Pre-bridge staking
KLX holders will be able to stake their tokens before the bridge of the KLX token from the ERC20 standard to the native KLX standard on the Kalima MainChain. The bridge is scheduled for Q1 2024. Staking ERC20 tokens will help build and secure the Kalima Network, creating a robust staking pool ahead of the launch of the Kalima MainChain.
Between February 2nd, 2023 and the date of the bridge – scheduled for Q1 2024 – KLX holders will be able to stake their tokens in the "Pre-Bridge staking" program. The longer the tokens are staked, the bigger the reward will be, with a maximum return of 10%, for a maximum staking period, i.e. from February 2nd to the day of the launch of the bridge.
The rewards will be distributed monthly for 12 months from the bridge, for the launch of the Kalima MainChain and the swap of the KLX ERC20 to the native KLX. Tokens that aren’t staked before the bridge will not bring any reward.
A few days before the bridge, a snapshot of the KLX staked on the Polygon network will be made, in order to freeze all the addresses that have saked KLX. The addresses present at the time of the Snapshot (all the addresses declared in staking and the amount of KLX stake on each address, which will determine the amount of rewards for each staker. Each reward installment will be rounded down to the nearest KLX, e.g. for a monthly reward installment of KLX 10.06, a staker will receive KLX 10.
If ever the date of the Bridge is delayed, stakers will receive their rewards a maximum of 18 months after February 2nd 2023, i.e. the August 2nd 2024. In this case from August 2, 2024 the staking rewards will be distributed with a maximum yield of 10% for people who have staked since February 2nd 2023.
How to participate in pre-bridge staking?
To participate in the pre-bridge staking, a KLX holder will simply have to declare "a staking address" on the Kalima website. A staking address is a polygon address holding ERC20 KLX. To declare the staking address you will simply have to enter your polygon address on the Kalima website. Any token held at the time of the bridge will be considered as staked.
Stakers will be able to sell their token at any time, tokens are not locked on the staking address. If a staker chooses to sell 50% of the tokens he holds on his staking address before the bridge, then the reward will only be calculated on the tokens he still holds at the time of the bridge.
Stakers will also be able to transfer more KLX to their staking address at any time to increase the number of staked tokens, and therefore the associated reward.
Be careful, if you declare a staking address on Kalima, any token transferred to another address will no longer count as staked tokens when calculating rewards.
In other words, if you declare a staking address on Kalima, only the tokens present on this address will be taken into account when distributing your reward.
Example 1:
I declare a staking address on Kalima with 100 KLX on February 2nd, 2023. I hold my KLX on this address until the bridge, on February 2nd, 2024 for 12 months.
On the day of the Bridge my 100KLX sakes will make me a 10% benefit reward, 10 KLX extra. These 10 KLX will be paid to me for 12 months from February 2, 2024.
In this case the reward will be 10/12 KLX (0.83333333 KLX) per month for 12 months.
Example 2:
I declare a staking address holding 100 KLX the 2nd of August 2023. I hold my KLX on this address until the bridge, on February 2nd, 2024 for 6 months.
On the day of the Bridge, my 100 KLX sakes will make me benefit from 5% rewards or 5 KLX. These 5 KLX will be paid to me for 12 months from February 2024.
In this case the reward will be 6.6655/12 KLX per month for 12 months.
Example 3:
I declare a staking address on Kalima with 100 KLX on February 2nd, 2023. I decide to sell 50 KLX on August 14, 2024.
On the day of the Bridge I hold on my staking address 50 KLX that were staked since February 2nd , 2023. I then benefit from a reward of 10% on these 50 KLX. I will earn 5 KLX. These 5 KLX will be paid to me for 12 months from February 2, 2024.
In this case the reward will be 5/12 KLX per month for 12 months.
Example 4:
I declare a staking address on Kalima with 100 KLX on February 2, 2023. I decide to sell 100 KLX on August 14, 2024. I put 100 KLX back on my staking address on December 2, 2023.
On the day of the Bridge I hold on my staking address 100 KLX which will have been staken since December 2, 2023 for a period of staking of 2 months.
I then benefit from a reward of 1.66% on these 50 KLX, earning a reward of 0.83 KLX.