What Is Lido On Kusama (stKSM)?
Lido On Kusama Liquid Staking Protocol, built on the Kusama chain, allows their users to earn staking rewards on the Kusama chain without locking KSM or maintaining staking infrastructure. Users can deposit KSM to the Lido smart contract and receive stKSM tokens in return. The smart contract then stakes tokens with the DAO-picked node operators.
Users’ deposited funds are pooled by the Lido smart contract, and node operators never have direct access to users’ assets. Unlike KSM staked directly on the Kusama network, the stKSM token is free from the limitations associated with the lack of liquidity and can be transferred at any time. The stKSM token balance corresponds to the amount of the Kusama chain KSM that a holder can withdraw.
Lido On Kusama Storage Key Points
|Coin Name||Lido On Kusama|
|Circulating Supply||18,655.00 stKSM|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Downward transfer – from Kusama to Moonriver
Transfer your Lido On Kusama to the Moonriver network and receive the exact same amount of xcKSM. It is used in staking and can be easily transformed back to KSM on the Transfer page. On the Transfer page, choose your transfer mode. Use the Downward mode to transfer KSM and receive xcKSM.
In some cases, you will see the Connect Wallet (for Metamask) or Connect Polkadot Wallet (for Polkadot.js wallet) buttons – click on them. They will either connect your account right away or navigate you to a browser extension installation page (if you don’t have them installed).
At the top of this card, you see two rows with data. The first one corresponds to your connected Polkadot Wallet, and the second one displays Metamask Wallet data. You can see your current account balances. Open your Metamask browser extension. If you don’t see xcKSM tokens there, click on a small “+” button near your xcKSM balance in the second row of the card.
When you stake some xcKSM, you receive stKSM in return. stKSM is a liquid token that represents your KSM staked balance on the Kusama chain. Over time, as your delegation accrues rewards, the amount of your Lido On Kusamaput box. To be able to stake some tokens, you need to approve them first. In that case, you will see the Unlock Tokens button. Repeat the above steps – click the button, confirm the transaction in the Metamask popup, and wait for it to complete successfully.
If you see a card like that one below, you’re all set up and ready to unstake some stKSM tokens. When the unbonding period is over (it takes around 7-8 days in Kusama), you will be able to claim the xcKSM tokens simply by clicking on the “Claim” button and signing the transaction in Metamask.
- “Staked amount” shows your current stKSM balance from the connected Metamask account.
- When you withdraw some Lido On Kusama tokens, they will appear under the “Waiting for unbonding” section. It takes around 7-8 days for them to move to the “Available for claiming” section.
- “Available for claiming” xcKSM tokens can be received right away by clicking on the “Claim” button, confirming the claim transaction in Metamask and waiting for the transaction confirmation.
- “Moonbase Alpha balance” shows your current xcKSM balance and the connected Metamask account.
Wrap & Unwrap stKSM
The Lido On Kusama token simply represents user shares in the stKSM tokens. The wstKSM token can be used in other DeFi applications, where it is necessary to have a non-rebaseable token (with stable balance, unlike stKSM, which balance always changes due to the rewards/losses accumulation). The wstKSM token price is equal to the price of one share of the stKSM token, so if Lido receives a lot of rewards, the price can increase dramatically.
You have two options of wrapping your tokens to choose from. You can wrap your stKSM and receive wstKSM. Lido On Kusama do that, you need to have stKSM tokens on your account. (To find out how to get them, see the Stake page). To wrap xcKSM or stKSM tokens, enter the desired amount of tokens in the input box. To be able to wrap some tokens, you need to approve them first. In that case, you will see the “Unlock Tokens” button.