Waves.Exchange introduces inter-chain USDT staking in beta

WX Network
WX Network
Published in
2 min readDec 24, 2020

This investment tool differs from USDN staking in several aspects.

We are glad to announce the launch of inter-chain Tether (USDT) staking in a beta mode.

How does this investment tool work?

In the Investment section, the “USDT staking” subsection has been added. There, you can stake USDT coins by sending them to a smart contract. Tokens are subsequently sent to various liquidity pools on the Ethereum network, including Uniswap, Curve and others.

This tool differs from USDN staking in several ways.

1. Upon staking USDT coins, users receive the staking token USDLP, which proves their ownership right to the staked USDT coins. A loss of this token would lead to a loss of access to the staked coins.

2. Once a day, staked coins are proxied to the Ethereum network, and dividends are collected.

3. Stakers don’t receive direct dividend payments. Instead, dividends from the Ethereum network are once a day sent to the staking smart contract on the Waves blockchain in the form of USDT. Subsequently, the price of the USDLP token increases. Thus, the longer a user holds USDLP tokens, the higher amount in USDT they will collect when unstaking their tokens and swapping USDLP for USDT. Actually, the price of USDLP tokens goes up every day, regardless of where they are held.

4. Unlike USDN, users cannot immediately collect unstaked USDT coins: the process takes 20,160 blocks or, roughly, 14 days.

So, USDT staking is a new profitable inter-chain DeFi investment tool. It differs from USDN staking by higher yields and the inability to instantly collect unstaked funds.

We’d like to receive users’ feedback on this investment tool.

Also, please, remember that USDT staking is currently available in a beta mode, meaning that we can temporarily suspend accepting new USDT for staking. However, during periods when new USDT coins are not accepted, already staked tokens will continue to “work” and bring dividends to their stakers.

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WX Network
WX Network

WX Network is an unmediated crypto management hub & liquidity platform.