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Overview of sFTMx on Beethoven X

sFTMx is a liquid-staked token that users receive when they stake FTM on the Beethoven X platform. The value of sFTMx naturally appreciates in relation to FTM thanks to native network staking rewards automatically compounded within the token. This token seamlessly integrates with other DeFi applications, enabling users to utilize it across various protocols, including DEXs and lending markets.

What are the top highlights of sFTMx?

Access to Fantom Network staking rewards: sFTMx will deliver maximum staking rewards, typically reserved for 365 day lock-ins. Max DeFi interoperability: sFTMx’s cToken design allows for easy integration with all types of DeFi protocols — from DEXs to Lending/ Borrowing protocols. Decentralization: When you stake with Beethoven X, your assets are automatically distributed across a carefully chosen set of validators

Staking and Unstaking

To stake, users simply need to head to the sFTMx page and select how much FTM they wish to deposit. Unstaking takes 7 days, in line with the unbounding period for staking on Fantom. It’s also worth noting that when unstaking an amount outside which is available in the free pool, a penalty will be incurred. This deduction is automatically reflected in the numbers displayed on the UI. The free pool is a dynamic reserve of “to-be-staked” FTM that allows penalty-free unstaking. The pool is made up of new staking deposits, maturities, and accrued rewards.

As an alternative to unstaking, users can swap out of sFTMx on DEXs by swapping their sFTMx for FTM on the Swap Page.

How does sFTMx unlock Fantom staking rewards?

The sFTMx token accrues staking rewards via delegating the underlying FTM to trustworthy validators on the network. Validators are curated based on safety (no slashing history, community engagement, track record), and performance (100% uptime). Chosen Validators are required to max-relock underlying FTM delegations to 365 days to maximize sFTMx APYs.

What is the sFTMx exchange rate and how does it change?

Beethoven X has inherited the sFTMx contract that’s exchange rate was initialized as 1 at the start of the contract. Every time staking rewards are added to the pool, the sFTMx exchange rate increases using the formula below:

At the time of writing, 1 sFTMx = 1.1115 FTM

What are the sFTMx fees?

Due to the management of underlying nodes, validators earn 15% of the overall FTM staking rewards. Beethoven X also takes a 10% protocol fee on the resultant rewards after the validator fees. The APY that is displayed on the UI is the APY the user receives (all fees have been subtracted automatically).

It’s worth noting that a portion of all Beethoven X sFTMx protocol fees will be redirected to maBEETS holders as gauge bounties. This means that maBEETS holders unlock a continuous source of “real yield” via LST management fees, swap fees, and all Yield Bearing fees on the DEX.

Has sFTMx been audited?

The FTM smart contracts developed by Stader have been audited by Peckshield and Halborn and received a clean bill of health. Audit reports are available for review:

What are the risks of staking?

While Beethoven X has carefully selected and monitored validators, there exists a risk of one or more of the validators being slashed. To combat this, Beethoven X distributes staked FTM across multiple validators, minimizing the slashing impact arising from the actions of any individual validator.

Although the sFTMx code is thoroughly vetted and audited there is also always smart contract risk present. There always exists the possibility of malicious users exploiting a vulnerability or a bug in the contract.

Last updated on April 19, 2024