wsMeta vs sMeta？

What is the difference between sMeta (Staked Meta) and wsMeta (Wrapped Staked Meta)?

Great question! The difference between sMeta is as follows: — every rebase (i.e. every hour) — your sMeta increases in token size, this means you get more sMeta! -> this is considered a taxable event. So what does wsMeta do? — it wraps your staked Meta, similar to how you wrap a Christmas present! wsMeta is not getting bigger in token size, but it is increasing in value! Similar to holding Bitcoin, Etherium, etc.. How does it work? Simple, the value of wsMeta calculates itself using this formula:

wsMeta = $META price * $Meta Index

An example with numbers:

• 50 sMETA at the index of 10 gets you 5 wsMETA

• Upon unwrapping wsMETA the amount of META you get is: wsMETA x index

• Example: 5 wsMETA with an index of 12, unwraps to 60 sMETA The Meta Index increments each rebase so you can get the rewards of staking without causing a taxable event! Yay! This means once you unwrap your wsMeta, you would have the same amount of sMeta as if you had staked every hour. Of course, not every country counts this as a taxable event, I (Sim) would still advise everyone to wrap their sMeta anyway, you never know when this may change in your country. Better to be safe than sorry.

Why do we use wsMETA

Initially, it was to deal with tax implications of different jurisdictions for repeated taxable events caused by each rebase.

https://www.reddit.com/r/olympusdao/comments/qq4s80/wsohm_vs_sohm_taxes/

Another reason:

wsMETA is even better for use on other DeFi platforms. Let’s say a farm pool supports sMeta for farming, so you put in 1 sMeta for a few days and then take back out your sMeta and your rewards. But, if this pool doesn’t support ibsMeta (Interest-bearing tokens), then you only get your sMETA and your farming rewards, but lose out on all the rebases you should have had while you were farming.

If you use swMeta, however, you can continue to earn your rebases while earning on those other DeFi platforms. Pretty awesome, right? Just think about it. Your assets continue to be staked on MetaversePRO and increasing in value, while also taking those same assets to stake on other farm pools to earn even more. You get the best of both worlds!

Start getting used to using wsMeta from now on:

Instead of giving your girlfriend flowers, give her some wsMeta.

Instead of giving your parents a retirement fund, give them some wsMeta.

Instead of trading tokens or items with other Memies, use wsMeta (just be careful).

wsMeta will always continue to grow in value, so why not grab it? This is how DeFi banking works. No matter where you take your swMeta, Meta Bank will continue paying you interest, and much much more than a traditional bank ever could.

To try out wsMeta, click here! https://app.metaverse.pro/#/wrap

Free-range wsMeta is linked to the value of sMeta and the Current Index. All that is needed is a little gas fee on the BSC network.

Author:

Sim, Terror, Holy, Freddy