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Staking
Exclusive access and yield growth
LitBit's platform allows users to stake tokens in order to earn a fixed annual percentage yield (APY) rate. It has several internal mapping data structures to keep track of the stakes of each user, as well as the total number of tokens staked in each staking pool. The contract implements the IBEP20 interface and uses a specified token contract to handle token transfers.
- Users will be able to input the number of tokens they want to stake and select a staking pool from a list of available pools.
- The smart contract calculates the base rate of the stake and the due date when the stake can be claimed. It also updates the total number of tokens staked in the pool and the total number of tokens staked by the user.
- The user's stake information is displayed in a section on the platform, including the staking pool, base rate, due date, and claimed status.
Staking is a mechanism used in some blockchain systems to incentivize users to hold and support the network by locking up their tokens as a form of collateral. In this case, the system allows users to input the number of tokens they want to stake and select a staking pool from a list of available pools.
Once a user selects a pool, the smart contract automatically calculates the base rate of the stake, which is the rate of return the user will receive for staking their tokens. The smart contract also calculates the due date when the stake can be claimed, meaning the date when the user will be able to retrieve their staked tokens.
The smart contract also updates the total number of tokens staked in the pool and the total number of tokens staked by the user. This means that the smart contract keeps track of the total amount of tokens that are currently being staked in the system, as well as the total amount of tokens staked by a specific user in a specific pool.
Finally, the user's stake information is displayed on the platform, including the staking pool, base rate, due date, and claimed status. This allows the user to have visibility on their staked tokens and the details of the staking pool they have chosen. The claimed status indicates whether the user has claimed their stake or not.
- On the platform, the user is presented with a button labeled "Claim Rewards" for each of their stakes.
- The smart contract calculates the rewards based on the base rate and the length of time the stake has been locked. It also updates the total number of staked tokens in the pool and the total number of staked tokens for the user.
Claiming rewards is a process by which users can collect the returns they have earned from staking their tokens. users are presented with a button labeled "Claim Rewards" on the platform for each of their stakes.
When the user clicks the button, the smart contract automatically calculates the rewards that the user is eligible for based on the base rate and the length of time the stake has been locked. The base rate is the rate of return that the user was promised when they staked their tokens, and the length of time the stake has been locked is the amount of time that has passed since the stake was created.
The smart contract then updates the total number of staked tokens in the pool, which is the total number of tokens being staked in a specific pool, and the total number of staked tokens for the user. This means that the smart contract keeps track of the total amount of tokens that are currently being staked in the system, as well as the total amount of tokens staked by a specific user.
It's worth noting that claiming rewards does not mean that the user will retrieve the staked tokens. They will still be locked until the due date to claim. In addition, the rewards may be subject to a lock-up period and/or penalties if the stake is withdrawn before a certain period of time.
- On the platform, the user is presented with a button labeled "Exit" for each of their stakes.
- The smart contract calculates the penalty for exiting early based on the length of time the stake has been locked and the APY rate. It then transfers the remaining stake balance to the user.
Exiting a stake refers to the process of ending a user's participation in a staking pool before the due date for claiming the stake. users are presented with a button labeled "Exit" on the platform for each of their stakes.
When the user clicks the button, the smart contract automatically calculates the penalty for exiting early based on the length of time the stake has been locked and the Annual Percentage Yield (APY) rate. The length of time the stake has been locked is the amount of time that has passed since the stake was created, and the APY rate is the rate of return that the user was promised when they staked their tokens. Penalties are imposed as a way to discourage users from exiting early and to prevent market manipulation by large holders.
After calculating the penalty, the smart contract then transfers the remaining stake balance to the user. This means that the user will receive the remaining amount of their staked tokens, minus any penalties that were calculated.
It's worth noting that exiting a stake before the due date will likely result in a loss of some or all of the rewards earned so far. Additionally, the penalty may be subject to change according to the network's rules or the pool's conditions.
- The user's information is displayed in a section on the frontend, including the list of all stakeholders and the number of stakes they hold.
