Staking FAQ & Tutorials
This page will provide a detailed FAQ and guide for the ELONGATE Staking Vault. For detailed step-by-step tutorials on how to use the Staking Vault, please visit the tutorial links below.
You can visit the ELONGATE Staking Vault web app at stake.elongate.cc.
I. Detailed Staking Tutorials:
II. How to Stake ELONGATE Tokens
Go to stake.elongate.cc
In the top right corner, click “connect” to connect your wallet app
Select the “Enable Vault” button and sign the confirmation pop-up from your wallet. This enables the vault to interact with your wallet.
Input the number of ELONGATE tokens you would like to stake. Select “Max” to input the total number of ELONGATE Tokens from your wallet. If you select “Max”, it’s best to stake a whole number, so if you have any decimal places, get rid of them.
Adjust the slider to choose the length of time you would like your tokens locked. There is a minimum time lock of 15 days and a max of 180 days.
Select stake and wait for the pop-up confirming that your tokens have been successfully staked.
How to Unstake ELONGATE Tokens
Go to stake.elongate.cc
In the top right corner, click “connect” to connect your wallet
Under the “UNSTAKE TOKENS” section, input the number of tokens you would like to unstake.
Select the “Unstake” button.
Confirm the transaction through your wallet app.
III. Web App Technical FAQ
What does the “Connect” button do?
The “Connect” button found in the upper right corner allows you to connect your wallet to the web app. Selecting this button will prompt you to connect your wallet of choice.
How do I connect TrustWallet?
Android:
In the TrustWallet app go to the “DApps” tab
Type stake.elongate.cc into the address bar
Select “connect” and then select “WalletConnect”
iOS:
Visit stake.elongate.cc from a computer or other mobile device
Select “connect” in the top right corner
Go to the settings tab in the TrustWallet app on your iPhone and select the “WalletConnect” option
Scan the QR code from stake.elongate.cc
What does the “Lock time in Days” slider do?
The “Lock time in Days” slider allows you to time-lock your tokens for a specified number of days between 15 to 180. Locking your tokens for a long time period provides a bonus of up to 3%.
What does the “Enable Vault” button do?
The “Enable Vault” button is to permit your wallet to participate in the ELONGATE Staking Vault. After your wallet is connected, selecting this button will generate a transaction that enables the staking smart contract. This transaction only requires gas fees for the network but does not require any Elongate. Please read the “Staking Instruction Guide” section of this FAQ for information on how to stake.
What does the “Stake” button do?
The “Stake” button allows you to stake your tokens based on the parameters entered in the “STAKE ELONGATE” section of the web app. This button will only be available after connecting your wallet and you have enabled the vault with the “Enable Vault” button. Please read the “Staking Instruction Guide” section of this FAQ for information on how to stake.
What does the “Distribute Rewards” button do?
The “Distribute Rewards'' button triggers the rewards pool to distribute rewards to all stakers. Reward distribution is automatically triggered every time there is an entry or an exit in the vault and also every 24 hours by the smart contract. It’s not necessary to use this button. Rewards are distributed automatically.
What does the “Unstake” button do?
The “Unstake” button allows you to remove your tokens from the staking pool based on the parameters entered in the “UNSTAKE ELONGATE” section of the web app. Before using this, you should know the fees associated with unstaking your tokens. Please read the fees section of this FAQ for more information.
IV. General FAQ
How is the APY calculated?
APY stands for Annual Percentage Yield. It is a percentage that signifies the rate of rewards over the course of a year, taking into account compounding. The APY of the vault changes depending on how many people are entering and exiting the vault. The APY listed on the top of the ELONGATE vault represents the average APY from the last 7 days. It is also important to note that APY is not the same as APR. If you were to take the current rate and divide it by 365, that would NOT give you the daily APY as that does not take compounding into account. APR tends to be significantly lower due to not taking compounding into account. For example, an APR of 400% compounding daily leads to an APY of 5242%.
What is the minimum or maximum amount that can be staked?
There is no minimum stake amount.
There is no maximum stake amount.
There is a maximum of 1 trillion tokens per transaction. If you want to stake more than 1 trillion tokens, you will have to perform multiple staking transactions.
When do I pay the entry and exit fee?
To enter the vault, you must pay a 5.75% entry fee on your ELONGATE tokens. To exit the vault, you must pay a 5.75% exit fee on your ELONGATE tokens. If you have existing tokens in the vault and you want to stake more, the entry fee only applies to the news tokens.
Is there a 10% transaction fee to transfer tokens between my wallet and the vault?
