Introducing IMX Staking

Last month we announced that the IMX token buyback had started and that we would have distributed the protocol profits to IMX holders through a staking program. During the last few weeks we were able to buy around 750,000 IMX from the market and we are currently buying around 15,000 IMX each day as the protocol revenues are around $1500 per day.

Today, we are happy to announce that IMX Staking will officially go live on Wednesday, July 21st at 2pm CET.

Profits Distribution to IMX Holders

How to Stake IMX

How Does it Work?

  • The main smart contract, the staking pool (or xIMX), is an ERC20 contract where users can stake and unstake their IMX. By staking they will receive a number of xIMX tokens representing their share of the staking pool. They can redeem these xIMX at any time for the underlying tokens. Whenever some IMX are sent to the staking pool they are split among all IMX stakers according to their share of the staking pool.
  • The second smart contract is the reserves distributor. This contract holds all the IMX bought back from the market and distributes these IMX to the staking pool at the distribution rate. This rate is computationally defined and set to distribute all the IMX held by the contract in 90 days. The distribution rate is updated every time the IMX balance of the contract changes. Therefore, this contract will act as a buffer that always sees an outflow of IMX that will be distributed to stakers, and an inflow of IMX bought back from the market. This property will ensure that the distribution rate will be stable with time, and that there won’t be drastic changes to it on a daily basis.

At launch the reserves distributor will hold the 750,000 IMX bought back so far and therefore the distribution rate will be set at 8,333 IMX per day or 3,041,000 IMX per year (25% of the current circulating supply).

xIMX Ethereum address: 0x363B2DEaC84F0100d63C7427335F8350f596bf59

ReservesDistributor Ethereum address: 0xa6f3c27f1b503221f3a3c9d34f587252ecfb3160

Using Chainlink Keepers

We're developing a DeFi ecosystem that will enable investors to leverage their LP Tokens