Exchange rate

The exchange rate is the amount of LSW one WAX buys:

Exchange rate = total LSW in circulation / total WAX staked (including rewards)

Both totals are in the stakemints table of liquid.alcor (totalLiquidStakedToken and totalNativeToken).

• Staking: LSW received = WAX deposited × exchange rate.
• Unstaking: WAX received = LSW returned / exchange rate.

The rate started at 1. Every time staking rewards are added, the WAX total grows while the LSW total stays the same, so the rate goes down: each LSW is redeemable for more WAX. Staking and unstaking themselves do not change the rate. The staking page shows the current rate.

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1. Alice is the first staker. She stakes 100 WAX and receives 100 LSW.

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   Exchange rate = 100 / 100 = 1

2. Over time, 10 WAX of rewards are added.

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   Exchange rate = 100 / (100 + 10) ≈ 0.909

3. Alice unstakes her 100 LSW and receives 100 / 0.909 ≈ 110 WAX.