What is xStatic and what can I do with it?
The Charge DeFi team announced a new receipt token that was released on 22 February 2022; that receipt token is $xStatic. You will be able to receive $xStatic in exchange for either $Static or $Static-$BUSD LPs.
Investors should stake $xStatic tokens into rewards pools. The first pool announced allows investors staking $xStatic earnings in the form of $fStatic IOUs. The $fStatic reward pool began 28 February 2022. Future pools will be announced which will earn other rewards.
The $xStatic token also grants Premium Membership status which has other benefits.
What is xStatic
The $xStatic token is a receipt token received when you deposit either $Static or $Static-$BUSD LPs into the “Membership” area on the Charge DeFi website. Assets deposited in exchange for $xStatic will be locked up for three (3) months.
Why Call It $xStatic?
The $Static token is the heart of the protocol for Charge DeFi. $Static expansions, and the resulting emissions to those staking $Charge, are driven entirely by the price and circulating supply of $Static and the Time Weighted Average Price (TWAP). The receipt token being named $xStatic highlights the importance of $Static in the Charge DeFi ecosystem.
How to Get xStatic
Investors can deposit $Static in exchange for $xStatic at a 1:1 ratio. The deposited $Static will be immune from the effects of rebase. There is a cap of 20% of the circulating supply of $Static or 3M $Static, whichever is less, which can be deposited for $xStatic.
Investors who exchange $Static-$BUSD LP for $xStatic receive 4 tokens for each LP deposited. The reasoning behind the greater ratio is investors take on more risk by depositing LPs and the LPs provide more value to the protocol by providing liquidity.
What Happens After the Lock Expires
After the asset lock expires investors are free to claim their assets by redeeming their $xStatic tokens. Deposited assets can only be claimed by the original depositing wallet and requires sufficient $xStatic be presented.
Investors can choose to leave their assets deposited beyond the three month lock period and then redeem at any point in the future. Additional deposits for $xStatic will reset the lock for an additional three months.
What is the Charge Premium Membership?
Currently it is a single tier membership program which grants you the following benefits:
- Whitelisted access to new project launches to access higher APRs
- Beta access to use cases
- Discounts on use case fees and increased rewards via cash back
- Discord premium members area
In the future additional tiers may be added with varying levels of benefits.
The Charge DeFi team, as usual, are being very generous and offering a $20,000 giveaway to some lucky wallet holders. Each winning wallet will receive $2,000.
To qualify for the giveaway investors must exchange 1,000 Static or 1,000 LPs for $xStatic for an entry into the giveaway. Investors can earn as many entries as they like.
New Chargers — Anyone that uses the lock-in has a chance to win $2000.
OG Chargers — If you use fresh funds to buy $Static or LPs and enter the lock-in, you will have a greater chance of winning $2000. (A snapshot has been taken.)
There will be four (4) prizes allocated to New Chargers and six (6) to OG Chargers. The actual award will be in $xStatic purchased from the team wallet. The cutoff for eligibility for the giveaway is 8 March 2022.
Many of these answers came from one a moderator or admin in the Telegram channel. Some were confirmed by the same. I have edited a few for content and clarity.
Q: I am a $Charge holder, what is in this for me?
A: You earn $Static expansions when above peg. You can use those $Static rewards to receive $xStatic which will provide new investing and membership opportunities. Also with more people buying $Static to exchange for $xStatic and $Static-$BUSD LPs the price of Static should improve and be more stable resulting in greater rewards for staking $Charge.
Q: With going to the FTM chain will $Charge or $Static be bridgeable?
A: No, neither $Charge nor $Static will be bridgeable. $Static cannot be bridged because it is a rebase token. $Charge will not be bridged because we don’t want to overwhelm new chains with an uncontrolled influx of existing $Charge as that would prevent a successful launch.
Q: Okay, bridging is out, will there be any way to use BSC $Charge on the FTM chain?
A: The team is evaluating options for limited and controlled movement of $Charge from one chain to another. No details are yet available on this except that it will not be possible to do so at initial FTM chain launch.
Q: Is the team abandoning Charge on BSC?
A: No, the Charge DeFi team is trying to expand the reach of the Charge DeFi ecosystem. They are providing a mechanism for those involved with Charge DeFi on BSC to be at the forefront of launching on FTM. As investors on FTM become aware of Charge DeFi and the use cases continue to expand this should only increase the awareness of the Charge DeFi ecosystem on all chains where a presence exists.
Q: Why launch on FTM now?
A: Charge DeFi isn’t launching on FTM now. They are preparing the groundwork to launch in March 2022 around the same time that money legos become available. Both of these releases should increase the attractiveness of the Charge DeFi ecosystem. The expected launch date for Charge DeFi on FTM is 28 March 2022.
Q: Is there a cap for $xStatic?
A: No. There is, however, a cap of 20% of the $Static circulating supply, or 3M, that can be exchanged for $xStatic. The reason for the cap for $Static deposits is they are exempt from rebases. There is no limit for $xStatic from $Static-$BUSD LP deposits as they are not exempt from rebases.
Q: Do $Static-$BUSD LPs that have been exchanged for xStatic earn any rewards?
A: No, your LPs must be exchanged for $xStatic and therefore cannot continue to earn rewards from being staked in the boardroom. You will be able to deposit your $xStatic in various rewards pools. The first rewards pool emits $fStatic IOU tokens for the FTM launch.
Q: Do I have to redeem my $xStatic at the end of the 90 day, three month, lock period?
A: No, and as long as you don’t make additional deposits your lock will not be reset so you can redeem anytime in the future.
Q: Can existing $Static or $Static-$BUSD LPs be deposited for $xStatic or only newly acquired assets?
A: Any $Static or $Static-$BUSD LPs can be deposited. Newly acquired assets deposited by existing investors earns more chances to win in the giveaway.
Q: Will each deposit for $xStatic reset my 90 day lock period?
A: During the first two weeks of availability deposits for $xStatic will not reset your lock. After the two weeks any deposit will reset your 90 day lock period.
Q: Will there only be rewards pools for $xStatic for the FTM launch?
A: Other rewards pools are expected in the future for $xStatic deposits.
Q: How do I earn $xStatic?
A: You don’t earn it. You receive it in exchange for your deposit of either $Static or $Static-$BUSD LPs.
Q: Can I redeem $xStatic for either $Static or $Static-$BUSD LPs?
A: No, you will only be able to redeem your xStatic for the asset originally deposited in exchange for the $xStatic.
Q: Can I trade $xStatic with someone else?
A: Yes, you can though they would not be able to redeem the $xStatic for the deposited items.
Q: Can I redeem $xStatic from one wallet using a different wallet?
A: No, deposits are tracked by wallet address. To redeem you must use the same wallet and sufficient $xStatic for the redemption of the assets.
Q: Can $xStatic from a different wallet be used to earn rewards in a rewards pool?
A: Yes, any $xStatic you hold in your wallet can be deposited into reward pools.
Q: How will $Static deposited for $xStatic affect $Static supply and expansions?
A: Unlike the unclaimed $Static in the boardroom $Static that was exchanged for $xStatic will be counted in the circulating supply and will be included in calculations for $Static expansions and contractions.
Q: How will I receive my FTM launch rewards?
A: Investors will receive an airdrop of FTM $Static for each $fStatic token in their wallet or sitting unclaimed in a reward pool farm.