Wrapped Alpha update is coming along, soon revenue via staking of wrapped alpha tokens will be automatically put back into 77’s liquidity pool!
Contracts are going through final testing with CLI support first and frontend UI coming soon thereafter!
When a subnet is deregistered, the chain will remove all outstanding alpha from holders and send TAO meaning the wALPHA contract will have a TAO balance.
Lets say theres 100,000 wALPHA tokens and the subnet is deregged and receives 1,000 TAO
If you have 1000 wALPHA and go to claim the wALPHA will be burned and you will receive 10 TAO in exchange
Any tokens on external chains can be bridged back and redeemed for the underlying TAO in the contract, no problem
Slippage only takes affect with the normal stake/unstake actions, during a dereg event theres no slippage as the pool itself is no longer and all TAO is automatically distributed to alpha holders.
With all that, we hope that you enjoy this coming update!
It's still being developed and smart contract functionality is still subject to change so keep your eyes out for any future posts!
Much Love 🫶 ~ 77
When unstaking, due to Bittensor's mechanics, any subnet owner is able to disable transfers between wallets.
As such, when you call unstake, the wALPHA is converted to TAO which is sent back to you.
This will incur the traditional slippage as one would from staking/unstaking!
For users looking to vote on liquidity pools, you'll need the TaoXYZ chrome extension in order to interact with the voting feature
Be sure to use a wallet that holds alpha tokens as your vote weight is directly tied to how much 77 alpha you own!
https://t.co/kuHL0nFxyM