Stakeholder management is the process of keeping track of the various stakeholders and their stakes.
The user's information is displayed in a section on the frontend, which is the part of the system that users interact with directly. This section includes the list of all stakeholders and the number of stakes they hold. This information can be useful for the platform, other users and stakeholders, as it allows them to see who is participating in the system and how much ownership they have.
Additionally, the smart contract may be designed to manage different types of stakes such as locked, unlocked, vested stakes and others, allowing users to have a more detailed view of their own stakes, as well as the stakes of other stakeholders.
This information may also be used to determine voting rights, access rights to certain platform features, or other benefits that may be associated with holding a certain amount of stakes.
- CEO can add a new staking pool with the number of locked-up days and the APY rate.
- CEO can remove an existing staking pool.
- CEO can set the APY rate for a particular staking pool.
- CEO can set the lock-up period for a particular staking pool.
Pool management refers to the process of creating, maintaining and modifying the different staking pools available in the system. the CEO of the platform has the ability to perform several actions related to staking pools.
The CEO can add a new staking pool with the number of locked-up days and the Annual Percentage Yield (APY) rate. This means that the CEO can create new pools for users to stake their tokens in and set the conditions for those pools such as the number of days the tokens need to be locked up and the APY rate which is the rate of return that users will receive for staking their tokens.
The CEO can also remove an existing staking pool. This means that the CEO can remove pools that are no longer needed or that are underperforming.
The CEO can set the APY rate for a particular staking pool. This means that the CEO can adjust the rate of return for a specific pool to make it more attractive to users or to align it with market conditions.
The CEO can set the lock-up period for a particular staking pool. This means that the CEO can adjust the number of days that tokens need to be locked up for a specific pool to make it more attractive to users or to align it with market conditions.
It's worth noting that these actions may be subject to certain restrictions or approvals depending on the network's rules or the pool's conditions. Additionally, the CEO may also have the ability to adjust other parameters such as the total number of tokens in a pool, the minimum or maximum amount of tokens that can be staked, and others
- CEO can transfer their CEO privileges to a new address.
- CEO can transfer a specified amount of tokens from the contract to an external address.
- CEO can transfer all BNB tokens held by the contract to a specified address.
the CEO has the ability to perform several actions related to the management of the system.
The CEO can transfer their CEO privileges to a new address. This means that the CEO can transfer the role of CEO to another address, or a unique identifier associated with an account on the blockchain. This could be used to change the person or entity that is in charge of managing the system.
The CEO can transfer a specified amount of tokens from the contract to an external address. This means that the CEO can move a specific amount of tokens from the smart contract, which is a self-executing contract on the blockchain, to another address. This could be used to fund development, pay for expenses, or for other purposes.
The CEO can transfer all BNB tokens held by the contract to a specified address. This means that the CEO can move all the Binance Coin (BNB) tokens that are held by the smart contract to a specified address. This could be used to cash out the BNB tokens that the system holds or to move them to another address for other purposes.
It's worth noting that these actions may be subject to certain restrictions or approvals depending on the network's rules or the pool's conditions. Additionally, the CEO may also have the ability to perform other actions such as adding or removing pools, freezing or unfreezing accounts, and others.
This section provides an overview of the staking activity in the smart contract, including the following metrics:
This refers to the total number of individual stakes that have been created by users. Each stake represents a commitment of tokens that are locked up for a certain period of time.
This refers to the total number of tokens that are locked up in all the stakes created by the users. This metric is an important indicator of the overall token usage on the platform and the level of engagement from the users.
This refers to the duration for which tokens are locked up for each staking pool. This metric allows the user to have an overview of the lockup periods of each staking pool and compare them with other pools.
These metrics are important for users and the platform to have an understanding of the staking activity on the platform, the level of engagement from users, and the token usage on the platform. This information can be used to make informed decisions about the platform's future development, marketing, and other aspects of its operations.
Get Lit Tickets for the ability to get access to IDO's by staking
Last modified 9mo ago