upBNB Staking with xUpBNB
Rewards start in 24 hours, contract is available for deposits now.
We chose to use the xSushi contract as the base for our staking system. Its very elegant and simple while accomplishing a lot. By using a secondary token(xUpBNB) instead of tracking balances, the contract can accept the reward token freely without needing an “add rewards” function.
The contract auto-compounds rewards which removes the advantage some users previously had over others. Anyone who deposits tokens in the contract to stake will receive rewards at the exact same rate as every other user, regardless of the deposit size. Its not possible for someone to redeposit earned rewards to collect a larger share.
A percent of the fees collected by the Fee Splitter contract will be sent to the xUpBNB contract. For the first few weeks we will be boosting the rewards with the fee’s already collected in the dev cut.
As the up ecosystem continues to expand this contract is likely to become a standard cornerstone of each release, providing extra utility to each token at launch time.