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Doctorrobinson wpokt documentation
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| --- | ||
| title: Wrapped POKT | ||
| menuTitle: Wrapped POKT | ||
| weight: 70 | ||
| aliases: | ||
| - /buy-store-and-stake-pokt | ||
| - /home/buy-store-and-stake-pokt | ||
| - /home/pokt | ||
| - /home/pokt/wpokt | ||
| - /pokt/wpokt | ||
| - /pokt/wrapped | ||
| description: Wrapped POKT (wPOKT) links the Ethereum and POKT ecosystems, providing liquity and utility across networks. | ||
| --- | ||
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| ### What is wPOKT? | ||
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| Wrapped POKT (wPOKT) is an Ethereum ERC-20 token backed 1:1 by POKT. | ||
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| ### What are the benefits of wPOKT? | ||
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| By having a representation of POKT in the Ethereum ecosystem, we enable: | ||
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| - the interoperability of Pocket Network with best-in-class DeFi and DAO tooling and infrastructure | ||
| - improved liquidity and access to POKT | ||
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| Enabling these benefits has the potential to unlock financial legos, such as streaming payments, DAO budgeting, and other integrations that will help the DAO to scale and onboard new contributors. Additionally, wPOKT as a programmatic primitive can be the foundation for more sophisticated Pocket products in the future. | ||
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| ### How does wPOKT maintain 1:1 value with POKT? | ||
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| While the price for wPOKT may diverge from the price of POKT from time to time, as a result of market pressures on supply and demand wherever wPOKT and POKT are each traded - for example, on Uniswap for wPOKT and Gate/Kucoin for POKT - you will always be able to swap each wPOKT token for one POKT token, and vice-versa. This is because to mint wPOKT, POKT is first locked in the bridge vault and the corresponding amount of wPOKT is minted, so that the wPOKT token supply exactly equals the number of locked POKT. When wPOKT is swapped back for POKT, the wPOKT is burned, maintaining the 1:1 relationship. | ||
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| title: FAQ - wPOKT Bridging | ||
| menuTitle: Bridging FAQ | ||
| weight: 20 | ||
| aliases: | ||
| - /home/pokt | ||
| - /home/pokt/wpokt | ||
| - /pokt/wpokt | ||
| - /pokt/wrapped | ||
| - /pokt/bridging | ||
| description: Guidance for bridging your POKT to Ethereum & back. | ||
| --- | ||
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| ### How can I swap my POKT for wPOKT? | ||
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| Before getting started, note that the end-to-end wrapping process is expected to take ~30 mins, and that minting wPOKT will cost gas (in ETH). | ||
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| - Prepare to wrap your POKT by connecting Ledger or SendWallet to the bridge. If you don’t have a Ledger wallet yet, see [here](https://support.ledger.com/hc/en-us/articles/12976051037853-Pocket-POKT-?docs=true) for the docs. And if you want to use SendWallet yet, you can download it [here](https://www.sendwallet.net/). | ||
| - Prepare to mint your wPOKT by connecting your Ethereum wallet. Make sure your Ethereum wallet has some ETH for gas fees. If you don’t have enough gas, the bridge app will tell you. | ||
| - You will not be able to initiate the wrap transaction until you have connected both wallets. | ||
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| {{% notice style="note" %}} | ||
| You will be required to sign 2 transactions, first to deposit your POKT and then to mint your wPOKT. We recommend you keep the modal open and stay in the app until both transactions have been confirmed. If you leave the app before both transactions complete, it will remain pending until you return and finish them. | ||
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| If you're wondering why wPOKT isn't in your wallet after 30 minutes, double check you've completed both transactions. | ||
| {{% /notice %}} | ||
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| - Specify the amount of POKT tokens to wrap into wPOKT tokens, then click Wrap. | ||
| - After ~30 minutes, if you've completed all the steps, you will receive your wPOKT. | ||
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| ### What wallets are approved for wrapping POKT? | ||
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| ### Why haven’t I received my wPOKT yet? | ||
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| - **Are you looking in the right place?** First check that you’re looking at the correct blockchain. wPOKT lives on the Ethereum blockchain, so you will not see wPOKT in your Ethereum wallet unless you are connected to the Ethereum RPC. You can easily connect your wallet to the Ethereum RPC via Pocket Network using this [site](https://rpclist.info/). To cross-check, you can also search your ETH wallet address on [Etherescan](https://etherscan.io/) to see if the wPOKT balance appears there. | ||
| - **Have you waited long enough?** An end-to-end wrapping of POKT is expected to take approximately 30 minutes. In some cases, it may take up to an hour. | ||
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| If you have confirmed you’re looking in the right place and you have waited a little longer, but you still do not see your tokens, please contact us for support on our [discord](https://discord.gg/pokt). | ||
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| ### How can I unwrap my wPOKT back to POKT? | ||
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| Before getting started, note that the end-to-end unwrapping process is expected to take ~30 mins. | ||
