Escrowed ALB (esALB)
Details about escrowed ALB (esALB), its functionalities and benefits
Last updated
Details about escrowed ALB (esALB), its functionalities and benefits
Last updated
$esALB is an escrowed version of the $ALB token. This means that to obtain it you need to interact with a contract and lock whatever percentage of your ALB holdings. EsALB is non transferable. By holding esALB, you are able to single stake your ALB holdings and earn APR.
More benefits of owning esALB include all governance decisions, airdrops and extra rewards that will be only delivered to esALB or other locked LP holders.
For a more detailed description about the role of esALB on AlienBase read the following release article: Introducing EsALB: The Next Phase of Alien Base Tokenomics
esALB works similarly to xGRAIL on the Camelot protocol (and the contracts are heavily based on it). You can decide to exchange your ALB for esALB, and use esALB to unlock benefits on the AlienBase platform. At any moment you can decide to unlock your ALB by exchanging esALB to ALB.
From the Dashboard section on AlienBase, you can toggle your portfolio view (the one on the right). You will see your $ALB balance, together with other tokens in your wallet. Under your ALB balance, there is a "Lock" button.
By clicking on the "Lock" button, a modal will appear where you can select the amount of ALB you are willing to lock. You will be first asked to Approve the contract to interact with the ALB in your wallet, and then Confirm the transaction to exchange ALB to esALB.
Once Confirmed, a transaction will execute which will remove ALB from your balance and give in return the same amount in esALB. Now you will see esALB in your wallet. To add esALB on your wallet add the following address: 0x365c6d588e8611125De3bEA5B9280C304FA54113
esALB allows ALB holders to access major benefits, but mainly the ability to single stake their ALB tokens with high APRs, in exchange for making them illiquid (i.e. not having immediate access to your ALB holdings)
Once you locked your ALB for esALB, you can go on the Farms page and you will see the esALB single stake farm. After you Enable the farm, you can stake your esALB and start farming ALB.
The escrowed ALB tokens will be farming unlocked ALB tokens with generally higher APRs than unlocked single-staking farms.
Exchanging your esALB for ALB can be done at any moment in 2 main ways:
Unlocking 1% every 12 hours
Unlocking 100% in 30 days (with no penalty)
To start any unlocking process, you will have to click on the "Unlock" button next to your esALB position in the Dashboard. If you do not see your locked position, it might be because it's staked in the esALB Single Stake, so unstake before. Once you click the "Unlock" button, you will be presented with the 2 options.
If you decide to unlock all or part of your escrowed tokens, they will become "Vested" for 30 days. While in the vesting period, you will still farm with reduced APRs (reduced by 30%), so your holdings will still produce returns.
You will see your vested tokens under the "Vested" category in the Dashboard, with a countdown and a "Redeem" button that will be enabled after the vesting period of 30 days ends.
You can decide to unlock 1% of your esALB into ALB every 12 hours, on a continuous basis. This option allows you to slowly remove from your escrowed position. To do that, just select the "1% every 12 hours" option in the Unlock Modal.
After confirming the transaction, you will immediately receive 1% on your locked ALB. You can repeat this every 12 hours. A countdown in the modal will appear if 12 hours didn't pass yet.
These two paths can be mixed and matched. For example, you can place 50% of your stash into a full 30 day redemption, and unlock the rest gradually every 12 hours. The 1% is counted against your entire position, including the portion currently in redemption.
