Migrating and Unstaking from Metaverse Pools
We are excited to announce that we are able to open up liquidity to the STARL pool from today, meaning you will now be able to withdraw your original staked tokens if you wish to.
Below are some instructions on the process to do this.
We have now implemented the burning mechanism outlined in the whitepaper. What this entails is that if you wish to unstake your Metaverse tokens immediately, you will need to burn 10,000 VEMP.
Alternatively, you can lock 10,000 VEMP for two weeks, after which you will be able to withdraw both your Metaverse tokens, and your VEMP without penalty.
To interact with the contract in anyway, you must Approve the token for unstaking. Once you have completed the transaction in your wallet, you will have three options.
Unstake and Burn
If you wish to unstake immediately, you can go the Metaverse pool, and click “Unstake and Burn”. You must ensure you have the necessary amount of 10,000 VEMP in your wallet to burn, or the transaction will not go through. Once approved, and you have completed the transaction, the required amount of VEMP will be removed from your wallet and burned, and your Metaverse tokens will be returned to your wallet.
If you do not wish to burn any VEMP in order to unstake your Metaverse tokens, you can click “Lock”. You must have the required amount of VEMP in your wallet or the transaction will not go through. Once approved, and the transaction is completed, you will have locked the VEMP tokens in the contract for two weeks. If you wait the full two weeks, you can then unstake both the Metaverse tokens, as well as the previously locked VEMP, with a simple unstake transaction.
You can also unlock early (after a week) with a 50% burn penalty. So if you have been locked for 7 days, it will take half of the locked VEMP (5,000) and burn it, and the rest will be free to be unstaked, along with the Metaverse tokens.
If you want to keep your tokens staked, you just need to hit the Migrate button, which will guide you through the transaction to the new liquid pool.
Rewards will be moved to the new pool so we would advise you to do that if you want to continue receiving VEMP and metaverse rewards.
Note: rewards from the previous pool don’t migrate to the new pool, so you need to claim your VEMP from the old pool manually.