🔓Unstake

Need to unstake your FLIP for some reason? It's just as easy as staking.

What Happens When you Unstake?

When you unstake your stSQD, you exchange it for native SQD.

For e.g, if you originally staked 1000 SQD, you'll have received around 1000 stSQD. If you held your stFLIP for a year and earned 50% in rewards, your balance will now be 1500 stSQD. When you burn the stSQD you'll receive back 1500 native SQD.

Step 1: Connect Your Wallet

Just like when staking, the first step is to connect your wallet.

stakedsqd.fi uses walletconnect, and therefore supports most major wallets including hardware wallets.

Once your wallet is connected, the 'Connect Wallet' button will change to 'Approve'. Users will need to approve their stSQD for spending via a transaction before they are able to use the 'Submit Unstake' button.

Step 2: Approve stSQD

When unstaking stSQD, users need to be aware of how much they approve. In short, they will need to approve a higher amount of stSQD than they actually own.

This is because stSQD rebases every single block to give rewards (even though they might not be distributed yet). This can cause an error when simply selecting 'max' in metamask and other wallets.

The example below shows a wallet with 99.99 stSQD, but the spending cap to approve set at 110. This is an example, as our website will automatically select a % buffer higher than the owned stSQD amount. The important thing is to not reset this to 'max' when unstaking as the transaction is likely to fail.

You may have to approve multiple times if these directions are not followed. This is because we do not allow 'unlimited approvals' 'forever', from our dapp.

In fact, this would be dangerous. (Although many dapps prefer to request these unlimited token approvals from users so that they don’t have to call approve() repeatedly) While this is gas efficient, doing so leaves users exposed to a high level of risk, which we want to avoid. Therefore we request approvals every time.

Step 3: Submit an Unstake

Once your wallet is connected and stSQD is approved, enter how many stSQD you would like to unstake for SQD.

If the Unstake contract has sufficient SQD, the unstake will be instant, and you will recieve your SQD immediately.

If there isn't enough SQD in the pool for an immediate unstake, you will have to wait until the Subsquid epoch ends and native SQD can be unstaked from a validator node. These are Subsquid protocol constraints and cannot be circumvented.

The top "Unstake" denotes the portion that can be instantly claimed from the Unstake contract; the bottom "Unstake Request" denotes the portion that will go into an unstake request that will become claimable in around 30 minutes after native SQD is unstaked from validators.

Confirm this in your wallet, as usual.

Step 4: Receive SQD

That's it!

Upon unstaking, you will receive native SQD. Note that native SQD does not rebase like stSQD, and you will no longer accrue rewards from validator nodes.