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Overview
StakeX will allow users outside of Ocean Ecosystem and non-OCEAN holders to earn lucrative yield on their stakes in datapools. Thereby, bringing in more Ocean adoption within wider crypto community.
DataX provides a staking feature for ERC20 tokens. Users can stake their tokens on their favourite datapools (AMMs with Datatoken/OCEAN pairs). in return, users can earn swap fees and staking rewards (when data farming is launched).
(e.g.) Alice wants to take advantage of lucrative APY Ocean data farming program provides. She has 1 ETH but 0 OCEAN. Ideally to stake in datapools, user needs OCEAN (since a datapool is an AMM with Datatoken/OCEAN pair). DataX will allow Alice to stake their ETH to participate in datafarming program. Internally, DataX will leverage its functionalities to convert ETH to OCEAN at best market prices and then stake those OCEAN in datapool of Alice's choosing.In later versions, DataX will allow users to stake any ERC20 token in datapools. DataX will take care of the internal conversion of ERC20 token to OCEAN token and stake those converted OCEAN tokens in a datapool of the user's choosing. When the user chooses to unstake their tokens, they will have the option to get unstaked tokens in their choice of ERC20.
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e.g.) Alice has staked 1 ETH in datapool and earned lucrative APY in form of swap fees and farming rewards. But after few days, she wants to unstake and redeem their stake in USDT. DataX allows that and ensures users get best rates. DataX will internally unstake OCEAN equivalent to user's stake from datapools, convert OCEAN to USDT at best rates in the market by leveraging TradeX internally and then send those USDT back to users.Last modified 1yr ago