¶ 2. Connect your wallet and move to the Rewards tab
On the right top, engage your wallet by clicking the Connect Wallet button. If you have not already set up your wallet to engage with the SOVRYN dapp, visit the Wallet Setup Guide section before proceeding further.
A - Select ''Rewards'Rewards' from the Sovryn navigation bar. B- Connect your wallet.
The 'Reward SOV' tab will display the total amount of all claimable SOV rewards.
Section 'A' displays all claimable SOV and a chart to show the percentage breakout of each activity that earned the reward SOV.
Use the 'CLAIM' button to claim and vest any earned SOV. Claiming automatically vests the SOV for ten months with a 1-month cliff. (see note)
Section 'B' Displays any available 'Trading Rewards' and your historical 'Total Rewards Earned.'
Section 'C' Displays any available 'Lending Rewards' and your historical 'Total Rewards Earned.'
Section' D' Displays any available 'Liquidity Rewards' and your historical 'Total Rewards Earned.'
NOTE: All claimed SOV rewards undergo a vesting period that begins once the reward SOV is claimed. Claimed reward SOV vests over 40 weeks with a maximum 4-week cliff. Once the cliff has been reached, 10% of SOV becomes vested. At that point it is unlocked and fully available to the recipient. Every four weeks thereafter, an additional 10% is vested, unlocked, and available to withdraw. This process continues until the entire amount is vested. The protocol executes an unlock event every two weeks on Fridays at 10:28:15 UTC. (For reference, the first Friday unlock event in 2022 was on 01/14/2022.) After SOV is claimed by a user, 10% of the claimed SOV unlocks at every other unlock event. That is, every four weeks 10% becomes vested and available. The cliff (first unlock for claimed SOV) is set to the second unlock event after the reward SOV is claimed. This guarantees that the cliff is between two and four weeks.
The relevant transaction history for each reward type is displayed below the reward selection area. While the type of reward may differ, the history details for each transaction are consistent across reward types. The history details include:
Date: The date and time of the transaction.
Type: Specifies the type of reward.
Amount: The amount of claimed rewards or fees.
Transaction Hash: A unique transaction identifier that is added to the blockchain. Clicking the transaction hash will allow you to view the transaction in the RSK explorer.
Status: Displays the transaction status (confirmed, pending, or failed)
The contract that initializes the vesting schedule for reward SOV performs more operations than a regular contract, which uses liquid SOV tokens instead (tokens that can be transferred or sold). This contract transactions consume approximately 3,200,000 gas units in general. With a default gas price of 0.06 GWEI (0.00000000006), this results in a fee of $5.76 (~19,200 sat) with a Bitcoin price of around 30 000 USD (June 2022).
These operations additionally create:
One additional vesting contract if this is the first time claiming liquidity/lending pool SOV rewards
16 tokens transfers from the liquidity/lending pool contract to LockedSOV
1 token transfer from LockedSOV to the user vesting contract
10 token transfers from the vesting contract to Staking (10 different unlock dates)
142 internal TXs (calls, static calls, etc.)
In summary:
Complex contract interactions consume more gas than usual RSK contracts.
The reason is that we have not captured data from every single block due to node errors (the current error handling allows for ten consecutive errors before moving on to the next block). We capture about 90% of block data and use an average of this to infer the rest. This makes almost no difference to the APY calculation from rewards but may make some small difference to the APY from fees.
We are working on improving the accuracy as we speak.
Anyone who staked after June 30, 2022, earns fees from the protocol but no rewards. SOV that was staked on or before June 30, 2022, at block 4,432,289 will continue to receive rewards until that staking period is over.
For the sake of those who staked prior to the end of staking rewards, the following information is provided:
Stakers can earn anywhere between 3.57%% and 29.75%APY depending on the length of the stake (max three years). Staking for three years would see an initial return of 29.75%, which would decrease with the length of the stake to return an average of 20.84% over the whole staking period.
SIP 24 specified that the minimum APY would be set to 3.66%, and the average APY over a 3-year term would be 21%. These are the APYs that have been set on the smart contract. However, the actual minimum and average APY is given by the smart contract differs from that specified in the SIP because the figures given in the SIP did not take into account the mathematical rounding that is used by the smart contract. These are minute differences that cause the minimum APY to decrease by 0.07% and the average return over 3-years to decrease by 0.16%. A minor deviation, but a deviation nonetheless, which is why we feel it important to be communicated clearly.
To calculate the actual average APYs provided by the smart contract, use the calculator below.
To be included in this program's payouts, one needs to stake liquid SOV in the Sovryn Bitocracy voluntarily, meaning vesting SOV does not earn from the reward program. By staking, you will receive voting power to influence the direction of the protocol, a share of fees generated by the protocol based on your voting power, and liquid SOV from this initiative based on the length of your stake.
Voluntary, fully vested Stakers are eligible to receive liquid SOV as part of the SIP-24 program. Definitions:
Vesting means "locked," as in "My SOV is currently vesting for another three months."
Vested means "unlocked," as in "my SOV has completed vesting, are now fully vested, so I can sell them on the market or stake them voluntarily."
Voluntary and fully vested stakers are those who have liquid SOV (not vesting) and choose to stake them in the Bitocracy, as in “I could sell or LP my SOV, but I will stake it instead.
First payments of SOV from staking began on Friday, 27th August 2021.
Paid once every two weeks on Fridays (every staking period).
Reward SOV is liquid, meaning it can be sold, provided to the AMM through yield-farming, used to create a new stake or add to existing stakes.
Stakers have the option to extend their stake every two weeks. If you were to stake for three years and extend your stake every two weeks, you could remain on 29.75% APY indefinitely (until the program ends)!
The longer the stake, the higher the APY.
It is important to note that while the program may end after three months, the payment of SOV earned by participating in the program would continue. For example, if you had staked for three years but the program ended in 3 months, you would still receive the deserved payments for the remaining two years and nine months of your stake. The program end simply means that new stakes and extensions of existing stakes after that point would not earn additional SOV.
