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Tutorial on liquid staking OKT#

OKTC’s liquid staking protocol of OKT is now live!

Liquid Staking allows users to access and deploy their staked assets, namely OKT.

Users can now swap OKT for stOKT (staked OKT) and earn staking rewards while putting stOKT to use just like one would with OKT.

Staking your crypto assets would usually come with#

  1. A high minimum number of tokens required to qualify for staking rewards, and
  2. A lock-up period, making your assets illiquid.

Liquid staking solves both of these issues as no minimum number of tokens is required, and it also allows users to deploy their staked tokens on other protocols.

These tokens are locked for a certain time and hence, illiquid. Liquid staking solves the problems of liquidity loss and inefficiency of asset utilization.

stOKT allows OKT holders to maximize the utility of OKT by providing access to DeFi protocols while allowing holders to earn the same staking rewards simultaneously.

How do you liquid stake on OKTC?#

You may access the Liquid Staking protocol to stake any number of OKT tokens on the protocol.

When OKT tokens are staked, you will receive a corresponding number of stOKT (staked OKT) tokens.

What is stOKT?#

stOKT is a KIP20 token representing staked OKT.

Any staking rewards accumulated will be compounded automatically in the value of stOKT.

As it represents the initial number of OKTs staked, the number of stOKTs one would have received does not change over time, even with the accumulation of staking rewards.

The value of stOKT, however, changes over time, consisting of the accumulated rewards and initial staked OKTs.

A user will then be able to claim the initial staked OKT and compounded staking rewards by unstaking and claiming OKT through the protocol.

This also means that over time, the value of 1 stOKT will not be equivalent to 1 OKT.

In short, holding 1 stOKT is a representation of a share of the total staked and staking rewards pool of OKT.

stOKT contract address: 0x97b05e6c5026d5480c4b6576a8699866eb58003b

What can you do with stOKT?#

  1. Earn OKT staking rewards

  2. Earn swap fees by providing liquidity to OKTC Swap (eg. OKT-stOKT pool)

  3. stOKT will be supported by a variety of DeFi applications on OKTC.

How does it work?#

  1. On Liquid Staking Protocol, stake OKT to receive stOKT in your wallet. Your staked OKT will be delegated to validators for staking rewards that will be automatically accumulated and compounded in the staking pool.
  2. On OKTC Swap, provide liquidity to stOKT pools such as OKT-stOKT, and receive swap fees and an LP token that represents your liquidity pool share in deployed pools.
  3. When you want to withdraw your staking rewards and its initial staked OKTs, you may return to the Liquid Staking Protocol to unstake and claim your OKT.

How to liquid stake OKT#

  1. Go to the OKTC Liquid Staking protocol page’s Stake tab: here
  2. Connect your wallet and make sure you switch to the OKTC network.
  3. Enter the amount of OKT tokens you want to stake, click the ‘Stake’ button, and confirm the transaction in the wallet.
  4. The OKTC Liquid Staking protocol will send you the corresponding amount of stOKT based on the latest exchange ratio between OKT and stOKT.

How to unstake#

  1. Go to the OKTC Liquid Staking protocol page’s Unstake tab: here
  2. Connect your wallet and make sure you switch to the OKTC network.
  3. Enter the amount of stOKT tokens you want to unstake, click the ‘Unstake’ button, and confirm the transaction in your wallet.
  4. The OKTC Liquid Staking protocol will burn the stOKT tokens once you redeem them and issue an NFT(OKTCLST) as a receipt for OKT tokens.
  5. You need to hold the NFT receipt and wait for 14-28 days to then claim your OKTs.

How to claim OKT#

  1. After the waiting period, head to the OKTC Liquid Staking protocol page’s Claim tab: here
  2. Connect your wallet and make sure you switch to the OKTC network.
  3. You could see Total claimable funds and Pending amount OKT amounts in the Claim tab.
  4. Click the ‘Claim All’ button, and confirm the transaction in the wallet.
  5. The OKTC Liquid Staking protocol will burn the NFT receipt, and you will receive the corresponding amount of OKT tokens.