Staked Canto - sCANTO
$sCANTO is a Liquid Staking Derivative(LSD). By holding sCANTO you are earning a prorata share the validator rewards.
When you stake $CANTO at scanto.io you get $sCANTO a liquid staking derivitive that can be used across a range of DeFi applications.
Unlike staked $CANTO, the $sCANTO are freely transferable instead of locked as in the case of native staking. $sCANTO lets users operate with staked tokens by leveraging collateral, lending, farming, and other kinds of Defi protocols.
$sCANTO can be instantly exited by selling it to the pools on decentralized exchanges (DEXs) available. No need to wait for the usual 21 day unbonding period.
sCANTO is based on Compound Finance's cToken model, and therefore has the following properties;
- fully transferable
- interest bearing
- burnable (redeemable)
In order to send your tokens to another wallet, you simply need to add the token to your wallet. You will likely need to contract address 0x0000 (opens in a new tab) Then you can share sCANTO with all your frenz.
Compound Finance was the first to issue the famous cToken model. In simple terms, any yield that is gained by holding these types of tokens in injected right into the token itself. You DONT get more tokens in your wallet as time passes, rather the token itself goes up in value.
Although you can buy (see below) sCANTO from the market, it is often a wise choice to mint it. Visit StakedCanto (opens in a new tab). The benefit of this is that you are actually contributing to the supply of CANTO being used to earn validator rewards. So, if you are deciding to get some, check both the DEXs and Minting.
When you mint you will not get 1-1 tokens. Meaning if you supply 100,000,000 CANTO you will not get 100,000,000 sCANTO. This is because the token is interest bearing, so the minting rate is constantly decreasing as time progresses and more and more yield is added to the cToken. This is standard stuff with cTokens.
There are times when you might want to get your CANTO back for whatever reason you see fit. You could simply sell it, but if your willing to wait, you can redeem them for the full underlying value. In order to do this, visit
the Discord Server (opens in a new tab) and open a ticket requesting a redemption. The process will take 28-21 days for the validator lock, and 7 days for admin managing. Staked Canto is trying to find a way to automate
this process, but the COSMOS
<-> EVMOS process is troublesome.
sCANTO is like any other ERC20 token and is swappable if there is a liquidity pool on a DEX. The first DEx to support sCANTO will be Velocimeter (opens in a new tab). You can swap into and out of sCANTO there. Additionally, you can consider providing liquidity to the pool in order to earn $FLOW token rewards. More on this can be found here (opens in a new tab).
When swapping, as mentioned above, be carefully to check the peg of sCANTO. If there is a lot of selling, the price of sCANTO might be less that than of CANTO. Recall above that sCANTO should be greater than CANTO in value. If you find that sCANTO is cheaper than CANTO, you can consider picking up some at a discount.