No. There is no 10% fee charged. The staking smart contract is whitelisted, so you will not pay any other fees apart from the 5.75% entry & exit fee.
What are the Gas Fees, how much do I need?
Gas fees are fees required for every transaction on the Binance Smart Chain (BSC) network. These fees do not go to the ELONGATE team or the staking vault, they are distributed to the Binance Smart Chain network validators. Gas fees on BSC are paid in BNB (BEP-20). The cost varies and depends on congestion and activity in the network.
What happens to the tokens you earn while staking?
When rewards are distributed, your amount of staked ELONGATE tokens in the vault increases. This means that your pool share percentage changes every time rewards are distributed, and your new pool share percentage is used to determine what proportion of the rewards you receive. Overall, the tokens you earn during staking are added to your proportion of the staking pool to help you earn more rewards.
Can you time-lock for various amounts of time?
If you already have tokens time-locked in the vault and you want to stake more tokens you must select a new time-lock equal to or greater than your original time-lock period.
All of your tokens in the vault, both the newly staked tokens and previously staked tokens, will be locked for the new time period.
For every wallet, there is only one lock time period.
The time bonus on your newly staked tokens will reflect however long you chose to stake them, but the time bonus on your previously staked tokens will not change. The previously staked tokens only earn the bonus for the time period you originally decided to stake them.
Example:
You stake 1000 tokens for 70 days and receive a 1% bonus.
Later you decide to stake 2000 tokens for 180 days and receive a 3% bonus.
Your total stake is now 3000. All 3000 tokens are now time-locked for 180 days.
Your bonus for the original 1000 will remain at 1% for its original time period, but your bonus for the 2000 tokens will be 3% for the new time period.
Do I receive on-chain reflections from the tokenomics on staked tokens?
Yes, staked tokens will earn reflections from the on-chain tokenomics. The on-chain reflections will be added to your total staked tokens in the vault. This is one of the innovative features of this staking solution.
What happens after a time lock finishes?
When the lock time on your tokens has finished, your tokens will not automatically be taken out of the vault. Instead, they will remain in the vault receiving rewards as unlocked tokens, meaning they will be earning their portion of the reward pool (entry & exit fees). You can choose to leave them in the vault as unlocked tokens or pay a 5.75% fee to take them out of the vault.
Can I relock my tokens after the time lock period has ended?
If you would like to relock your tokens after the time lock period has ended, you must pay a 5.75% fee to exit the vault and another 5.75% fee to re-enter the vault. When the time lock period ends they will remain in the vault.
Why don’t I see my staked ELONGATE tokens in my wallet?
Whenever you put your tokens into the ELONGATE vault, the vault removes your ELONGATE tokens from your wallet and mints you an equal amount (minus the entry fee) of ELONGATE Staking Tokens (ELONGATE Gov Token). Therefore, the ELONGATE tokens you staked will no longer appear in your wallet. When you un-stake your ELONGATE tokens, the vault contract will remove your ELONGATE Staking Tokens and mint you an equal amount (minus the exit fee) of ELONGATE tokens. From there, the ELONGATE tokens will show up in your wallet.
What is the disclaimer message?
The legal disclaimer is no different than any disclaimer you will find on platforms such as PancakeSwap, TrustWallet, and exchanges like Binance. For example, the ELONGATE Staking Vault relies on external technologies such as the Binance Smart Chain, and issues with such are not our responsibility.
How does this help social impact / How are the fees distributed?
The 5.75% entry & exit fees are broken down into three sections:
3% Vault Contribution
2% Social Impact Fee
0.75% Admin Fee
Why did I receive fewer tokens than I expected after unstaking?
When you exit the vault you will incur a 5.75% exit fee. In addition, if you unstake before the end of your time-lock period, you will incur a 15% early exit fee in addition to the standard exit fee.
What if I hold my ELONGATE Tokens on a Centralized Exchange?
If you hold tokens on a centralized exchange such as LBank or MEXC Global, you would have to transfer your Tokens from the exchange to a private wallet such as MetaMask and TrustWallet. The on-chain fee to transfer to a private wallet is 10%, then an additional 5.75% to enter the Vault.
What returns can I expect from staking compared to holding (Metamask / TrustWallet)?
Looking at the EG token tracker to calculate reflection returns from April to date, the rate works out to be around 30% APY. This is due to the huge volume we saw in the bull run. The APY shown on the EG vault takes the past 7 days of activity and projects it forward. So if you have big spikes in the number of rewards (especially in the beginning), the system will assume that the percentage shown will continue.
