veARKEN Full Guide: How to stake and earn profit-sharing
The launch of veARKEN will be there soon. Before that, let us explore our native governance token.
After the official launch, ARKEN holders can choose to lock their tokens for veARKEN, which can be used to stake in profit sharing pool to receive USDC, as well as get ready to participate in future governance soon.
Read on to learn more about these mechanics and how to convert, stake and manage your veARKEN for potential earns!
TLDR;
- veARKEN is a non-transferable escrowed governance token, can only be obtained through ARKEN conversion at a 1:1 ratio.
- veARKEN can be staked in the profit-sharing pool to earn USDC rewards for each epoch.
How to convert ARKEN to veARKEN?
- Connect your wallet. Make sure you are on the Arbitrum chain.
2. Before converting, you will need to have ARKEN in your wallet.
If you still not, you can buy ARKEN on https://swap.arken.finance/tokens/arbitrum/0xaf5db6e1cc585ca312e8c8f7c499033590cf5c98
3. After you have ARKEN, head over to “Staking” page under “Governance” or https://app.arken.finance/stake.
Note: The link will be available on 16 June, 2023 at 10.00 UTC.
4. You will be greeted with the staking page details on the profit sharing pool. Click on the “Convert & Stake” to go to the convert section.
5. Under the “Convert veARKEN” section, choose the ARKEN amount you want to convert to veARKEN.
6. In this example, we will convert 100,000 ARKEN to 100,000 veARKEN.
After entering the amount, then click “convert”.
7. Now you have veARKEN in your wallet ready to stake! You can confirm the amount on the top right of the box.
Note that ARKEN can be converted to veARKEN at 1:1 ratio anytime, simple as that.
How to stake veARKEN and earn?
- Now that you have $veARKEN, you can stake them and start earning platform profit sharing by going to “stake veARKEN” section.
You will find it under the “convert veARKEN” section.
2. On the “Stake” tab, you can enter the amount and duration you wish to lock your veARKEN.
Please note that the reward you will receive from staking is depending on your staked power. The staked power is determined by veARKEN amount you stake and the duration you choose to lock your $veARKEN.
Staked Power Multiplier
2-year = x1.0 Staked Power
1-year = x0.5 Staked Power
6-month = x0.25 Staked Power
1-month = x0.039 Staked Power
For example: If you lock 60,000 veARKEN for 2 years (102 epoch), you will then receive 60,000 staked power (60,000 veARKEN x1.0 staked power multiplier) as shown in the picture above.
3. Click “Stake” to confirm the transaction.
4. Now you are done! You can check the details of your stake on the top of the staking page or in “stake veARKEN” section.
How to claim reward and manage your stake?
- After staking, you can check the details about your stake, rewards, the stake pool and the current epoch on the top of the staking page.
2. The epoch duration is set to 1 week, which means these rewards are distributed once every 7 days.
When the epoch ends, you can claim your rewards anytime by going to “My Reward” section and clicking “Claim” to claim your USDC.
3.If you want to adjust/increase veARKEN balance and lock duration. You can manage your stake in the “Stake veARKEN” section after you finished your initial stake.
Important Note:
- Your staked veARKEN will automatically unstake within 1–2 weeks after the lock duration end.
- The profit-sharing pool capacity is maximum at 100,000,000 veARKEN.
- There will be a 50% penalty in case of early withdrawal.
Our veARKEN and staking pool have been designed as part of mechanics to expand over time, to be combined with the future protocols to sustain our platform’s ecosystem, increase ARKEN utilities and incentivize our users with unique returns.
Details about initial (+extra) rewards, campaigns and updates will be announced soon. Don’t forget to join our Discord and Telegram to stay tuned!
