Migrate $xWALLET to $stkWALLET
Last year, the community voted to introduce a new staking token - $stkWALLET. It is now time to migrate your $xWALLET tokens.
In 2024, the Ambire community voted to replace $xWALLET with $stkWALLET. This isn’t just a title change - it is a lot more than that. The new staking token, $stkWALLET means a new straightforward and dynamic rebasing model aimed at improving user experience and providing further clarity in staking rewards.
Time to migrate to $stkWALLET
We have now launched the new $stkWALLET token contract, and migrating from $xWALLET to the new $stkWALLET couldn’t be easier. Simply follow the steps below if you are holding $xWALLET:
Step 1: Connect the wallet where you hold your $xWALLET to Ambire Rewards (and mint your NFT if you haven’t done so yet):
Step 2: Go to ‘Quests’ in the menu on the left-hand side and select “Migrate xWALLET to stkWALLET”:
Step 3: Click on “Migrate xWALLET” in the pop-up window:
Step 4: Sign the transaction:
That’s it - you’re done! There is no deadline for migrating for the time being, but we recommend doing it as soon as possible. This way, you can earn extra XP just for holding them in your wallet and benefit from the dynamic rebasing of the token.
Why migrate to $stkWALLET
Currently, the way $xWALLET works is that $WALLET holders can stake their tokens on a single staking pool, and in return, they get $xWALLET, which represents their share of this pool. But the xWALLET doesn't give them a sense of how much $WALLET reward they are getting over time, as it stays a fixed amount.
This is confusing; users don’t understand how their staked $WALLET accrues value.
$stkWALLET provides a much more user-friendly wrapper on top of $xWALLET. When you stake $WALLET, you receive an equivalent amount of dynamically rebasing $stkWALLET in return and start accruing more rewards in $stkWALLET.
For example, if you stake 100 $WALLET, you will receive 100 $stkWALLET. If annual staking rewards are 20%, the $stkWALLET amount will automatically rise to 120 $stkWALLET in one year.
Additionally, you will receive extra XP in Ambire Rewards for simply holding #stkWALLET.
Here is a quick comparison between the standard $WALLET token, the legacy staking token $xWALLET, and the upgraded $stkWALLET:
Why stake $WALLET
There are multiple reasons to stake your $WALLET tokens. Just to name a few:
Governance
$WALLET holders who participate in staking form the WalletDAO and can propose and participate in governance votes to shape the future of Ambire.
Staking rewards
Participating in staking doesn’t just enable governance, it also brings staking rewards in 2 ways. First of all, you can take advantage of the staking APY of the $WALLET token (the current APY is almost 5.5% at the time of writing this article).
XP in Ambire Rewards
You receive additional XP for every first transaction for the day, as long as you hold $WALLET or $stkWALLET tokens on Ethereum in your extension wallet. And more XP means more #stkWALLET rewards at the end of Season 1!