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Staking(KLAY)

Swapscanner, a proud member of the Klaytn Governance Council (GC), operates its own Klaytn mainnet node. With the independence of the Klaytn Foundation, the role of the GC as a key player and watchdog within the ecosystem has become more critical than ever. To facilitate widespread participation in GC activities among numerous KLAY holders, Swapscanner offers an official KLAY Staking service, ensuring an inclusive and robust ecosystem engagement.

Introduction to GCKLAY: The Advanced KLAY Staking Service

Addressing the limitations of existing KLAY staking services, Swapscanner has designed a novel approach to KLAY staking, introducing GCKLAY as the most advanced single-asset staking service in the market.

What is GCKLAY?

GCKLAY, standing for Governance Council KLAY, serves a dual purpose:
  1. 1.
    It is the official name for Swapscanner's single-asset KLAY staking service.
  2. 2.
    It acts as a staking certificate token, provided at a 1:1 ratio or higher for staked KLAY.

Features and Differentiators of GCKLAY

1. Next-Generation Service Offering Efficient Staking Pathways

Swapscanner’s Navigator engine, known for its unparalleled performance in offering the lowest-cost token swap routes, extends its capabilities to KLAY staking. Unlike traditional staking services that merely deposit into a contract, Swapscanner employs two innovative methods:
  • Basic staking, where KLAY is deposited into a contract in exchange for GCKLAY tokens on a 1:1 basis.
  • Real-time analysis of the most cost-effective routes for swapping KLAY for GCKLAY directly in the market.
This approach ensures that stakers receive GCKLAY at the most favorable exchange rate through a single click.

2. Solving the 7-Day Unstaking Lockup Dilemma

The official KLAY staking service mandates a 7-day lockup period for unstaking, posing significant inconveniences for investors. Swapscanner introduces two unique unstaking methods to circumvent this lockup period:
  • Immediate swap (withdrawal) through the GCKLAY pool, supported by a substantial initial liquidity supply in the Pangea DEX GCKLAY-KLAY pool by the Swapscanner team.
  • GCKLAY Unstaking NFT, an NFT issued upon unstaking GCKLAY, representing the right to exchange the staked KLAY amount after the 7-day lockup period.

3. Participating in Klaytn Governance Through Voting Rights

Swapscanner enables KLAY holders to participate in the Klaytn ecosystem governance by delegating GC voting rights to them. This initiative aims to reflect the voices of a broader range of KLAY holders in the decision-making processes, promoting a more decentralized and improved ecosystem.

4. The Most Trusted KLAY Staking Service in the Ecosystem

Following the Klaytn hard fork update on April 17, 2023, the interest rate disparity among nodes was eliminated, making the selection of a reliable service provider paramount for asset security. Swapscanner, commanding over 50% to 70% of all Klaytn token transactions since its launch in January 2022, has facilitated approximately 4.8 trillion KRW in transactions without issue, establishing itself as the most trusted and necessary service for the ecosystem and investors alike.

Policy

  • The fee is 10% of the staking interest.
  • No staking rewards will be paid during the 7-day period after selecting unstaking (7 days) until the lockup is released.
  • If 14 days pass after an unstaking request, it will automatically be restaked.
  • GCKLAY unstaking NFTs will be automatically destroyed if KLAY is withdrawn in any manner within 14 days after the unstaking request. After 14 days, it changes to an "expired" state and is not destroyed but restaked.
  • Reward status can be checked on the Staking page.