Staking is Here!
The #omChain staking program is starting today (18th of April, 2022) at GMT+3 12:00 — and here’s what you should know about the staking program;
You need coins to stake? Here’s how:
Omlira is currently listed on 4 different exchanges, you can use any of them to purchase some Omlira.
You can see the links for the exchanges at https://omlira.com/explore
Once you have some OML, withdraw the tokens from the exchange to your METAMASK wallet, or any other wallet that is supporting addition of custom networks & wallet connect.
Bridge to the omChain
The staking program is on the omChain Mainnet, so in order to start staking, you have to bridge your assets to omChain. If you have never used the blockchain bridge, don’t worry, it is very simple to use.
Visit: https://bridge.omlira.com and connect your wallet.
Simply select the network you would like to send tokens from, and choose the destination network as #omChain and enter the amount of tokens you would like to bridge.
If it’s your first time using the token bridge, you would have to first approve the tokens so omLink smart contract can interact with the tokens you have.
Upon approval, you will then be able to start the transaction and will be redirected to the status page.
If you’re sending towards the #omChain network, as soon as your transaction on the source network is confirmed, you will receive the funds on the omChain.
Feel free to visit omChain Explorer (https://explorer.omlira.com) to see the status of your transaction.
Now it’s your time to visit our staking page to stake https://stake.omlira.com and connect your wallet.
The UI for the #omChain Staking program is similar to omLink to have consistency between different DAPPs deployed on our ecosystem. The website is pretty straightforward, once you have connected your wallet it will either display an error, stating that you should switch to #omChain or will allow you to directly start staking.
If you can’t switch to omChain programatically, please visit https://docs.omlira.com/omchain-mainnet/connecting-to-mainnet to add omChain to your wallet.
Now you should be able to see your balance on omChain. Simply enter the amount you would like to Stake, and click on the “Stake” button. The website will ask for a confirmation. And once you have confirmed, your stake will be placed and you will be able to see the stake details.
Please keep in mind that, the minimum staking time for now is 30 days, and there is a 6% early unstaking penalty THAT WILL BE DEDUCED FROM YOUR STAKING AMOUNT and not from the rewards you receive.
If you unstake earlier than 30 days, you will not receive any rewards, and 6% from the staking amount will be cut. However, after the minimum staking amount, you are free to unstake or compound.
When you unstake, there is also 24 hours of waiting time. So, unstaked #omChain coins will not be immediately available to use. You will have to wait for 24 hours, and after 24 hours, you will have to call the withdraw function from the staking page.
The rewards you will be earning are calculated every second, which means, after 30 days, the longer you stake, the longer you earn. You can also compound your staking position after 30 days, which will reset the lock time but will re-stake your position with earned rewards. Yielding more than 40% APY.