How to Stake

Staking secures the protocol, enables governance, and provides rewards to the Umoja community.

In the current Mainnet 1.2 version, only Insurance Pool staking will be available. This section will be deprecated soon. Please read the Stake section to learn more about future forms of staking, such as Governance Pool staking that will be enabled.

An Overview

Insurance Pool Staking. Insurance Pool staking safeguards all protocol users against Black Swan events and smart contract exploits—two scenarios that can potentially lead to significant capital losses. Insurance Pool stakers can stake USDC in exchange for uUSD.

How to Stake the Insurance Pool

When a user stakes their capital, namely USDC, in the Insurance Pool, they are adding it to the pool of reserve capital to protect Umoja users from capital losses that can potentially occur if a Black Swan event or smart contract exploit were to occur. Thus, there is an innate risk in staking the Insurance Pool.

Any user may stake any amount of USDC into the Insurance Pool by following the steps below:

Navigate to https://umoja.xyz/stake in your browser (ideally Chrome, on which you may download an extension wallet, such as MetaMask).
Go to the top left side of the dApp navbar and clock the "uTools" dropdown.
The dropdown will reveal two options:
1. "Synths" and;
2. "Stake"
Select "Stake".

You will be taken to an interface that appears below. On the right-hand side, select the "Stake" toggle if not already selected.

Next, enter the amount of USDC that you would like to stake. In the example below, we have entered 100 USDC.

After entering the amount of USDC that you would like to stake, you will be automatically provided the amount of uUSD that you will receive in return. Note, you may also enter the amount of uUSD you'd like to receive, which will automatically fill out how much USDC you need to stake to receive said amount.
Once you are happy with the amount of USDC that you will be staking, and the amount of uUSD that you will receive in return, please press the "Stake" button.
A confirmation screen will appear, confirming your transaction details. Once confirmed, please press the "Confirm Stake" button to finalize the transaction.

The remainder of the process will take place on your MetaMask, for which you will be prompted to sign and confirm the transaction.
Finally, your stake will be processed.
To visualize the uUSD token in your wallet, copy the token's contract address and import it into your wallet by clicking on the "Copy contract" link. For your reference, this is the contract address: 0xec8ceB5F0c304c27c6667e57aB5B2819498D4AC4 To visualize your uUSD token on the dApp, be sure to have your wallet connected and visit the Stake page to see your balance under the uUSD label.

How to Unstake the Insurance Pool

On the right-hand side, select the "Unstake" toggle if not already selected.
Take similar steps to the Stake process.
Please note that a 10% fee will be charged if you try an unstake transaction within the next 24 hours after you place a Stake transaction.

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Last updated 3 months ago

How to Stake the Insurance Pool

Any user may stake any amount of USDC into the Insurance Pool by following the steps below:

Navigate to https://umoja.xyz/stake in your browser (ideally Chrome, on which you may download an extension wallet, such as MetaMask).

Go to the top left side of the dApp navbar and clock the "uTools" dropdown.

The dropdown will reveal two options:

"Synths" and;
"Stake"

Select "Stake".

You will be taken to an interface that appears below. On the right-hand side, select the "Stake" toggle if not already selected.

Next, enter the amount of USDC that you would like to stake. In the example below, we have entered 100 USDC.

After entering the amount of USDC that you would like to stake, you will be automatically provided the amount of uUSD that you will receive in return. Note, you may also enter the amount of uUSD you'd like to receive, which will automatically fill out how much USDC you need to stake to receive said amount.

Once you are happy with the amount of USDC that you will be staking, and the amount of uUSD that you will receive in return, please press the "Stake" button.

A confirmation screen will appear, confirming your transaction details. Once confirmed, please press the "Confirm Stake" button to finalize the transaction.

The remainder of the process will take place on your MetaMask, for which you will be prompted to sign and confirm the transaction.

Finally, your stake will be processed.

To visualize the uUSD token in your wallet, copy the token's contract address and import it into your wallet by clicking on the "Copy contract" link. For your reference, this is the contract address: 0xec8ceB5F0c304c27c6667e57aB5B2819498D4AC4 To visualize your uUSD token on the dApp, be sure to have your wallet connected and visit the Stake page to see your balance under the uUSD label.