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Staker FAQs ❓

Answers to common staking questions.

Why can't I immediately withdraw my funds?

For the security of the vault, and to prevent stakers from front-running PnL changes.

What determines when I can withdraw my funds?

The collateralization ratio of the vault, determined using the snapshotted total PnL from the beginning of the current epoch.

Depending on the ratio, you can withdraw your funds in 1 (ratio > 120%), 2 (> 110%), or 3 epochs.

Can I withdraw my funds anytime after my withdraw epoch?

No. This is important. You may only withdraw your funds during your designated withdraw epoch. If you miss the window, you need to make a new request.

What's the purpose of the epoch system?

To provide the vault with open PnL data (from the on-chain oracle), which factors into the collateralization ratio.

As an example, if the vault has 100k $HONEY deposited, and 20k $HONEY in negative PnL, the vault appears over-collateralized (120%). It's covering staker deposits + a 20k $HONEY buffer.

But suppose there is 40K $HONEY in positive open PnL. This is not captured by the vault, as the PnL is not final. But it should not behave as if it is over collateralized, as it has a potential outstanding liability of 20k (40k positive open PnL - 20k negative PnL), or a collat ratio of 80%.

Why can't I transfer my $bHONEY?

It should be noted that all $bHONEY is transferrable. In the case that it may not, you probably have a pending withdraw request open. Withdraw requests lock $bHONEY to your wallet for the duration. Of course any other $bHONEY you have can be transferred, only the amount staged for withdraw can't.

This is to prevent gaming the withdraw request system.

How is "estimated rewards" calculated on vault webpage?

Estimated rewards is an approximation of how much you've earned.

Estimated Rewards = $bHONEY balance (locked and unlocked) market value + total $HONEY withdrawn - total $HONEY deposited

Why is it an "estimate"? Because $bHONEY is an ERC20, it is transferrable. You can transfer to a separate wallet, swap on a secondary market, stake as collateral. Any transfer out of or into your wallet is considered a market rate swap (same as a withdrawals and deposits). In actuality it is unlikely $bHONEY is swapped at market rate.

For example, if you purchase 50 $bHONEY at a rate of 1 $bHONEY / $HONEY then transfer 20 $bHONEY to another wallet when the exchange rate was 1.5 $bHONEY / $HONEY you'll have an estimated rewards:

Estimated Rewards = (30 $bHONEY balance * 1.5 $bHONEY / $HONEY) + (20 $bHONEY transfer * 1.5 $bHONEY / $HONEY) - 50 $HONEY = 45 + 30 - 50 = 25 $HONEY