STEAKING Applications (xSTEAK)
Access STEAKING Applications for $STEAK utility
STEAKING applications allow you to access a range of utilities for your $STEAK tokens.
To access the applications you must first convert your $STEAK into xSTEAK, xSTEAK is locked STEAK which can be unlocked via vesting. For more information refer to STEAKING.
1) Navigate to the SteakHut dApp and connect your wallet
If you haven't already, download a trusted web3 wallet like Metamask, Trustwallet, or Corewallet and ensure that you have enough blockchain tokens to cover gas fees.
Head over to the SteakHut website and launch our dApp.
Connect your wallet to the dApp by navigating to the top right corner and selecting Connect. Ensure you are connected to the desired blockchain.
Note: Some STEAKING applications are native to select blockchains, the rewards application is only native to Avalanche.
2) Enter the STEAKING tab
STEAKING gives you complete access to all the tools you need to manage your xSTEAK and STEAKING applications.
In STEAKING we can view our current xSTEAK balance as well as a complete breakdown of where our xSTEAK is situated.
Available xSTEAK: This is the amount of xSTEAK currently held in your wallet, allocate it to applications for full utility or redeem it for STEAK via vesting.
Allocated xSTEAK: This represents the amount of xSTEAK you currently have allocated across STEAK applications.
Redeeming xSTEAK: This is the amount of xSTEAK that is currently in the process of being converted to STEAK.
xSTEAK allows you to access the STEAKING plugins such as the rewards application, select "Convert xSTEAK" to convert your STEAK into xSTEAK.
3) Convert STEAK to xSTEAK
xSTEAK allows you to access the STEAKING plugins such as the rewards application, select "Convert xSTEAK" to convert your STEAK into xSTEAK.
Converting STEAK to xSTEAK is instant. Converting xSTEAK > STEAK is complete with vesting.
Enter the amount of STEAK you would like to convert to xSTEAK and then select approve and convert approving both transactions in your wallet when prompted.
3) Select an xSTEAK Plugin Application and Allocate
After converting STEAK to xSTEAK, xSTEAK can be used to interact with the Steaking Applications. The rewards plugin allows users to earn real-yield rewards. The boosting application allows you to earn higher rewards on your liquidity positions via boosting.
Rewards Application Guide:
Current ($): This shows the current USD valuation of the rewards to be distributed over the 7-day epoch period.
Current APR (%): Demonstrates the calculated yield, proportional to the amount of total xSTEAK allocated and the Current USD valuation.
Total xSTEAK: This shows the amount of xSTEAK tokens currently allocated to the rewards plugin.
Deallocation Fee: The deallocation fee is the fee taken when deallocating xSTEAK from the rewards plugin.
Distributed Tokens: This shows the amount and type of tokens rewarded during this epoch period.
Deallocating xSTEAK from the plugin application
xSTEAK can be deallocated from the rewards plugin at any time. A deallocation fee of 0.5% is applicable unless the user holds a STEAK.jpeg NFT in their wallet. Deallocating is instant.
Converting xSTEAK to STEAK
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
To redeem your xSTEAK for STEAK simply select "Redeem STEAK" and enter the amount you would like to redeem and the vesting duration you wish to wait, note the UI will calculate how much STEAK you will receive depending on your vesting duration.
While redeeming the user will receive partial rewards from the rewards application at a 50% rate.
The user can view the progress of their xSTEAK redemption, this breaks down the amount of $STEAK to be received as well as the remaining time for unlocking.
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