Rewards & Incentives
There are currently two types of rewards: Trading Rewards and Staking Rewards.
For trading activity, users receive QODA token rewards as an incentive for either successfully borrowing or successfully lending on the platform. The amount of token rewards is based on the size of the loan — the larger the loan size the more tokens are rewarded. You do not need to own or stake any QODA tokens to receive trading rewards, they will automatically accrue to your address when you participate in trading activity. Simply visit the rewards page to claim your trading reward tokens.
veQODA & Staking Rewards
For staking, veQODA token holders will receive, as a percentage of their veQODA balance relative to the total veQODA token supply.
veQODA are the unit of measurement for your staking activity in Qoda, inspired by the tokenomics at Platypus Finance. You can begin accruing veQODA by staking and locking your QODA tokens inside the staking contract. The primary motivation for veQODA is to incentivize long-term staking for users, but without explicitly locking users into staking for a minimum period of time. veQODA tokens are special ERC20 tokens with the following properties:
- veQODA reward tokens will accrue in real-time at a rate of 0.00004 veQODA tokens per 1 QODA token staked per block
- There is a max cap of 100 total veQODA rewards total for each 1 QODA staked
- veQODA tokens are non-transferrable from your wallet
- If you unstake your QODA tokens, you wil lose ALL your earned veQODA tokens
Note: Currently, you must manually claim your veQODA tokens when you stake your QODA. You may claim veQODA as often as you wish, up to a per-block basis. veQODA tokens confer the following benefits, proportional to the total supply of veQODA tokens:
- Right to claim issuance of new QODA tokens (QODA staking rewards)
- Right to claim protocol fees, denominated in GLMR (GLMR staking rewards)
- Governance/DAO voting rights
Staking, Unstaking, and Claiming Rewards
First, you need to connect to the Qoda dApp using the Metamask wallet where your QODA tokens are stored. Then go to the Rewards page, enter the amount of QODA tokens you want to stake, approve access to the tokens and confirm the transaction.
Staking QODA tokens
If you need to unstake the whole amount of QODA tokens or just some of them, enter the amount in the appropriate box, press the Unstake button, and confirm the transaction.
Unstaking QODA tokens
WARNING: When you unstake any amount, your entire veQODA balance will be reset to zero. Further rewards will depend on the amount of accumulated veQODA tokens from scratch.
To claim veQODA tokens or receive staking rewards, you just need to click on the appropriate window “Claim Your veQODA” or “Claim Rewards” buttons.