mSPELL staking allows users to stake their SPELL tokens and earn stablecoin MIM income coming from the protocol revenue! mSPELL staking has been implemented after the passing of AIP#8 which can be found here!
- 1.Users are able to choose which staking method they like the most.
- 2.For mSPELL, the fees coming from the lending markets stay in MIM, and are shared across the different staking pools proportionally. In other words, MIMs will be distributed proportionally to the amount of SPELL staked in the pool (same process that is happening with the sSPELL pool).
- 3.mSPELL stakers will be able to claim their MIM anytime they want using the claim button.
mSPELL staking is available on Avalanche, Arbitrum, Ethereum and Fantom Opera!
Users will be able to choose to either STAKE or UNSTAKE as shown below. To switch between these two frames simply click on the two arrows in the middle.
Please note that all the mSPELL tokens are subject to a 24 Hours lock-up period. In other words, every time a user deposits SPELL tokens, he will not be able to unstake them for the following 24 Hours.
Similarly, every time a user deposits SPELL, he wont be able to claim for 24 hours
To claim the pending MIM rewards, simply click on the CLAIM button in the bottom right part of the screen, confirm the transaction in your wallet and wait until it is confirmed by the network! After this has happened you will have correctly harvested your pending MIM rewards!
In the right side of the screen users will be able to check how many SPELL tokens are available in their wallet, how many are staked in the mSPELL staking contracts, as well as the dollar value of those tokens. Underneath it, users will be able to find the Approximate Staking APR given which is computed by Last month's annualised revenue of the protocol.
Do not send tokens directly to the contract, they will be lost.
Note that mSPELL is not a token, but a staking mechanism. You can find the four staking contracts here:
- Ethereum: 0xbD2fBaf2dc95bD78Cf1cD3c5235B33D1165E6797
- Avalanche: 0xBd84472B31d947314fDFa2ea42460A2727F955Af
- Fantom: 0xa668762fb20bcd7148Db1bdb402ec06Eb6DAD569
- Arbitrum: 0x1DF188958A8674B5177f77667b8D173c3CdD9e51