🔓vSHIBA for SHIBA

Steak SHIBA offers a liquid staking service that allows SHIBA holders to stake their assets through the SHIBA staking interface. Upon staking, users receive vSHIBA tokens which increase in value as they earn staking rewards in the background, following a model similar to Compound's cToken.

When a user deposits SHIBA into the Steak application, the funds are sent to the StakePool contract, and at 23:00 hrs UTC each day, the Steak bot aggregates all deposits and delegates them to the Steak validator set. Users start earning staking rewards as soon as they deposit SHIBA into the StakePool contract, which is reflected in the increasing exchange rate (c-value) of their vSHIBA tokens.

If a user wishes to unstake their vSHIBA, they can do so through the Steak application. When this occurs, the vSHIBA tokens deposited by the user are burned, and a claim for an equivalent amount of SHIBA is created based on the current exchange rate (c-value). The user can then claim their unstaked SHIBA through the Steak application or can exit their heir liquid staked SHIBA position directly by swapping vSHIBA with SHIBA on DEXs.

The users stop earning rewards after performing the unstake transaction.