What to know before you delegate STEEM on Robiniaswap ?
How the Robiniaswap STEEM delegation works ?
We have known Robiniaswap as a defi platform where investors can convert their STEEM & Blurt tokens and stake them in a staking pool or a farm.
The Robiniaswap bridge is another useful feature to help users swap their STEEM and BLURT tokens to BSTEEM and BBLURT
Another new feature added to the Robiniaswap defi platform is the Delegate function that has been added to the Robiniaswap platform.
The delegate function can be accessed here
How the Delgate function works ?
In conventional STEEM delegation one delegates STEEM power to a user and in return one earns STEEM the native token of the STEEM blockchain.
However when a person delegates STEEM via the Robiniaswap delegate function one gets to earn the RBS tokens which are the native tokens of the robiniaswap defi platform.
Currently the delegation multiplier is 25X
The delegation is offering a 93.64% APR
Once a user decides to delegate and earn there is currently a fee of 50 STEEM as the Deposit fee
After paying the deposit fee one can delegate the STEEM and earn RBS tokens in return.
Things to remember while using the Robiniaswap delegate function
The delegate function has been developed by the robiniaswap team keeping in mind the projects long term commitment to the STEEM blockchain.
Robiniaswap's SP Delegate Farm is a system that works in accordance with STEEM API and the builtin oracle.
Suppose a user Joe wants to delegate 7000 SP he can directly do so after paying the initial fee.
However when he decides he wants to do an additional delegation of 2000 then in that case he has to input the delegation as the sum of the two delegations.
So if initial delegation D1= 7000 and new delegation D2 is = 2000
So Joe who wants to make the final delegation as 9000
D1+D2= 7000 + 2000 = 9000
Should select the delegation amount as 9000
If by mistake he selects only 2000 as the delegation then his final delegation of 9000 would not be implemented.
This is on account of how the delegation API of STEEM works.
Similarly if he wants to reduce the SP by 1000 he may get confused and make a wrong delegation entry.
It is advised that a person desirous of reducing the delegation should first remove the delegation the entire amount and select the new fresh delegation amount.
This is to go with the rules of the STEEM delegation API integration with Robiniaswap delegation interface where In the case of Un delegation the reduced value cannot be accurately implemented, so if you remove the delegated steem even a little, the amount staked in SP Farm will be 0, so please be careful about this part.
For more information refer the project links
Robinia Swap Audit Report.
Robinia Swap Official Document: https://blokfield.gitbook.io/robinia/
Discord Channel: https://discord.gg/JYNVSuWFF7
Global Telegram Channel: https://t.me/officialrobinia
Korea Telegram Channel: https://t.me/robiniakr
Kakao Talk 1:1 Inquiry: https://open.kakao.com/o/s9uEwEyb
Business Partnership: [email protected]
Standard Disclaimer: Please do your own due diligence and research before making an investment. The purpose of this post is for educational purpose only and it should not be considered as financial advice.