Staking

What are Multiplier Points (MP)?

Inspired by GMX, Multiplier Points (MP) is a way to reward long-term holders without inflation. They are earned passively by every WOO staked at a base APR of 30%. e.g. 1,000 WOO staked for one year would earn 300 MPs.

MP can be staked for fee rewards by using the "Compound" button, each MP will boost staking APR (paid in USDC) at the same rate as a regular WOO staked. However, unstaking any WOO will burn a portion of the MPs you have earned. For example, a user who unstakes 10% of their total staked WOO will also lose 10% of their accumulated MPs.

How does cross-chain staking work?

Users’ combined staking positions, MPs, and staking rewards are operated on Arbitrum. Thanks to an integration with LayerZero, you can stake your WOO and compound it on any supported chain for extra convenience.

The cross-chain messaging involved means that transactions will require additional gas tokens to cover the operations on Arbitrum, and transaction time may vary according to the source chain and network status. (Note: transactions with Polygon as the source chain could take up to 20 mins.)

Does APR vary across chains? Where does the yield come from?

Regardless of which chain you choose to stake your WOO on, the APR at which you earn USDC staking rewards will be the same.

The USDC rewards come from WOOFi protocol net revenue - 80% of which are gathered on Arbitrum every Thursday and given to WOO stakers over a 7-day period.

How can I maximize the staking APR?

If you stake at least 1,800 WOO, you can boost the APR at which you earn MPs up to a maximum of 101.25% by completing challenges that include:

• Trade spot on swap (only when sPMM liquidity is used) or perpetual futures on WOOFi Pro

• Keeping assets deposited in WOOFi Supercharger vaults

• Turning on the auto-compound feature (please be aware that you can’t claim staking rewards while this is enabled and you can’t disable it within 7 days)

The status of each challenge is visible in the top-right corner and your multiplier points APR will update one day after completing any of them. The amount you need to swap and deposit in WOOFi Supercharger vaults to complete the challenges is determined by your staking tier (please see below).

What are WOOFi NFTs?

In the coming months, we plan to introduce two types of WOOFi NFTs that can further boost your staking rewards:

• Consumable NFTs that can be earned through quests and then staked and burned to temporarily boost yield. The rarity of the NFT will dictate the size of the boost.

• WOOFi Avatar NFTs - NFTs that will provide a permanent boost to WOOFi staking yields. More details to come.

Why am I being quoted too much on gas prices?

If you’re sure that the gas fees displayed are not just because of congestion on the chain, then it is likely that this is because of an RPC issue in your wallet provider. These also happen on certain wallets when switching chains.

To fix this problem, head to https://chainlist.org/ and follow the steps there to change the RPC on the chain that you are trying to use.

Once done, refresh our site and try again

If the above doesn't work, it might be because you simply don't have enough gas for the crosschain transaction, try having at least $8 (mainnet might require much more) and then see if the gas prices show more reasonably.