UwU Lend is excited to introduce our newest utility and flywheel update: xUwU!
UwU tokens offer multiple utility features to users, including using UwU tokens as collateral on Silo, or receiving revenue share via LP Staking. With our latest update, users can now stake their UwU tokens to receive auto compounding UwU rewards! These rewards result from the new buyback system rather than new emissions.
Flywheel Overhaul
Moving forward, 10% of protocol revenue will be used to perform UwU token buybacks on the market. A new multisig has been created that will automatically receive 10% of protocol revenue. Buybacks will occur in strategic, unscheduled intervals using the accumulated assets of this multisig. The purchased tokens will be distributed to the xUwU staking pool, ensuring non dilutive rewards as well as long term price stability.
Users that stake their UwU tokens will receive xUwU as receipt token. The ratio of xUwU:UwU will gradually increase based on the number of UwU tokens that are bought back and can always be viewed under the new “Stake” page of the dapp. To begin staking, simply follow the steps below.
How To Stake:
1. Connect your wallet and open the Stake page.
2. Enter the amount you wish to stake and approve the use of your UwU tokens.
3. Execute the stake transaction.
4. Import the xUwU token address to your wallet. 0x4cA9c6F89758877B78a44E57fD8feb89B4C42b8c
Done! After successfully staking, you will see your xUwU tokens in your wallet. Each time you make a new deposit, a 72 hour lock will apply for all xUwU tokens in that wallet. You can monitor your unlock dates, stake statistics, UwU APR, ratio and more under the Stake page.
How To Unstake:
To unstake your xUwU tokens and convert them back to UwU, simply open the Stake page on the website and select “Unstake”.
1. Enter the amount of xUwU you wish to exchange. The pop-up window will display the exact amount of UwU tokens you will receive.
2. Confirm the transaction to convert your xUwU back to UwU.
Done! After successfully confirming the transaction, you will see your new balance of UwU tokens in your wallet.
This new utility feature upholds UwU Lend’s 100% revenue share principle by delegating funds toward price stabilization and then distributing those tokens to stakers. Stake today to begin automatically compounding your UwU holdings!
Update: New Points System!
We have implemented a points and ranking system to our xUwU! Users will now accumulate points and ranks, visible on the Stake page of the dapp.
- For every day of staking, one point per xUwU will be added to your score. UwU points accumulate on your dashboard.
- Sending your xUwU tokens to a different wallet or unstaking partially or fully will reset the points.
Your points are a way for you to track your loyalty to the UwU Lend ecosystem. Your points balance may qualify you for airdrops from other protocols or exclusive rewards in the future!