For example, say lots of users transfer trillions of tokens in the vault when it opens. For example, if the APY in the first several days was +5,000%. This is because there was over 500K USD was added on day one, and the same was added on Day 2. The system now calculates the percentage assuming that trillions of tokens would be added every week for the next year.
Because the APY is variable, think more of it as an estimator to look into the previous week’s potential returns. This gives stakers some idea of what they can be expected, but obviously, it is not a guarantee of the future.
When you keep your tokens on-chain, you only get reflections from the volume on PancakeSwap. As discussed above, the on-chain rewards APY can be up to 30% based on volume in 2021 so far.
If you stake your tokens in the EG vault, you still get reflections from the volume on PancakeSwap, but additionally, you also get the following.
On-Chain token reflections (Volume-based from PancakeSwap)
ELONGATE Team airdrops
Staking reward pool - entry & exit fees
Time lock bonuses
How to estimate potential staking rewards
All APYs shown on the website are estimates based on the rewards from the last 7 days. Your pool share percentage determines what proportion of the rewards you receive. While your wallet is connected on the ELONGATE vault page, you can see your pool share percentage (rounded to 2 decimal places). Typically, you would use the APY equation to determine your rewards.
(APY x Your amount of staked tokens after fees and time bonuses) + (your amount of staked tokens after fees and time bonuses) = total after a year. However, it is important to know that the APY from the ELONGATE vault is just an estimate and not 100% accurate for every user for various reasons:
The ELONGATE vault APY changes every day depending on the rewards that are newly generated, and older rewards leaving the calculation time window.
The ELONGATE vault APY is an estimate based on the rewards from the last 7 days.
The APY seen on the ELONGATE vault assumes daily compounding; however, in reality, we compound more frequently.
Bonuses for time locking are not taken into account. This makes the real APY a range with higher and lower APYs based on lock time.
The APY does not consider the entry and exit fees charged because users are entering and exiting after different times. It is important to know that the vault APY is better interpreted as an estimate rather than a specific value because of these reasons. Once you have a general idea of how the vault APY works and your rewards, you can multiply the number of tokens you have by the current price of ELONGATE to get the dollar amount. On the vault page, there is a section that will tell you the USD amount you have staked and the total amount in the vault.
How to Calculate your pool share of the ELONGATE Vault?
You can only earn APY rewards if you are staked in the ELONGATE vault. To stake, visit stake.elongate.cc and follow the instructions above. To calculate your rewards:
Identify how many ELONGATE tokens you have sent to the vault.
Calculate how many tokens are put into the vault after the 5.75% transaction fee. a. (number of ELONGATE tokens sent to the vault) x 0.9425 = number of ELONGATE tokens in the vault
Take into account any bonuses for time locking. a. Every day after the minimum 15 days of staking, you receive a bonus of n% of rewards from your tokens b. (number of days staked - n) x n% = percent bonus from time locking c. (percent bonus + 1) x (number of tokens staked after fees) = your amount of staked tokens used for reward calculations
Calculate your portion of the ELONGATE tokens staked in the vault (Pool Share Percentage) (number of tokens staked/total ELONGATE Staked) = Your Pool Share Percentage
“Why is there a fee to stake? It should be free!”
Staking is NOT mandatory. So if you think the fee is too high or unsuitable for you, you don't have to stake. However, there are a few reasons for using our staking solution.
Traditional staking solutions mean that you would lock your tokens into a Staking Smart Contract without paying any fees and get a fixed APY. The APY is based on the number of tokens we as a dev team can provide as Staking Rewards. As we are do not have access to a lot of EG Tokens, such a solution would mean that:
The APY would not be a big number
You would have to lock for a longer period of time: 6 months to 1 Year.
We would have to cap the number of people who can take part
We would also have to put a cap on the maximum amount you can stake
No on-chain reflections given once your tokens were locked into such a contract. So if the volume on PCS picked up and the APY we offered was low in comparison, you would be missing out.
If we had implemented the traditional staking solution, there would still be a lot of people complaining for a lot of reasons, like:
APY is very low
The lock period is too long
I couldn't get in and the pool is now full
I am not able to stake all the tokens I want
Why am I not getting on-chain reflections?
The solution we have decided upon gets rid of most of the complaints above but comes at a cost, making the whole process sustainable and opening it up for everyone to take part. The benefits:
APY is variable, but the expectation is for it to be High
The lock period is flexible from 15 - 180 days
Everyone can take part
There is no cap on the max amount of tokens you can stake
You still get on-chain reflections
You get a locking bonus if you lock your EG tokens for longer periods
If we have excess funds, we can perform token airdrops to increase the APY
Staking is optional, so if you do not like what is on offer, you do not have to stake it.
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