Easy and secure

LYX staking

Staked LYX provides holders with a steady income flow in the form of rewards, based on the current reward rate for LUKSO’s PoS (Proof of Stake) protocol.

While this already provides a degree of protection against market volatility, it also creates a safe haven from scams and phishing attempts as staked coins are deposited into LUKSO's official deposit contract. Users who stake their LYX are also helping secure the network and validate transactions, contributing to the overall growth of LUKSO.

If you do not have a gas relayer service in your wallet, we advise you to keep a small amount of LYX there, just enough to cover withdrawals.

One way is to find a reliable centralized exchange. For the moment, LYX is only trading on KuCoin, but it will be supported by other exchanges in the near future.

Alternatively, you can (for the time being) purchase LYXe tokens through Uniswap on Ethereum and then proceed to convert them to LYX coins via LUKSO's Migration Bridge.

The pool accumulates LYX deposited by users. Whenever deposited LYX reaches a balance of 32, LEEQUID registers a new validator and adds it to the network.

Validators get staking rewards as compensation for their work, and these rewards are proportionally distributed between users, according to each user’s contribution to the staking pool.

This infrastructure is supported by a network of nodes, run and maintained by LEEQUID.

Note: you can read more about this in our documentation section.

You can use the UP Browser Extension by LUKSO or most web3 compatible wallets (MetaMask, Trust Wallet etc).

Hardware wallets like Ledger and Trezor are also accepted but need to be used through MetaMask (see https://docs.lukso.tech/faq/lukso/wallet-support/#can-i-use-hardware-wallets-like-ledger-to-store-lyx).

You can check the current APR on LUKSO’s official deposit website. After product launch the APR will also be visible on LEEQUID’s dashboard.

If you want to go more in depth and understand which variables affect the reward rate make sure to check our documentation on PoS reward emissions.

LEEQUID has been audited by Consensys, the leading blockchain auditing company. It has also undergone extensive testing and analysis by both the LEEQUID team and external contributors.

Scroll up to our security section for the audit report.

The reward dashboard is updated twice a day (every 12 hours). This means that first time users might have to wait up to 12 hours before they see their first rewards.

Most of the time yes, users will get their sLYX immediately and start accruing rewards right upon submitting their stake request.

As an anti-dilution mechanism to protect current stakers, the above only holds while the number of pending validators is less than 10% of the effective validators (meaning there will be a negligible and temporary dilution of rewards since validators remain the same but there’s more sLYX circulating, only while new validators are still pending).

In a scenario where the 10% limit has been reached, sLYX will not be minted immediately. Instead, the user will need to wait for the validator(s) to go live and then claim the respective sLYX tokens manually through the Claim tab.

Note: you can read more about this on our documentation section.

Unstaking is a bit different, as it depends on whether you choose to go through the staking pool or the liquidity pool. Both options are available through the unstake interface:

- unstaking through the staking pool might come with a delay (1 to 3 days), as the PoS protocol on LUKSO has both an activation and an exit time for validators, which means you are dependent on the length of the validator queue. The exception is when your unstake request is matched with a stake request, in which case it is immediate.

- unstaking through the liquidity pool is an immediate process but forces you to take slippage into account. Technically you are not unstaking but simply swapping sLYX for LYX.

LEEQUID takes a 10% flat rate fee from staking rewards collected, in line with industry standards.

The LEEQUID protocol handles funds in a non-custodial way, as they move through the staking contracts and into LUKSO’s deposit contract. As mentioned, the code is open source and has been audited by Consensys, one of the most reputable auditors in the web3 space.

Nonetheless (and akin to all staking protocols) the following risks should still be considered:

• Smart contract security: unforeseen bugs or vulnerabilities in LEEQUID’s code

• Slashing: validators can get slashed and lose part or all of their staked amount

• sLYX token price: even if sLYX is backed 1:1 by LYX, its exchange value can still go below one LYX, as it is directly affected by users swapping through the liquidity pool. In the event of a withdrawal queue for LEEQUID’s staking pool, arbitrage opportunities might also be delayed and the balance of the pool temporarily compromised

• LYX token price: the LYX cryptocurrency is vulnerable to price fluctuations, which can increase or decrease the value of your stake when calculated against a fiat currency like the dollar.

Refer to our documentation section for a more thorough explanation.

No. As long as you have access to the wallet used for staking you will be able to claim your rewards.

When users stake their coins through a liquid staking protocol, they receive the equivalent amount of what’s called a Liquid Staking Token (LST). This token represents ownership of the staked amount and can be transferred or used as liquidity in other DeFi protocols.

Click here for a more in-depth write-up on liquid staking.