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The buyback single-stake pool is where you can stake your BOO and receive xBOO tokens. It only requires 1 ingredient, BOO, hence the name "single-stake". With the xBOO you receive, you can stake to earn other tokens in the pool list. The xBOO tokens that you've staked will continue to participate in the Buyback Pool and earn more BOOs! When you stake your BOOs into xBOO (in the Buyback BOO Pool) and then into a pool listed, you are earning a sum of the APRs! When you deposit BOO in the buyback BOO pool, you get xBOO in return as proof of your deposit. xBOO is itself a regular token, just like BOO. The amount of xBOO you get back is based on the amount of BOO already in the pool and the current total supply of xBOO. This ratio will be displayed on the pool and starts at 1 xBOO = 1 BOO, it will continuously go up over time because of buybacks.
The UI on the website updates the xBOO ratio once a day at random times.
User A is the first to deposit in the buyback pool, they deposit 10 BOO and receive 10 xBOO as the initial ratio is 1:1
Next, trade fees are used to buyback BOO and sent to the xBOO pool, now there is 20 BOO. Since there are 20 BOO in the contract and 10 xBOO is the total supply, the ratio is now 1 xBOO : 2 BOO and User A can redeem his/her 10 xBOO for the 20 BOO at any time, based on that ratio. But let’s say they don’t do that.
Now, User B deposits 10 BOO to the pool and since the ratio is now 1 : 2, they get half of their deposit as xBOO, which would be 5 xBOO. Now the total pool is 30 BOO and total supply of xBOO is 15 (maintaining the ratio).
The ratio only changes as Fees are used to buyback BOO which is then sent to the pool and split equally among all xBOO holders, because each xBOO becomes worth more BOO (the share of BOO went up).
What do I receive when I stake BOO in the xBOO pool? You will receive xBOO token which represents your share of the pool. The number of your xBOO tokens won't go up, however the value of each each xBOO will go up infinitely because of the trading fees buying back BOO, which is then sent to the pool.
You can now also stake xBOO to earn tokens from other protocols on the Stake BOO page.
Where do these fees come from? Before buybacks were turned on, the trade fee was 0.2% and all of it went to LP providers. Now that buyback is enabled, the trade fee changed such that 0.17% goes to LP providers and 0.03% goes to a contract which swaps the collected fees into BOO and sends the BOO to the xBOO pool.
The xBOO:BOO ratio hasn't changed since I checked, what's going on? The UI on the website updates the xBOO ratio once a day at random times to discourage coordinated sales. Keep in mind that the xBOO:BOO ratio is global, meaning the graph or number does not reflect personal purchases. What can I do with xBOO? Does it work with other protocols? You can trade, vote with, make LP, stake and use xBOO just as you would use BOO. xBOO works on other protocols are well. There won't be an official trading pool, but anyone is welcome to make one. However, your xBOO is required to unstake your BOO so its best to hold on to it unless you know what you are doing!
You can now stake your xBOO to earn more tokens.
When your xBOOs are staked at the pools, they still continue to earn APR from the Buyback BOO pool. What does the APR for the xBOO pool depend on? Because the value of xBOO accrues over trade fees, the APR of the pool will largely depend on the trading volume for that day. To give an approximate APR, we are displaying the average over the last 7 days.
What if I lose my xBOO? xBOO is required to redeem your BOO so be careful with it!