π₯bECLIP & Cosmic Splitter
Last updated
Last updated
bECLIP represents bonded ECLIP, it is a non-transferable derivative of staked ECLIP. bECLIP represents a 12 month staking position with the time-paused which in bonded form. Although it is non-transferable it can be distributed as rewards within certain whitelisted contracts.
bECLIPβs main utility lies in the ability to distribute locked ECLIP as reward and for itβs role in the Cosmic Splitter.
The Cosmic Splitter is an unreleased upgrade to ECLIP staking that will allow users to deposit their bECLIP tokens and split into two separate and liquid derivative tokens. These will be tradeable and represent direct utilities and benefits of the ECLIP token.
This will allow users to directly acquire utilities of the ECLIP token in a more liquid way, and for existing stakers to sell one derivative for the other to weight more into the utility they desire the most.
The main benefit of the splitter for Equinox is in itβs ability to offer a more liquid and affordable way to access bribes and voting power, while still going through the main token.
Trading in and out of these derivatives will incur tax fees which will burn ECLIP tokens.
Users can "Bond" their staking/locked positions and receive bECLIP.
bECLIP will automatically earn Cosmic Essence
Bonded positions are 12 month locked ECLIP positions with the timer paused until unbond occurs. Meaning bECLIP will always unbond to 12 months vesting. When bonded any position is automatically pushed to its maximum 12 month lock to receive the highest amount of Essence and Rewards possible.
ie. a user has 2 positions, a 3 month 100 ECLIP locked position and a 50 ECLIP 12 month locked position. User A wants to convert these into bECLIP. The user first bonds the 3 month 100 ECLIP position to bECLIP. This increases their Cosmic essence to the maximum ofif the position was a 12 month position and converts the 100 ECLIP into 100 bECLIP. The user then also does this with the 50 ECLIP 12 month position and is left with 150 bECLIP earning the maximum rewards and is able to have its utility split on the Cosmic Foundry.
This action is immediate and does not incur any fees. Since time-locked positions have an early unlock fee for those who want to get out early, bECLIP will allow for this to happen directly from bECLIP without having to unbond the bECLIP manually first and will have the same penalties as unlocking early on a 12 month position = 70%. Alternatively bECLIP can be unbonded and the early unlock penalty will lower each day as the countdown drops.
bECLIP supports partial unbonding.
ie. the user has 100 bECLIP and unbonds 20 bECLIP. The user receives a 20 ECLIP locked position with a 12 month countdown. A day later the user unbonds another 10 bECLIP, this will generate a second and separate 10 ECLIP locked position with a 12 month countdown.