Introducing The Vault - LYX Staking Made Easy
Introducing The Universal Page Vault - a simple staking solution. Stake LYX by depositing it into the vault and earn a share of the fees generated by the LUKSO blockchain.
Introducing The Vault
We are excited to announce the Universal Page Vault, a simple staking solution for LYX holders on the LUKSO network. The Vault is a non-custodial staking solution that allows you to stake your LYX directly from your Universal Profile or MetaMask. It's a simple and straightforward way to stake your LYX, with the added benefit of auto-compounding rewards. The Vault is open source, has an active bug bounty on Immunefi, and is currently in a private beta phase. We expect to launch the public beta phase within the next month or so.
Why Stake LYX with The Vault?
Help secure and decentralize the LUKSO Network.
The LUKSO network requires more decentralization, and we encourage everyone to run their own node to help secure the network and boost decentralization. However, running their own node can be a hassle for many people. If you cannot run your own node, the next best thing you can do is stake LYX with Universal Page. By depositing your LYX with us, we will automatically spin up more validations to validate the LUKSO network.
Say goodbye to the hassle of reinvesting rewards. Our Vault automatically compounds your rewards, ensuring that your APY is maximized without any extra effort. Put your LYX to work and start earning more.
The Vault is a simple and straightforward staking solution. Stake LYX directly on Universal Page using your Universal Profile or MetaMask. It's very easy to deposit or withdraw, making staking accessible to everyone.
Our approach is also tax-friendly. In many countries, including the US, receiving staking rewards can be considered a taxable event. This can be quite a hassle to keep track of. However, with the Universal Page Vault, you deposit your LYX in the Vault but still fully control it. This means there is no taxable event. Over time, you can claim rewards, which you can do at any time. You are free to withdraw your LYX from the Vault whenever you wish. The best part is that you can claim your rewards in a separate transaction, which may be a taxable event depending on the laws of your country. This not only simplifies the process by keeping it to one transaction but also allows you to have complete control over when you want to claim those rewards.
Disclaimer: This is not financial advice, and we recommend discussing taxes with a financial advisor. Tax rules and regulations differ per country.
Key Features of Staking with The Vault
- Non-Custodial Platform: You maintain full control of your LYX, with the flexibility to deposit and withdraw anytime.
- Smart Contract Management: Our Vault operates through an open-source smart contract, automatically adding new validators to the LUKSO network as the deposited LYX reaches a certain threshold.
- Dynamic Reward Rate and APY: Linked to the overall LYX staked on the network, the reward rate and APY are transparent and reflective of the Vault's performance.
- Minimized Risk: We've addressed potential risks such as slashing, network failure, and smart contract vulnerabilities, ensuring a secure staking environment.
- Auto-Compounding Rewards: The Vault offers auto-compounding of staking rewards, enhancing your total APY effortlessly, as rewards are reinvested automatically.
- Stake from Universal Profile: The Vault supports depositing LYX directly from your Universal Profile or MetaMask, making it easy to stake your LYX.
While withdrawals are user-friendly, it's important to note that the time frame can vary, usually ranging from a day up to 8 days.
We have implemented a phased rollout plan for this feature. The Vault is currently in a private beta phase, and it is open-source like all our other smart contracts. In partnership with Immunefi we'll be offering a $5k bounty to anyone who finds vulnerabilities in the code. We expect to launch the public beta phase soon (perhaps in a month or so), which will be limited to 1000 validators. This phase will run for several weeks or months before we exit beta and remove the limit.
Embrace a simple, rewarding, and tax-efficient way of staking your LYX. For detailed information and FAQs, visit our website at Universal Page Vault.
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