🦬XBUL STAKING
READ CAREFULLY!
Last updated
READ CAREFULLY!
Last updated
xBUL is a utility token for the BUL Finance protocol. You must hold xBUL in your wallet to be able to vote on decisions that will shape the future of BUL Finance. The more xBUL you hold, the more power your vote will carry.
BUL can be exchanged to and from xBUL at any time on our xBUL page.
When xBUL was launched, the ratio of BUL to xBUL was exactly 1.0. At a ratio of 1.0, if you deposited 100 BUL, you would receive 100 xBUL in return. And, similarly, if you redeemed 100 xBUL, you would receive 100 BUL back.
xBUL is only minted when BUL is deposited into the contract. Any time BUL is sent to the xBUL smart contract as rewards, it will increase the ratio of BUL to xBUL, generating a yield for all xBUL holders.
Dave deposits 1,000 BUL into xBUL staking, when the exchange is 1.0. Dave receives 1,000 xBUL in return for his 1,000 BUL.
Other users stake a combined 9,000 additional BUL, making the total staked amount of BUL 10,000.
Now we have 10,000 xBUL in total, and 10,000 BUL in the xBUL staking contract.
1,000 BUL are now sent to the xBUL reward contract, making the total amount of BUL in the contract 11,000 now (learn where BUL rewards come from below).
Since the total amount of xBUL is still 10,000, but the BUL shared among stakers is 11,000, the exchange rate (ratio) will now be 1.1 BUL per xBUL.
John can now redeem his 1,000 xBUL to receive 1,100 BUL in return.
Any new BUL deposits at this point will receive xBUL at the current exchange rate of 1 xBUL per 1.1 BUL (as per this example).
There are numerous sources of BUL for the xBUL holders:
Between February 18th and February 28th, 60,000 BUL will be deposited into the xBUL smart contract to benefit early stakers. That is an average of over 6,000 BUL per day, over $20,000 USD per day during this period!
20% of all BUL minted on expansionary epochs will be deposited for xBUL holders. This comes from the protocols BUL allocation and has no negative impact on BULSHARE staking.
The xBUL contract can be found here: 0x4159D8cC8b3594024D4e2b3c5618Bf533960ABc2
