Fully Decentralized Staking Program

🥳Finally, our staking program is completed. The program is designed to be fully decentralized which means the staked tokens are safer and users have more control over them.

📜An audit report from SlowMist

https://drive.google.com/file/d/1rwa3t7L1fBSCRIw4_a3NbX-R6RnNSQOa/view?usp=sharing

As for the partial decentralized staking program, users are required to stake in one main account which is controlled by the project party, while the fully decentralized staking program creates a Program Derived Address for every staking, which means that no one has any access to this account except the program itself.

Even if the servers of Sypool are down, users can still operate their accounts through the web.

✍️Steps:

1️⃣ Click STAKING on the home page.

🔗https://sypool.io/

2️⃣ Connect your wallet, Phantom is recommended.

3️⃣ Choose your preferred period.

4️⃣ Let’s take one month as an example. Click Stake SYP, enter the amount you want to stake in the pop-up window then click Stake Now.

5️⃣ The next few steps are different from partial decentralized ones. First, Sypool will help you create an account named “member”, which is used to record deposit data.

6️⃣ Second, Sypool will help you create vaults, which are Program Derived Addresses and initialize them. These vaults are fully decentralized and only the owner can operate them through the program.

7️⃣ Third, store data in member account.

8️⃣ Last, approve staking.

😉Now you can see your staking account, wait for the maturity and withdraw your principals and yields.

Pls note that the pending reward for no lockup is calculated on a daily basis cuz Solana uses a 64-bit unsigned integer type, with the largest value that can be represented by this integer type, 2⁶⁴-1.

Because we are fully decentralized, we are subject to Solana’s upper limit and it is not currently able to calculate rewards by the second.

  • Please do not migrate auxiliary tokens Sypool mints for you in V1 when you finish staking, or you will have problems withdrawing your token.
  • V2 fixed the migration problem.

📟If you want to know more about Sypool, follow us on Twitter, join us on Telegram, drop in discord.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Sypool Protocol

Sypool is a synthetic asset management protocol.This is another innovation that we have migrated finance from off-chain to on-chain.