Launching Classing Staking!

We are launching our classic staking solution. In this post, we would like to share more details of our classic staking offerings. We also would like to show you how to use our staking solution.

Note: In this post, we will use only the MetaMask wallet. We still have some issues with the TrustWallet. Once these issues are resolved, we will release the TrustWallet guide as well.

Disclaimer:
We have sent our staking contract for audit. We expect the answer within a few days. Please use it at your own risk. We will inform you as soon as our audit is finished.

Staking rewards

We have allocated 10million in PEX (approx. $300,000 at the time of writing) to the staking program. We are starting by launching one staking pool as a start with more staking options to follow shortly.

Locking period

The first pool that we are launching has a lock time of 6 months. The prize pool assigned for this pool currently is at 100,000$! Depending on the amount of staked tokens, we may decide to increase the rewards even further!

Overview of GUI

This is how our staking user interface looks:

PEX — Staking user interface

Let us explain some of the terms and information presented:

APY (Annual Percentage Yield): The yearly return on your investment in percentage. The rewards are paid in PEX tokens.

TVL (Total Value Locked): the total value of all the locked tokens. The TVL varies as the amount of staked tokens or the price of PEX varies.

Rewards: displays the exact amount of PEX token earned. The reward numbers update once every minute.

Your wallet balance: the number of PEX tokens in your wallet.

Your stake balance: the number of PEX tokens staked in the contract.

Remain locktime: time left from the lock time. To be able to get your rewards, this counter needs to go to zero.

Staking guide (using MetaMask)

Note: if you are using TrustWallet, we will release a separate guide for that in the next few days.

To stake using MetaMask, go to the PEX staking page.

Stake (i.e. deposit)

Fill in the amount you would like to stake and click on stake.

Stake PEX in the staking contract

You will need to confirm two transactions:

The first transaction allows the staking smart contract to have access to the amount to PEX specified by you and transfer it to the contract.

The first transaction to allow staking contract to transfer funds.

The second transaction performs the transaction.

The second transaction transfers funds to the staking contract.

After the second transaction is confirmed, your stake amount balance will be updated.

Your staked balance is updated after the second transaction is confirmed.

The first deposit sets the lock timer. Consequence deposits do not change the lock time! Hence you can increase your deposit at any time without worrying about extending the lock time!

Rewards and returns

Wait at least one minute for your reward to become non-zero (you may need to refresh the page).

The rewards, APY, and TVL are updated.

As other users deposit their PEX tokens into the contract, the TVL (Total Value Locked) goes up.

On the other hand, the APY goes down as the daily rewards are distributed between more people.

Claiming rewards

Once the lock time is finished, the “Claim Rewards” bottom will release all the rewards to you in one transaction.

You can keep your funds in the contract for more rewards if you would like.

Withdrawal

Once the lock time is finished, you can withdraw any amount of your staked PEX as you like. But remember if you withdraw all your PEX tokens, your lock time will reset i.e. staking new tokens will result in additional 6 months of locking.

If you like to withdraw your funds before the lock time is finished, all you need is to click on the “Emergency Withdraw”.

Emergency withdrawal — Notice the rewards will be lost (see the next picture)

After confirmation of the transactions, your funds are safely back in your wallet (but sadly, the rewards are lost).

Funds are back in the wallet but sadly, the rewards are lost! :(

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PEX project aims to create a platform, independent of social media platforms, that enables artists to take ownership and monetize their content.

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Project-X (PEX coin)

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PEX project aims to create a platform, independent of social media platforms, that enables artists to take ownership and monetize their content.

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