Staking
Inspired by GMX, Multiplier Points (MP) is a way to reward long-term holders without inflation. They are earned passively by every WOO staked at a base APR of 50%. e.g. 1,000 WOO staked for one year would earn 500 MPs.
MP can be staked for fee rewards by using the "Compound" button, each MP will boost staking APR (paid in USDC) at the same rate as a regular WOO staked. However, unstaking any WOO will burn a portion of the MPs you have earned. For example, a user who unstakes 10% of their total staked WOO will also lose 10% of their accumulated MPs.
Users’ combined staking positions, MPs, and staking rewards are operated on Arbitrum. Thanks to an integration with LayerZero, you can stake your WOO and compound it on any supported chain for extra convenience.
The cross-chain messaging involved means that transactions will require additional gas tokens to cover the operations on Arbitrum, and transaction time may vary according to the source chain and network status. (Note: transactions with Polygon as the source chain could take up to 20 mins.)
Regardless of which chain you choose to stake your WOO on, the APR at which you earn USDC staking rewards will be the same.
The USDC rewards come from WOOFi swap fees - 80% of which are gathered on Arbitrum every Thursday and given to WOO stakers over a 7-day period.
If you stake at least 1,800 WOO, you can boost the APR at which you earn MPs up to a maximum of 109.85% by completing challenges that include:
- Swapping on WOOFi including cross-chain swaps
- Keeping assets deposited in WOOFi Supercharger vaults
- Turning on the auto-compound feature (please be aware that you can’t claim staking rewards while this is enabled and you can’t disable it within 7 days)
The status of each challenge is visible in the top-right corner and your multiplier points APR will update one day after completing any of them. The amount you need to swap and deposit in WOOFi Supercharger vaults to complete the challenges is determined by your staking tier (please see below).
In the coming months, we plan to introduce two types of WOOFi NFTs that can further boost your staking rewards:
- Consumable NFTs that can be earned through quests and then staked and burned to temporarily boost yield. The rarity of the NFT will dictate the size of the boost.
- WOOFi Avatar NFTs - NFTs that will provide a permanent boost to WOOFi staking yields. More details to come.
Last modified 1mo ago