DUCK Staking V2
What is DUCK staking V2, how to stake, top up your stake, and extend your lock.
DUCK Staking V2 is the easiest way to get some free rewards on Unit protocol. Stake your DUCK and get rewraded in USDP - it's as simple as that.
All the stability and liquidation fees that Unit Protocol collects go straight into the duck pond to be distributed to DUCK stakers. When you stake your DUCK, you can choose how long to lock it in the pond where it can eat up fees and bring you back delicious rewards in the form of USDP. When your DUCK is locked in the pond, it's represented as veDUCK.
The ‘ve’ in veDUCK stands for ‘vested. When you stake your DUCK, it’s represented in the duck pond as veDUCK – DUCK that’s been locked up for a period of time. The amount of veDUCK you get from locking your DUCK depends on the locking period you choose. Each DUCK locked for four years is equal to 1 veDUCK. The longer you lock up your DUCK, the more veDUCK you’ll have in the duck pond.
100 DUCKs locked up for 4 years = 100 veDUCKs 100 DUCKs locked up for 3 years = 75 veDUCKs 100 DUCKs locked up for 2 years = 50 veDUCKs 100 DUCKs locked up for 1 year = 25 veDUCKs
As your lock goes on, your veDUCK’s weight decreases linearly. This means you get less rewards as you get closer to the end of your lock. But remember – you can add more DUCK to a lock or extend a lock’s duration any time you want.
Note: when you top up your stake, the amount will be locked until the deadline you originally set.
Unit Protocol pays out weekly USDP rewards in return for people staking their DUCK. Rewards are proportional to the amount of veDUCK you have in the duck pond.
Unlike Unit Protocol’s previous staking model, you don’t have to unstake your DUCKs to claim your rewards – you can do that any time the fees are distributed by hitting CLAIM.
Remember: you can only claim for the week that has already passed, because the contract doesn't know how much stakers are entitled to before the end of the period. If you don't claim, your rewards will keep on accumulating.
To be able to claim rewards, the smart contract methods must be called every Thursday. At the moment, the team takes care of it but in fact anyone can do it. As a DUCK staker, feel free to do it upon the need, if it haven’t been done by the team or anyone else by the time you want to claim your rewards. In effect, you can wait until it's done by the team or someone else or you can do it by yourself.
Here is how:
1. Visit the smart contract page:
https://etherscan.io/address/0x9f2138ccb930f0654b2c40e7e29ff8291452eed8 2. On the tab ‘Contract’, head to the section 'Write Contract', tap the button Connect to Web3 and connect your preferable wallet to continue.
3. Hit Write buttons in the sections: ‘checkpoint_token’ and ‘checkpoint_total_supply’ and sign the transactions.
Thereafter rewards become available to claim.
Stick to the following steps below to participate in staking and generate rewards in USDP:
- 2.Choose how much DUCK to stake, or hit Max
- 3.Choose how long you would like to lock up your DUCK for (from 1 week up to 4 years)
- 4.Check how much veDUCK you’ll get for the amount and lock time you’ve chosen
- 5.Hit Approve
- 6.Confirm in your wallet
- 7.Hit Lock
- 8.Confirm in your wallet one more time
Congratulations! You've staked your DUCK! You can claim your rewards any time you see there’s been a distribution by hitting CLAIM.
You can extend a lock at any point. Here’s how:
- 2.Scroll down to ‘increase time’
- 3.Choose the amount of time that you would like to add
- 4.Hit INCREASE LOCK TIME
- 5.Confirm the transaction in your wallet
You can add more DUCK to the lock at any point. Here’s how:
- 2.Scroll down to ‘increase amount’
- 3.Enter the amount you would like to add
- 4.Hit INCREASE LOCK TIME