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Unlock the full potential of your $STEAK
The Steaking application gives STEAK-Holders access to modular staking utilities accessible by converting STEAK to xSTEAK.
Steaking applications become accessible by first converting STEAK to xSTEAK.

Steaking Applications

What is xSTEAK?

xSTEAK is a non-transferable escrowed governance token, corresponding to locked STEAK. STEAK can be directly converted to xSTEAK via the SteakHut dApp.
xSTEAK allows for the ability to allocate it to plugins, allowing for modular staking applications. The operation consists of staking xSTEAK into the desired application in exchange for various benefits.

xSTEAK Conversions

STEAK and xSTEAK can be converted into each other within the SteakHut dApp. Converting xSTEAK back to STEAK involves a vesting period.

STEAK to xSTEAK conversion

STEAK can be freely converted into xSTEAK at any time. The process is instant, and the ratio is 1:1.

xSTEAK to STEAK conversion

xSTEAK is escrowed STEAK that can be redeemed by vesting. The user can select the vesting duration when converting xSTEAK to STEAK. The conversion ratio increases proportionally with the vesting duration:
  • The minimum vesting duration of 10 days will provide a 1:0.5 ratio
  • The maximum vesting duration of 45 days will provide a 1:1 ratio
If the selected vesting duration is lower than the maximum (ratio < 1:1), the excess STEAK is returned to the SteakHut treasury.

Canceling vesting

While vesting if a user decides to cancel the vest this is possible from the contract,
Cancel Redeem -> enter 0 and write.

Reward allocation

While being redeemed, the xSTEAK will automatically receive rewards from the reward application, but only at 50% of the value, while waiting for the vesting schedule process to complete.