xSTEAK is escrowed $STEAK, corresponding to locked STEAK
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 applications, allowing for modular staking applications. The operation consists of staking xSTEAK into desired application in exchange for various benefits.
- Name: xSTEAK
- Chain: Avalanche
- Contract: 0x902Aa4cC3b463c84541C9C1DeDF50620C99950B9
STEAK and xSTEAK can be converted into each other within the SteakHut dApp. Converting xSTEAK back to STEAK involves a vesting period.
STEAK can be freely converted into xSTEAK at any time. The process is instant, and the ratio is 1:1.
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.