amount of UBXT and ETH and get an LP token in exchange. This LP token can then be staked on the UpBots interface so that in addition to the LP rewards Uniswap pay out, you also get your share of UBXT issued every block. Again the full math and details can be found on our gitbook guide (link above).
Locking periods and penalties
There is no locking period for on platform stakage. You can put your UBXT in or take it out whenever you like. There is however a 0.3% withdrawal fee.
What about FTX Staking?
(Nothing in this article should be construed as financial advice)
The UBXT staking program through FTX will continue on until August. This is not an either/or situation where you should feel like immediately abandoning your FTX stakes on the basis that UpBots stakes are nicer/better/tastier/more yieldy/or anything else.
The programs are different and will run concurrently. As long as you have stakes on FTX you will be able to avail of the current set of performance fee free bots, and you will receive a fixed and delicious 25% APR.
Staking on UpBots has a different set of rewards as outlined above and it will also offer you fee-free access to bots. By staking 10,000 UBXT you’ll automatically unlock access to the bots without any coupon needed. If you choose to stake on FTX you’ll need to receive a coupon to activate the bots via email.
However this is an evolving landscape. Soon performance fee’s (next week or two) will come online and the rewards for staking directly on UpBots will get even bigger.
In addition new bots added to the platform after the commercial launch will not be available to FTX stakers without performance fee’s.
And on top of all of that we are already working to launch a Binance Smart Chain LP pool which is coming soon.
So in conclusion,
The staking is now live on UpBots. It will be nice. There will be farming and yields a flowing. We hope our community will profit greatly from their cryptocultural activities on UpBots. We also hope you, (yes you reading this, and yes also you Brian…) will go and check it out.
If you haven’t already signed up for a completely free trading account on UpBots, you can do that here: https://demo.upbots.com
If you are feeling chatty, or love those announcements, come hang out in our community on Telegram. If you prefer Discord, or having chats about the more technical aspects of the project, come join us on Discord here.