Token Locking is essentially a form of pre-staking that allows users to lay claim to a Launchpad project in the meantime before our staking feature is fully operational.
Similar to staking, locking is handled by a smart contract, where users can lock up some of their NXTT tokens to show engagement for a certain project and - in our case - to participate in Launchpad projects.
While locking itself does not yield profits, it will allow users to seamlessly transition to profit-producing staking in the near future.
Users can set up locking from the Launchpad page and can only have it set for a fixed lockup period. Users cannot access locked up tokens until the end of the lockup period.
Once the lockup period is over, the user can retrieve their tokens via a smart contract action. Tokens will remain locked until the user retrieves them.
Lockup period is exactly 120 hours (5 days). Maximum amount of lockup is 10 000 000 NXTT. Additional lockups restart the lockup period.
For example, if a user locks up 1000 NXTT on day 0, then locks up an additional 500 NXTT on day 4, then ALL 1500 NXTT will remain locked up until day 9.
Steps of locking
The user connects a wallet to LP. (Locking features such as Locking and retrieving doesn't work without an active wallet connection.)
The UI displays the current locked up amount and the exact day and time the lockup period ends (if user has any locked amount).
The user can see the enabled lock button (if the user hasn't reached the maximum amount of lockup yet).
The user clicks Lock CTA, LP shows a Lock up tokens dialog.
The user can enter the desired amount to lock up (min is 1 NXTT).
The user can hit the 25%, 50%, 75% or MAX button so a certain amount or all of their available NXTT is set for lockup.
Note: the user needs to have 0.2 MATIC left for gas fees so the MAX amount that can be entered is 0.2 MATIC lower than the actual amount the connected wallet contains.
The user submits the form.
The user must accept the smart contract transaction through a Web3 wallet.
If the user declines the transaction, lockup flow got cancelled, nothing gets locked up
if transaction is accepted, user get informed about the outcome
The user can see the updated locked up amount and the exact day and time the lockup period ends.