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| - Prepare to burn your wPOKT by connecting your Ethereum wallet to the bridge. Make sure your Ethereum wallet has some ETH for gas fees. If you don’t have enough gas, the bridge app will tell you. | ||
| - Prepare to unwrap your POKT by connecting your SendWallet. | ||
| - You will not be able to initiate the unwrap transaction until you have connected both wallets. | ||
| - Specify the amount of wPOKT tokens to unwrap into POKT tokens, then click Unwrap. | ||
| - After X minutes, you should receive your POKT. | ||
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| ### Why haven’t I received my POKT yet? | ||
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| - **Are you looking in the right place?** Make sure you are checking your POKT wallet for the balance, not your Ethereum wallet. | ||
| - **Have you waited long enough?** An end-to-end unwrap of POKT is expected to take approximately 30 minutes. If it has not been 30 minutes or it has only recently turned 30 mins, please try waiting a little longer. | ||
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| If you have confirmed you’re looking in the right place and you have waited a little longer, but you still do not see your tokens, please contact us for support on our discord: | ||
| discord.gg/pokt | ||
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| ### Why does the bridge take ~30 mins? | ||
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| - **Pocket Network block times.** Pocket Network blocks complete every 15 minutes. Depending on when you sign the transaction, it may take up to 15 minutes for your transaction to appear on-chain. | ||
| - **Bridge validation time.** The wPOKT bridge verifies your request between chains. It takes a few minutes to reach consensus and start a transaction on-chain. | ||
| - **Ethereum block times.** Ethereum blocks complete every 12 seconds. For large balances, it is common to wait for up to 32 blocks before proceeding with a transaction. |
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| title: FAQ - wPOKT Liquidity Provider Staking | ||
| menuTitle: Liquidity Provider Staking FAQ | ||
| weight: 30 | ||
| aliases: | ||
| - /home/pokt | ||
| - /home/pokt/wpokt | ||
| - /pokt/wpokt | ||
| - /pokt/wrapped | ||
| - /pokt/bridging | ||
| - /pokt/liquidity-pool | ||
| - /pokt/lp | ||
| description: Guidance for liquidity pool staking for you wrapped POKT. | ||
| --- | ||
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| ### How does providing liquidity for wPOKT work? | ||
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| Providing liquidity for wPOKT will be done through Uniswap v2, an automated market maker on Ethereum. In taking a liquidity provider (LP) position in Uniswap v2, you are providing both wPOKT and ETH in equal portions of USD value and putting them into a constantly rebalancing 50/50 basket, rebalancing in line with market price movements. For wPOKT, Uniswap v2 was chosen over the more recently deployed Uniswap v3, as v3 requires a much more active process of dynamically adjusting price ranges to provide liquidity, limiting community participation as LPs. Uniswap Liquidity providers help improve the liquidity of wPOKT while allowing LPs to earn Uniswap trading fees and POKT liquidity incentives provided by the DAO. You can learn more about how Uniswap works here - [Uniswap 101](https://blog.uniswap.org/what-is-uniswap). | ||
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| ### How can I get wPOKT-ETH LP tokens? | ||
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| In Uniswap, LPs are provided with LP tokens which represent ownership of part of the assets in the pool. This token acts as a receipt which can be returned to collect the LPs share of the assets as well as trading fees earned by the pool. Every LP in the wPOKT/ETH pool will receive a wPOKT-ETH LP token which will act as proof of ownership of their rights to the underlying wPOKT/ETH (and additional profits) in the liquidity pool. | ||
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| ### What is the benefit of staking LP tokens? | ||
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| LPs can stake their LP tokens by going to the stake tab in the wPOKT Liquidity Pool Farm app - see **[here](https://wpokt-staking-frontend.vercel.app/)** for a demo - connecting their Ethereum wallet, specifying how much of their LP position they want to stake and then staking their LP tokens. LPs who stake their LP tokens will earn wPOKT liquidity incentives over time for providing liquidity to the wPOKT-ETH pool proportional to their share of the pool. | ||
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| ### How much can I earn as an LP for wPOKT? | ||
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| The return from being a LP for the wPOKT-ETH pool will depend on the price of POKT and ETH over time, the volume and trading fees earned by the pool over time and the value of the wPOKT liquidity incentives. LPs may suffer losses in value if one or both of the assets in the pool fall in value. To see more about the risks of LPing, see here - [Uniswap 101](https://blog.uniswap.org/what-is-uniswap). | ||
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| ### How can I claim my wPOKT LP rewards? | ||
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| You can see your wPOKT LP rewards accruing on the wPOKT-ETH Liquidity Pool Farm page, and they can be claimed every block by hitting claim wPOKT under wPOKT Rewards. | ||
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| ### How can I unstake my LP tokens? | ||
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| You can unstake your LP tokens by going to the withdrawal tab on the wPOKT-ETH Liquidity Pool Farm page, connecting your Ethereum Wallet, and specifying how much of your LP position you would like to unstake. You then need to remove your liquidity from the Uniswap pool to receive back your proportionate share of the wPOKT and ETH in the pool. |