We’re thrilled to introduce our new locking mechanism. With this new model, holders do not need to remember to unlock their $POOLX tokens and lock them again each time the locking period has expired, sometimes even missing IDOs because the tokens were not locked during the snapshot. This new participation model includes a “Lock POOLX”, unlock and a cooldown- allowing users to stake their POOLX tokens indefinitely and register for future IDOs.
How to Lock your $POOLX:
- Connect your wallet through Poolz finance website – To lock your $POOLX, you will first need to connect your wallet through Poolz website.
2. Navigate to the staking section and select “Lock Poolz” – Once you are connected, navigate to the staking section on the website. Here you will find an option to “Lock Poolz”. Select this option.
3. Enter the amount of $POOLX you want to lock, and confirm the transaction – You will be prompted to enter the amount of $POOLX you want to lock. Once you have entered the amount, confirm the transaction. You will need to have the required amount of $POOLX and gas fee in your wallet to complete the transaction.
4. Congratulations, you have successfully locked your $POOLX! You can now register for future IDOs – After the transaction is complete, your $POOLX will be locked, and you can now register for future IDOs. You will be available to see your staked $POOLX through the Leaderboard section and under the ‘lock Poolx’ – ‘unlock’ section as seem below.
Unlocking your $POOLX:
1.Connect your wallet through Poolz website – To unlock your $POOLX, you will first need to connect your wallet through Poolz website.
2. Once you are connected, navigate to the staking section on the website. Here you will find an option to “Unlock Poolz”. Select this option.
3. Once you unlock your $POOLX it will now enter a cooldown period during which you will not be able to participate in further IDOs Or claim your $POOLX.
4. Once Your $POOLX enters a cooldown period, you will not be able to participate in further IDOs. By the end of the cooldown, you will be able to see your $POOLX and the time that is left for your $POOLX to redeem through the “Claim” section.
5. When the cooldown period ends, you will be able to Claim your $POOLX back into your wallet.
Redeeming your $POOLX:
1.To claim your $POOLX back to your wallet, you will need to connect your wallet through Poolz website.
2. Navigate to the ‘Lock Poolx’ – ‘Claim’ section, select ‘claim’ and confirm the transaction in your wallet.
3. Once the transaction has been confirmed your $POOLX will now return to your wallet.
4. Now you can use them as you please. To participate in further IDOs you will need to re-stake your $POOLX and register to the upcoming IDOs.
For more information about registration to IDOs you can read this article.
The new model of Poolz Locking system contains a cooldown period for each tier the user is in. During the cooldown users will not be able to sell their $POOLX, participate in future IDOs or to re-stake them. In order to register and participate in future IDOs the user will need to wait for the end of the cooldown period, claim the $POOLX and re-stake them. However, users also can lock more $POOLX in order to participate in IDOs before the cooldown period ends.
The cooldown system divided into 3 tiers:
- Tier 1+2- 1-3499 – locked $POOLX. For this tier users that will unlock their tokens get a cooldown period of 10 days.
- Tier 3- 3500-19,999 locked $POOLX. For this tier users that will unlock their $POOLX get a cooldown period of 20 days.
- Tier 4- 20,000+ locked $POOLX (Poolz Governance). For this tier users that will unlock their $POOLX get a cooldown period of 30 days.