As a Governance Council (GC) member, which governs the Klaytn ecosystem, Swapscanner operates a node on the Klaytn mainnet. As a significant player and watchdog of the ecosystem, the role of the GC has become more critical than ever since the independence of the Klaytn Foundation. We launched the KLAY Single Staking Service to enable many KLAY holders to participate in GC activities.
To solve the problems of the existing KLAY staking service and realize higher profit rewards for investors, we designed a new way of KLAY single staking service.
GCKLAY is an acronym for Governance Council KLAY.
- 1.the name of the official KLAY single staking service created by Swapscanner.
- 2.the name of a staking guarantee token that provides a 1:1 ratio guarantee or better when staking KLAY.
The Navigator engine, which provides optimal token swap paths, is applied to GCKLAY to provide investors with additional earning opportunities. Other KLAY staking services are simply deposits into nodes. However, in Swapscanner, staking is done in two ways.
Due to the Klaytn GC node operation policy, the official KLAY single staking service has a 7-day lockup period for unstaking. During the lockup period, investors could not react to market conditions. As a solution, Swapscaner offers two unstaking methods that do not have a 7-day lockup.
- 1.Instant swaps using GCKLAY pools
The Swapscanner team provided 1.86 million KLAY worth of initial liquidity to the GCKLAY-KLAY pool to enable instant swaps of GCKLAY to KLAY.
You can swap GCKLAY to KLAY with a low PI because we provide liquidity through a Concentrated Liquidity method.
Many investors will provide liquidity to earn fees from the GCKLAY-KLAY pool, and GCKLAY's instant swap capabilities will become more robust as more pools are linked to GCKLAY.
- 2.GCKLAY Unstaking NFT
GCKLAY Unstaking NFTs are NFTs that are issued when you unstake GCKLAY on Swapscanner. It is an NFT that guarantees the right to withdraw KLAY after a 7-day lockup and can sell on the NFT market for immediate exchange for KLAY.
Currently, only GC members can make suggestions and vote on the direction of the Kaytn ecosystem. For the development of the Klaytn ecosystem, the opinions of more KLAY holders should be reflected. Holders staking KLAY on GCKLAY will be delegated GC votes equal to the amount staked on Swapscanner, i.e., Swapscanner provides GC votes to stakers.
With removing the Gini coefficient policy on April 17, 2023, Klaytn hard fork update, all KLAY staking services will have the same interest rate. The reliability of the service is now an essential factor in choosing a KLAY staking service.
Swapscanner is a platform that accounts for over 50% of all token swaps on Klaytn. We are also a vital member of the GC, recognized for providing various features needed for the Klaytn ecosystem. Based on our technology and know-how, we promise to provide the most stable KLAY staking service.
GCKLAY's smart contracts are designed to be non-upgradeable.
The GCKLAY service has been audited by 'CertiK,' a leading cryptocurrency security audit organization.
- Staking fees are free with the current event duration.
- No staking interest during the unstaking lockup period
- Automatically re-staked 14 days after unstaking request.
- GCKLAY Unstaking NFTs will be destroyed if KLAY is withdrawn in any way within 14 days of the unstaking request. After 14 days, it will change to "Expired" status.
- You can check the reward status on the Staking page.