With the upcoming V2 UniLayer platform release we’re bringing a new and improved simplified staking platform, we have deployed the new LAYERX staking contract on Ethereum mainnet, we have also received the audit results from our partners at Chainsulting the results came back positive and no critical issues were found, you can view the Staking contract results here:
LAYERX Staking Contract Logic
Here is how the Staking working flow for the Customer “Staker” works
Stakers can participate in staking period at any time with any amount of LAYER token, with no restrictions. You can un-stake your LAYER tokens at any given time, the rewards are calculated in a 7 day period.
Stakers will get rewards according to staked(locked) LAYER token amount and staked(period) period. Stakers can do multiple sub staking during a specific main staking period.
That is, one customer might have one or more sub staking instances during a specific period of main staking, in easy terms: you can keep on adding LAYER to your current stake, the LAYER value will get added and you will receive rewards according to how much LAYER you have in that staking period.
Please refer to the diagram below that explains how the staking working flow works:
Un-staking your LAYER tokens can be done at any given time
That’s right! you can un-stake your LAYER tokens whenever you want! Customers “stakers” can un-stake any time by calling unlock() function, of course customers “stakers” will have an option on the front end (web UI) and will do this process by clicking one button easily.
Withdrawing your staking rewards
Customers “stakers” can withdraw their rewards from the LAYERX smart contract at any given time by calling withdraw() function, of course customers “stakers” will have an option on the front end (web UI) and will do this process by clicking one button easily.
Also customers can browse their staking status and rewards status on the web UI interface any time, because we have already rewards mapping according to address and this is public, that way the web interface can display real time data/information on your Accrued rewards without you having the need to ever have to un-stake to see your rewards.
How are rewards calculated for stakers
Rewards are calculated based on staking time and amount, of course when there are multiple sub stakings for a specific customer “staker” there are formulas to calculate rewards to be distributed from our ecosystem.
rewardsLayerX = rewardsRate * amountPerDay (Pre-defined)
rewardsETH = rewardsRate * amountETH (Variable in each stalking period)
LayerX is just a governance token to compensate stakeholders.
How to close a main staking for Admin (this function can only be called by admin for safety purposes)
The main staking might be closed by Super-Admin or Staking-Creator.
They will call closeStaking() function to close current main staking.
But if the current time is not over the staking period (for ex: 7 days), it will not be closed.
Super-Admin can set the period of main staking by calling setStakePeriod(uint256 newStakePeriod) function.
We hope that this staking guide can bring clarity on how our new V2 staking portal works, we are very excited to bring this to you as soon as we can, a lot of testing has been done for this new staking solution and we will be releasing it as soon as we can, so stay tuned for more details!