Introducing $BRRR Staking
Access boosted APY and more with $xBRRR
What is $BRRR Staking?
$BRRR is the native token of Burrow. Since last month, $BRRR has been in its pre-mining period, where you could earn $BRRR rewards on Burrow but not yet transfer them. With the pre-mining period ending soon and $BRRR becoming unlocked, the Burrow team is excited to introduce the $BRRR staking program! To quickly refresh your memory on $BRRR tokenomics, read this.
Starting today (May 26th), you can stake your $BRRR tokens on the new Staking page and get $xBRRR in return. $xBRRR is similar to the veToken (voting escrow token) model where users lock their tokens in the protocol to access further benefits such as rewards or voting rights. You can stake $BRRR anywhere between 1 to 12 months; the longer you stake, the more $xBRRR you will get in return!
Why would I want $xBRRR?
One, by staking $BRRR, holders benefit from boosted APY.
This is because $xBRRR enables extra rewards for supplying and borrowing, which results in boosted net APY. $xBRRR holders can earn more than 2–4x the rewards they would have earned without $xBRRR 🤯
Two, $xBRRR holders will be able to partake in DAO governance in the near future. Through token weighted voting, the larger community will get to have a say in managing the Burrow DAO’s treasury, reserve funds, accrued fees, emissions, and more.
Go $xBRRR indeed.
How to Stake $BRRR: A Step-by-Step Guide
- Open Burrow and connect your NEAR wallet
2. Go to the Staking page
3. Enter the amount of $BRRR you want to stake (or use the meter to adjust)
4. Between 1–12, choose the number of months for which you want to stake
- The longer you stake, the more xBRRR you will earn. To learn more about the staking ratio, read this.
- During this time, your tokens will be locked and you will not be able to unstake until the period ends.
5. Check the dashboard to see the details of the extra rewards and boosted net APY resulting from it.
- You can also run a simulation to see potential rewards at different amounts and staking periods
6. Click “Stake” and authorize the transaction in your wallet.
7. Done! You have officially gone xBRRR!
What if I want to unstake my $BRRR during the lockup period?
Once you stake your $BRRR, the action is irreversible. You will not be able to withdraw your $BRRR until the staking period ends.
Do I have to unstake my tokens manually after the lockup period ends?
Yes, you have to unstake it manually. If you don’t, your tokens will continue to be staked even after the lockup period ends, and you will continue to have boosted APY and rewards…🤭
Is it possible to transfer my $xBRRR tokens?
No, $xBRRR tokens are non-transferable.
When will $BRRR become unlocked? Or, when does the $BRRR pre-mining period end?
Coming very soon! In the initial tokenomics post, we have outlined that the pre-mining period will happen during the first month of Burrow’s launch and officially end via a DAO vote. This was to ensure that the community would have plenty of time to access $BRRR before it hit the market. As soon as next week, a DAO proposal will go up to officially end the pre-mining period. From then on, $BRRR will become transferable and tradeable!