StaykX Gryll (Burn Pools)
The StaykX Gryll is one of the newest features on the StaykX platform. Using the Gryll, Staykers can burn their STX to earn rewards in various XRPL tokens. Initially, most STX burn pools will reward in OCW & XBLADE. We have already received interest around the Gryll for 3rd party projects, and we plan on launching that functionality within 2022.
Each Burn Pool will begin with a 2-day burning period for users to burn their STX. During this period, all tokens are held in a burning wallet that will burn all the tokens at the end of the distribution period. We do not burn the tokens immediately as the security of our users tokens are our primary focus. Should any unforseen issues occur we would prefer to have option of a refund if necessary. There is also a cap to each Burn Pool, referring to the amount of STX that can be burned during the 2-day period. This is so that a minimum amount of rewards can be shown to every user before burning (if the cap gets filled). The fun begins when the cap does not fill, as that will reward all the users who did burn with a higher rate of rewards. We anticipate when we begin launching larger Burn Pools, the last 12hrs of burning will get very interesting. 👀 The burn period is followed by 4 days of rewards. Each user will be rewarded depending on how much they burned and how far the cap filled. Right now while we launch the Burn Pool functionalities, the rewards will be in $XBLADE & $OCW, however expect this to change in the future as more projects become interested in the power of the Gryll.
The Gryll will eventually run consistently on a fornightly basis, for a variety of tokens. We aim to use it to create a strong cycle of earning/using/burning, we want STX to always be able to be utilised in a variety of different forms, with DeFi always being the core theme.