You must join the unstaking queue to access your funds. The below steps guide you through this process.
Before we get into the steps, be aware there are two essentials to unstake your USDC from the OVAULT Liquid Staking pool on Arbitrum.
Completed KYC (Know Your Customer), or you won’t be able to unstake any USDC. The below links will take you to step by step guides on how to go about this process.
Hold Ethereum (ETH) in your wallet on the Arbitrum network to pay transaction fees for staking your OVAULT in the unstaking queue. Arbitrum is layer 2 of Ethereum and uses ETH to pay for transactions. If you want to learn more about how to get ETH on Arbitrum, check the link below.
STEP 1: Connect Your Wallet
Get started by heading over to OVAULT on Opulous Finance.
Next, connect the platform with the ‘Connect Wallet’ button and complete the instructions on the screen. Once connected, you can start the unstaking process.
IMPORTANT: Before proceeding with your request, pay attention to the Exchange Rate to know exactly how much OVAULT is currently worth and how much USDC you can expect.
STEP 2: Enter Unstaking Queue
On the unstaking interface, you’ll see your OVAULT balance and any USDC balance.
As mentioned earlier, make sure you have ETH on Arbitrum to pay gas for the required transactions.
Enter the amount OVAULT you wish to unstake in the corresponding field, or click MAX to submit your entire OVAULT balance automatically. Proceed with the process by clicking Enter Queue.
IMPORTANT: If you acquired OVAULT tokens through the open market or from a friend, you’ll need to complete KYC before entering the unstaking process. Click this link for a guide on how to complete KYC.
It is important to note the current exchange rate for OVAULT.
With each repayment cycle, the OVAULT exchange rate increases, thereby enhancing the value of your OVAULT tokens. This increment boosts your rewards the longer you hold onto them, aligning with the specified Annual Percentage Yield (APY).
So, while waiting in the queue, you still earn tokens until you unstake.
STEP 3: Wallet Transaction Verification
As always, when interacting with any blockchain application, you will receive a transaction verification on your wallet. Proceed with the instructions as per the wallet of your choice to continue the unstaking process.
When the transaction is completed, you will see a confirmation notification on the screen that your OVAULT has been successfully entered into the unstaking queue.
STEP 4: Claim Your Rewards
You’ll also notice that the queue information will get updated automatically to account for the unstaking request submitted.
To check your queue position and estimated payout date, click the downward arrow button next to your queued OVAULT balance. You’ll see your queue position, the date, and the estimated USDC you stand to receive.
Each unstaking round has a maximum amount of liquidity available for unstaking. Your position in the queue will determine if you can receive your entire requested amount, a partial amount, or you might miss out this unstaking round entirely if you are too low on the queue and the liquidity pool is already empty.
IMPORTANT: When you submit your stake in the unstaking process, you continue to be eligible for rewards of that payment cycle and will benefit from the exchange rate update of the ongoing month.
When the unstaking date arrives, click on Claim Balance to receive the USDC to your account.
Click Payouts on the right side of the panel to show your unstaking history.
There you have it; you’ve just earned stable rewards from our music-backed liquid staking pools!
Do You Still Need Help?
Let us know by joining the official Opulous Telegram Community 👉 here.
If you're still having any issues with any of the above steps, please contact us on a chat function here 👉 Opulous Chat. You can find the chat button in the bottom right. Make sure you share as much information about your issue as you can so the support team can help you quicker.
Alternatively, you can contact support by emailing support@opulous.org.