We give our users an opportunity to increase their rates by staking CLT.
What is CLT?
CLT or CoinLoan Token is our native utility asset applied on the CoinLoan platform. It is based on the Ethereum blockchain. Read more about CLT here.
What is staking?
Staking is the process of locking cryptoassets to receive rewards. On our platform, we ask CoinLoaners to keep CLT, helping to enhance the coin’s value and offer up to 1% to all Flexible rates as a bonus.
How does CLT Staking work?
The staking mechanism calculation is fixed. Interest rates in Flexible Accounts increase by 0.05% with every 125 CLT you hold:
125 CLT raises your Flexible Account rates by 0.05%
375 CLT — by 0.15%
1,000 CLT— by 0.4%
1,250 CLT — by 0.5%
2,500 CLT — by 1%
The maximum bonus is 1%. Having more than 2,500 CLT won’t affect your Flexible rates anymore.
There is no minimal staking time needed to get bonus rates. Within a day after the deposit, they are accrued to your balance and credited on the first day of the next month.
How to stake CLT
Web platform
⠀⠀1. Go to Flexible Account.
⠀⠀2. Find CLT Staking and click the Deposit button.
CLT Staking – Web platform
⠀⠀3. In a new window, enter the deposit amount and press Continue.
Staking Account Deposit — Web platform
⠀⠀4. All done! You will see Deposit Confirmation.
Deposit Confirmation — Web platform
Mobile app
⠀⠀1. Go to Flexible Account and choose CLT Staking.
⠀⠀2. Press the Deposit button.
CLT deposit option — Mobile app
⠀⠀3. Enter the deposit amount and press Confirm.
Deposit confirmation screen — Mobile app
⠀⠀4. All done! You will see your deposit confirmation.
Deposit completed — Mobile app
How to unstake CLT
Web platform
⠀⠀1. Go to Flexible Account.
⠀⠀2. Find CLT Staking and click the Withdraw button.
CLT Staking – Web platform
⠀⠀3. In a new window, enter the withdrawal amount and press Continue.
Staking account withdrawal — Web platform
⠀⠀4. All done! You will see Withdrawal Confirmation.
Withdrawal confirmation — Web platform
Mobile app
⠀⠀1. Go to Flexible Account and choose CLT Staking.
⠀⠀2. Press the Withdraw button.
CLT Staking — Mobile app
⠀⠀3. Enter the withdrawal amount and press Confirm.
Flexible Account withdrawal — Mobile app
⠀⠀4. All done! You will see the Withdrawal confirmation screen.
Withdrawal Confirmed — Mobile app
Note: If you withdraw the whole amount of your CoinLoan Tokens, all your staking rewards will be lost. If you withdraw only part of your CLT amount, the staking reward will lower correspondingly, and so are the interest rates of the assets you hold.
Example
You hold USDC at a maximized rate of 6.2%. After withdrawing all CoinLoan Tokens from your Flexible Account, you will receive 5.2%.