Staking was designed to reward users based on their participation, and will continue to implement more benefits. This means the higher the participation on WOO X, the higher the APY and benefits users will get. For more details, please refer to the following rules:
▶ Staking rewards
Staking does not have fixed yields as rewards. Your current APY will be varied according to the three basic challenges. All WOO stakers automatically join the challenges to earn a higher yield. Users can gain additional rewards by accomplishing challenges. Please click on the relevant links for more details:
- Base rate - Calculated by overall staking participation
- Diamond Hands - The duration of staking
- Trade Arcade - Frequency of trading
Note: All users' activities will be recorded at 00:00 UTC daily and updated on the staking page.
▶ Staking rewards calculation and distribution
- T+1 calculation rule: The WOO you staked will be calculated starting from T+1 00:00 (UTC), after the day you stake. If users stake a few times in a day, WOO X will count the sum of them.
- T+2 distribution rule: The distribution of rewards has been set on a T+2 basis at 00:00 (UTC).
- The rewards of staking will be sent to the user's wallet daily. (Users can enable the auto-compounding to re-stake their rewards. )
- Users can track their rewards under Reward History.
Here is an example of staking rewards: User A has staked 100 WOO at 10:00, 200 WOO at 16:00, and 50 WOO at 21:00 on Day1. The aggregated total of 350 WOO (100+200+50) will be counted toward the reward at 00:00 (UTC) on Day 1. The rewards will be distributed on Day 2 00:00 (UTC).
Users can stake WOO to elevate their staking tiers to enjoy discounts, zero-fee trading, rebates, and other benefits on WOO X. For the details of the benefits, please see the introduction below:
- Referrals commissions (non-API trading volume Only
- The commission is based on your staking tier and non-API trading volume from your referees
- The commissions will be distributed in WOO tokens. Note: There’s no cap for referral commissions. (How will WOO X calculate the WOO token price for rewards and commissions?
- Users can refer to Referral Program Rules for completed information.
- Trading Fee discounts
Both non-API and API trading are eligible for trading fee discounts based on your staking tier. The discount will activate immediately once you reach the tier. Users can track their current fee structure through the staking and account pages.
- Free withdrawals
After staking, users can enjoy free withdrawals for all networks and assets. WOO X only counts on-chain withdrawals. Internal withdrawals are free and will not take up the calculation of free withdrawals. (Note: WOO X will not count the status of canceled, rejected, and failed withdrawals.)
- Trading rebates (non-API trading volume only)
- Users who stake to tier 2 (or higher) can earn rebates from taker trading volume, the rebates will credit in WOO tokens. (How will WOO X calculate the WOO token price for rewards and commissions?)
- WOO X will calculate the qualified daily trading volume for the following day’s rebate. For trading volume on Day T, the distribution will be at 00:00 (UTC) on Day T+1.
- If users change staking tiers when stake/unstake on Day T, the new percentage and cap of rebates will activate at 00:00 (UTC) on Day T+1.
- Each tier shares a different cap of taker rebates monthly. Users can see their rebate status from the account page - account info - Spot Margin Fees - Rebate History.
- Note: Suspicious trading activities will cause you to lose trading benefits.
- Example of calculation rules:
Stake to tier 5
- Receive tier 4 rebates on 12/25
- tier 5 cap will apply on 12/26
Unstake to tier 2
- Receive tier 3 rebates on 12/25
- tier 2 cap will apply on 12/26
Earned 3,000 USD Rebates
Unstake to tier 3
- Receive tier 4 rebates on 12/25
- tier 3 cap will apply on 12/26.
Note: The user won’t receive more rebates since the rebates have reached the tier 3 Cap.
Users can request to unstake WOO, subject to an unbonding period of 7 days. During this unbonding period, staking rewards will not be accrued. Users can track their stake/unstake status from Staking History.
Note for pre-new staking program: By unstaking any WOO, you will immediately lose your grandfather benefits from Closed Beta. This applies even if you cancel unstaking before the unbonding date. Please refer to the article for more information: What are the benefits for Closed Beta stakers?
* For any changes to the latest policy, please refer to updates posted on WOO X. WOO X reserves all rights of final interpretation for the staking program. *